Eddie Corral and Cédric Cobban
Eddie Corral and Cédric Cobban
Create a platform where music creators can provide their music to listeners and receive full royalties from every song streamed. In addition to that, the platform should provide other venues for music creators to connect with their fans.
These past few years have seen many disturbances in the music business model. Because of convenience, music distribution has shifted from physical mediums, to digital streaming ones. This change, with the monthly payment option, has expanded available catalogues of listeners, and has proven that music listening is more important than music possession. Today, the experience of music is much more important than the collection of it.
All this change was not beneficial to music creators. From their point of view the only thing that has changed is the middle man. Their earnings are still severely cut by these streaming services that are now distributors/publishers.
What if there was no middle man?
Can a person create music and provide it to listeners and earn money the same way, independent of music business connections? Can an art be created and be experienced by fans directly?
What if music or art creators that have collectively created one song could each receive their royalties without a middle man?
Ultimately, the question was, is democratization of the music/art business possible?
Using bitcoin, anything is possible. This ambitious project, had many aspects that created noteworthy challenges to develop it into a successful business.
The first challenge was financing. As with most crypto-tech, deciding to crowdfund this endeavor was only natural. We took over the campaign and created all the materials from start to finish. The goal was to skip some steps in this process and go straight to development of the whole project.
The next challenge was to create the foundation on which Peertracks was going to exist. A whole new bitshares blockchain was developed especially for Peertracks, which would be capable of the planned business approach, as well as future innovations on the platform.
This allowed Peertracks to have open and transparent royalties, where everyone can see how they are being generated and even how much artists are earning. Also, division among artists as per their contribution to the song could be easily done as well.
Of course, different kinds of listening models could be built on top of the custom built blockchain, depending on what the user wants.
To differentiate Peertracks from other streaming services, the expandable platform where artists can connect with their fans was created through the possibility of them creating their own currency for fans to trade between themselves. In Peertracks, artists can create currency that can have any value that they want them to have (tickets to a concert, autographed CD, meet and greet opportunity, discounts on merchandise), and they can sell them to increase their revenue. This would take artist brand creation to the next level, democratizing it and putting it directly in the hands of the artist, away from publicists and managers and all other revenue absorbing aspects of the music business, or even other performance based businesses.
The crowdfunding campaign was such a success for the MUSE blockchain, that 1400 bitcoins were raised (close to half a million dollars). This made the development of Peertracks much easier and catapulted it away from elementary steps and straight into an almost finished product.
The specially made blockchain (dubbed MUSE) was created, on top of which Peertracks would run, and would enable transparency, quick transactions, and flexibility for the future.
The currency that artists would create would be Notes, and they would be traded on top of MUSE, of course always being transparent and auditable. Each artist can dictate the Note conditions and value, thereby controlling their market value. This provides a venue for artists to monetize anything that is monetizable.
For Peertracks, while attempting to tackle music industry problems, Bitsapphire created a platform where non-music based art could be included as well. Therefore instead of just music, the whole idea and platform can be easily transformed into another product which deals with video, performance art, literature, or any other artistic expression.