A blockchain service is going for the music streaming market. Called Choon, it not only wants to make for a more efficient service, but also to make it more rewarding for music makers who end up with pennies with services like Spotify.
That’s all nice, but can it really succeed? Let’s take a look…
The blockchain’s music solution
Choon combines streaming services and digital payments, with a fair compensation for musicians, who receive 80 percent of the streaming revenue from their tracks, such as subscription services as well as a portion of the advertising revenue. In other words, every time a track is played, the artist earns cryptocurrency. Also, instead of including extended wait periods, the service includes daily payments to artists, making for a that much better deal for music creators.
Choon is already live, with some 4,500 registered artists and around 6000 tracks on the platform. But, the path to changing the industry and tackling its problems has just began.
Speaking of which — problems and a proposed solution — here’s a nice introductory video:
Better service means better payments
…and that’s where cryptocurrency kicks in.
While we know that major music services like Apple Music and Spotify earn millions, artists end-up with pennies which are everything but enough to cover their work. Such situation has even prompted Taylor Swift to remove her music from Spotify for three years, as a protest against the share of royalties artists receive from the platform.
Choon’s solution includes four key methods to enhance the current payment system:
- Removing the middlemen to enable fans to directly pay artists they like.
- Making data transparent by publishing stream count data, profit split information and wallet balances. Also, they will make sure everyone knows how homepage and playlist content is determined.
- Simple contract systems through Smart Record Contracts so that everything is automated rather than curated and prone to (human) errors.
- Enable more efficient crypto-payments by utilizing the platform’s own token, marked as NOTES.
Choon goes on to add that the entire supply of NOTES will be allocated to artists in the first decade, with no commission fee from the service!
Listeners get to benefit, too
An artist can do little without his/her audience. This audience, the folks like you and me, can also earn NOTES on Choon. And we wouldn’t have to do anything special in order to do so — we would just have to listen to the music we like, and from time to time like and comment on stuff so that the underlying algorithm can learn which artist gets to earn more NOTES. Later on, we could use those same NOTES to reward artists we like.
But, and here’s the part that could help Choon reach mainstream users, you don’t need to own NOTES in order to use the platform or pay for premium services. Regular money, aka fiat currency, will work just as well. So even folks who are not aware how blockchain and cryptocurrency work can (literally) tune into Choon.
In the back-end, however, any payment with a regular credit card will be transferred to NOTES, which is the fuel of the service.
A team of music experts
Music industry folks know the problems best, and so Choon’s team includes them. The co-founder and CEO, Gareth Emery, has vast experience as an artist and producer, topping the iTunes dance albums chart three times as well as millions of Spotify listeners. The company’s advisory board includes Mark Gillespie, manager of international DJ Calvin Harris; and there are also the much-needed engineers and crypto experts onboard.
Choon is all set for the platform redesign in September 2018, which will be followed by the launch of Choon Collectibles in November, and the the full iOS app in December. In the meantime, the company will hold a public token sale from July to August, with a total of two billion NOTES ever being created…
So the question is – how does Choon sound to you? Would you be willing to support their efforts? Check ’em out before making any moves…