CHOON To Disrupt Music Labels With Its Blockchain-Based Platform!
This is the age of giving and receiving! No one in any industry does something selflessly and by not expecting something in return. If you think about this on a personal level you will get a gist of what I am trying to say. Think about how many artists and how many types of music you listen to on Spotify or even Soundcloud.
Has it ever crossed your mind how much are the emerging artists getting paid? When you put your heart and soul into something and if it’s good enough you need something in return. Same goes for these artists.
DJ Gareth Emery, co-founder of Choon a blockchain based digital music platform, slammed major streaming music services.
“Streaming music is a huge driver of change in the music industry. With almost unlimited music on tap, consumers can listen to whatever they want. The problem with the streaming sites is they currently offer a terrible deal for artists.”
Emery was new in the industry and was having a hard time when he had just bought a house in Los Angeles. He wished all these problems had a solution. A month or two later he was introduced to Bitcoin and it seemed to have the ideas that could eventually solve many problems with their broken financial system.
At the time, he was procrastinating on his album Drive. Soon, he was pouring five to six hours a day into the emerging economy, buying and trading the digital currency, creating offline paper wallets for safe storage and other activities.
Drive eventually saw the light of day but as the years passed, the progression in cryptocurrency security and use seemed to come at a halt, thus his interest in Bitcoin seemingly diminished.
His interest returned earlier this year when he heard about Etherium, with its advanced security measures and emerging leadership. It was enough to get him back online and in the trader’s seat.
“Many of my college friends went to work at investment banks, and I figured, if my ambition was to sit behind a load of screens and make trades, I might as well have joined Goldman when I left college,” he says.
“I realized my passion was building new things, and changing people’s lives for the better, either through music, or in this case, a company. So I got out of the trading game and started to think about where I could make a positive impact instead.”
Six months later, Choon was all set for launch in early 2018. He teamed up with his friends and blockchain technologists John Watkinson and Matt Hall to create a platform that gives artists complete control over their product as well as a platform upon which to share that product direct to consumers for proper compensation.
As an artist this concerns you, probably does not concern your fans or the people that listen and share your music. Until and unless they are your diehard fans of course!
Choon is a music streaming service and digital payments ecosystem—designed to solve the music industry’s most fundamental problems. This is what the website says. The fundamental problems being how much the artists get paid.
There’s this common misconception that there’s no money in music, and that the only way you can make a living is touring, but that’s not really correct but actually it is a $16 billion industry. The money is just going to all the wrong people: intermediaries and middlemen who don’t really need to be there. Choon is in real terms the first attempt to fix these problems, cut out these people, and provide a much better deal for artists.
Through Choon, music lovers get to hear great artists. And artists get paid in cryptocurrency for sharing their music.
Whether Choon makes it big, or falls short of being the next big thing in music, it sets the tone for what music distribution must become.
So where are the listeners benefitting in all of this new futuristic approach. As mentioned before we all need something in return. Choon definitely realizes it. So when you play a song on Choon, It’s going to be free for the first year! To get further information on this you must actually check their website to make sure the offer is still available.
Moreover listeners get PAID to listen to new music. Honestly if this doesn’t catch your attention I don’t know what will!
Playlist curators get paid a percentage of NOTES (a cryptocurrency) earned from streams from their playlist.
Also your money goes directly to the artist or band via Notes ($NOTES.) Smart Contracts automatically handle revenue splits. Artists can even stake NOTES on the platform for rewards and unlockable features.
Designing a new future for the music industry is what Choon did with the help of Blockchain and as Blockchain has over the years been taking over several industries into its blanket, we are eagerly waiting for it to revolutionize the music industry!