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June 13, 2018, 10:34:31 PM |
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Since the launch of Napster’s music-sharing platform, the music industry has been in near-constant turmoil, it’s timeline marked with dipping revenues, lack of transparency, privacy problems and feuds over the fair distribution of dividends.
With so many conflicts of interest, there seems to be no one service or business model that can work in a fashion that satisfies the needs of all the parties involved. But now, after years of suffering from a thorny and complicated relationship with the the sector, the music industry might finally find a chance to head in a positive direction by leveraging blockchain.
What is ICST?
ICST ICO project has drawn the attention of investors and professionals in different industries, and is now showing promising signs to change the music industry, disrupt Youtube, and might even fulfill the needs of everyone.
At its core, The ICST platform plans to incorporate a fully transparent rating system for artists and users to track the most popular content, as well as comprehensive analytics to give artists a complete picture of how their work is being received.
In addition, artists will be paid directly for the work they produce without having to pay a middleman for hosting and distribution. Monetization methods, creating licensing, and sponsorship decisions will rest in the hands of the artists themselves, liberating them from the restrictions of corporate control.
Utilizing the Ethereum blockchain network, ICST will offer an unparalleled level of transparency, efficiency, and security for the entertainment industry.
At its core, the blockchain is distributed ledger that can validate and register transactions without the need for a central authority. In a nutshell, it means parties can make peer-to-peer exchanges of data, money or anything else of value in any amount and in a timely manner.
In the music industry, the blockchain and ICST’s ICO could transform publishing, monetization and the relationships of artists with their communities of fans. Another advantage ICST poses is establishing a more direct relationship between creators and consumers.
Artists will no longer be required to go through purchasing platforms and financial brokers — who usually take a hefty cut of the revenue — and can get directly compensated every time their songs are played. This can be a big deal to all those amateur producers who don’t have the backing of huge record labels.
Startups and Musicians Embrace Technology
Companies like Benji Rogers’ online music platform PledgeMusic have published a comprehensive blueprint for the Fair Trade Music Database, a globally decentralized blockchain-based ledger that can solve the problems of ownership, payments and transparency.
Creators can upload their music and the associated metadata on the ledger. Companies and consumers, can search and play the music of their choice off the ledger, and smart contracts will ensure that the owner(s) of the content will be paid automatically for its usage.
PeerTracks is another music startup that is getting ready to launch its platform and is betting big on blockchain. PeerTracks also introduces the concept of “artist tokens” a limited and tradable cryptocurrency that artists hand out to their fans and which finds its value from the popularity of its creator. Higher demands for coins created by a specific artist will increase its worth.
Last year, award-winning musician and songwriter Imogen Heap started working on a new music ecosystem, which she calls Mycelia. Based on Blockchain technology, the platform will enable direct payments for artists and give them more control over how their songs and associated data circulate among fans and other musicians.
She describes the efforts as “trying to take away the power from top down and give power, or at least a steering, to the artist to help shape their own future.”
Join us at t.me/icst_official
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