Muzika: Music on the blockchain
According to the report discharged by International federation of phonographic industry (IFPI), total revenues for recorded music was $17.3 billion within the year 2017, an 8.1% growth compared to year before. The best revenue supply came from streaming that grew 40%. Driven by fans’ engagement with streaming — especially paid subscription audio streaming– digital revenues currently account for quite 0.5 (54%) of the worldwide recorded music market.
Total music business revenues for the year 2017 were still merely 68.4% of the market’s peak within the year 1999. international music market had endured fifteen years of serious revenue decline, record corporations are workingto fuel new life within the music business and attempting to harness new technology | digital innovation to complement fans expertise.
In order to allow for organic growth in the music markets, we'd like to make an enticing new approach for fans to access music on multiple services /platforms and solve infringement of copyright drawback, with stream ripping arising as the latest issue encountered by the music community.
How can these issues be solved?
One of of the world's most famous enterprise ‘Muzika’ from South Korea is on the trail to restore the glory of the music industry whose vision is supported by Mapia company, a pacesetter in digital music communication and collaboration platform. The team behind Muzika have an amazing startup history and good business skills, and were awarded Forbes 30 under 30 Asians in 2018. *The project has backings from several reputable venture capitals like NEO project capital and partnered with projects like Ontology. Use of blockchain technology will facilitate altering the current incentives within the business, thereby reshaping the complete music industry. The system give room to all participants, together with fans, to make profit.
At present, most of the blockchain projects face the problem of lack of utility or being unable to build an ecosystem that will utilise the platform. unlike others, the Muzika project will have up to 17,000+ artists from 30+ nations to supply content and about 2,000,000 users from over 150+ nations to consume content and support artists in community activities.
Ways Muzika intend to solve these issues?
1) engaging and giving more incentives to artists and fans:
Muzika platform will rebrand the making, distribution, and consumption of online music. With support from ontology (one of the most renowned and revered blockchain project within the crypto space), Muzika will certainly introduce blockchain technology in its platform and build an integrated platform that aims to bridge the distance between artists and fans, thereby increasing the artist’s profit and fans get rewarded for collaborating in community activities like consumption | sharing | group action in music creation, hence creating an additional channel for fans to connect with artists and vice — versa.
2) protect creative rights:
Muzika platform will see to the protection of an artist's creative work, protecting all components of an artist’s inventive work from being leaked on-line within the run-up to its launch will be a key focus for record corporations. Criminal organizations
seeking to make a fortune from illicitly getting the record before it's fully prepared for launch may jeopardize the work of artists.
Use of blockchain platform can save music | content and its connected info (e.g. artist, date) their music will be firmly saved within the blockchain and shared securedly, ensuring only the supposed recipients are accessing it.
Read whitepaper: https://www.muzika.network/assets/mzk-whitepaper-en.pdf
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