Musicoin: fair streams, fair pay
In an industry as dynamic as the music industry, game-shifting innovations are a frequent occurrence and it’s important to keep up with as many possible. Transformations in the industry from radio to streaming and more have led to the rise of various artists globally. Another game changer merging the music industry and cryptocurrency is Musicoin. Musicoin preaches fairness for both the listeners and artists on the platform and is constantly working to eliminate useless costs that musicians normally face with services.
Musicoin is the latest innovative platform in music where instead of having to accept competitive streaming rates set by labels and distribution services, artists can set contracts directly with their audience. Following the subscription model in the music industry, services pay musicians an unreasonable amount of money for the number of streams they get. They only give you a small portion of what you’re supposed to make, which lead to the creation of Musicoin. Musicoin allows the audience to pay artists securely and in the most convenient manner. They created their platform to eliminate the middleman from taking too much money from your pocket while allowing you to reap the most possible. Check out the founder of Musicoin, Isaac Mao speaking about his company here.
How does it work?
Musicoin offers a PPP, Pay Per Play, contract where musicians get to maintain ownership over their content, but are given a more fair amount of money. They don’t allow intermediaries to manage any payment, which is where they get to save your money. Using the Musicoin blockchain, the money from your audience goes straight to you and those involved in the creation. Let’s say that you’re in a group with four people, then the PPP contract splits the payments up with the main musician taking 45%, songwriters and producers taking 20%, 10% to the guitarist and the drummer also leave with 25%. Let’s say you are just a vocalist, then you would get 100%. If you’re in a group with three people, then the everyone would get an equal pay of 33%. Taking out all the middlemen has allowed Musicoin to deliver the best to their artists compared to other streaming services. Musicoin offers the same rate to both unsigned and signed artists of $0.0200, unlike various other platforms. For example, Apple Music gives unsigned artists $0.0064 and gives signed artists $0.0073 of a stream. The closest competitor to Musicoin is Spotify, giving unsigned artists $0.0070 and signed artists $0.0044 of each stream.
Start it up
Creating an account has never been easier for both musicians and listeners with Musicoin. Signing up as a musician, you can release tracks and albums, connect your other platforms, and also do everything the listener is allowed. By signing up as the listener, they get to listen to published content, buy tracks, talk to their favorite artists, and they also show support for the PPP contract. Uploading your music is just a click of a button away once you click on the cloud symbol on their page. Remember, when uploading content click on the “exclusive rights” checkbox to secure all your content and reap the most benefits possible. After all, that is what the platform was made for. Exploring all the features Musicoin has to offer, its transparency with transactions between the audience and artists is most appreciated because you get to keep track of where your money is going and how much you will get.
Musicoin is a relatively new platform and is only set to get better as they are constantly tweaking features to make it ideal for both parties. Musicoin is projected to be at a solid million listeners within the next few months and will only intrigue more to join. What are you waiting for? Go ahead and explore this new innovation in the industry.