Music is a fragment of our daily routine. We hear music every day, we dance to it and sing it. It has become an effective medium for exchanging culture. There are many businesses centred around music, as with innovations and new genres coming in, the demand for it has never dwindled. The advent of blockchain and its use in the music industry has digitalised everything, making the systems decentralised
How cryptos are changing the functioning of the current music industry?
The music industry has evolved tremendously over the last few years. As with many other industries, blockchain is changing how the industry functions.
So, how is blockchain changing the music industry? One of the most noticeable of its effects is the ability to removing the third party from the process of music sales, events, and streaming. Though streaming platforms are making music easily available to the users, it has also created a whole new level of intermediation between artists and fans.
Blockchain is making the music industry a cost-efficient and user-friendly frontier, reducing piracy, and allowing artists to receive royalties for their work. However, with this transformation, the undeniable discrepancy in terms of the distribution of royalties has come into the picture. The distribution of royalties to artists resembles a 20-80 Pareto chart where 20% of artists account for the majority of the royalty earnings. This is due to multiple factors, like the artist’s music genre and country of origin. There are high chances distribution of royalties will always remain skewed, with a handful of hyper-productive artists dominating the majority of the market.
With blockchain, artists can receive equitable royalty payments; venues can curb ticket forgery, and record companies can easily trace the source of the music streams and instantly pay all artists who contributed to songs or albums.
With most artists exhausting their networks, improving conditions for emerging artists can make a huge difference and result in a more diverse market. It can also help shift the control currently held by middlemen such as labels and platforms, which have considerable influence over what music gets to be heard by the general public. Blockchain is known for peer-to-peer transactions, which eliminates the middleman. This feature allows the musicians to reach their target audience directly. As a result, it helps them make more revenues as they do not have to pay commissions to third parties and agencies. With Blockchain, artists can be able to add more funds to their production.
Blockchain-based music streaming platforms, event organisation platforms are trying to tackle this very problem. Opus, a decentralised streaming platform, leverages two different peer-to-peer networks to remove the middlemen completely and provide a fully decentralised streaming platform. BeatBind, an innovative solution for the music industry, caters to all the participants in the ecosystem like artists, organisers, and fans.
Blockchain also helps music fans to connect with the musician without any third parties. This increases the efficiency and convenience when they want to access music, and the artists understand the trends going in the market.
Smart contracts used in blockchain enable musicians that they get paid without any hassle. It is hard to be cheated. Smart contract works such that the contract terms have to be fulfilled for contracts to be completed, which is a win-win for both fans and the musicians.
Many musicians have faced problems with the copyrights of their productions. But with blockchain, they don’t have to worry about this. Blockchain helps artists to protect their copyrights. Once a song is on the blockchain network, there are timestamps in the ledger which cannot be mutated. That means anyone in the network knows who is the legitimate owner of the song. Blockchain is immutable, which means asserting copyright without any legal fees required. This has led to a reduction in piracy, which has been in this industry for ages.
Through blockchain, musicians can collaborate easily. Blockchain platforms such as K-tune cater to connecting musicians with each other. One musician can upload music and easily find someone to collaborate with. You can use the KTT token and transact music on the platform. And this KTT token can be exchanged on crypto exchanges for any fiat currency. You can also stake the coins and earn rewards and use them later when their value is higher than the current one.
Songs are currently being used as non-fungible tokens (NFT), which can be traded in NFT marketplaces. Artists are gaining a firm ground and prominence in NFT marketplaces and are earning good returns from it. You can auction an NFT in the NFT marketplace, and the highest bidder gets the prize. Some of the NFT are sold as high as millions of dollars.
The music events industry is taking a turn too, with BeatBind aiming to connect venue owners, artists, and fans through its blockchain network. BeatBind is the world’s first decentralised blockchain event organisation and talent auction platform that will change the face of how events are organised and solve the existing problems in the system. It plans to offer a new creative solution for concerts, festivals, and exclusive parties and lower the barrier of entry for new entrants in the industry. It plans to capitalise on the high demand for the best artists, organisers, and venues and increase artist booking rates significantly using various auction models.
What makes BeatBind a universal token for the music events industry?
BeatBind aims to take the music industry to another level by creating their proprietary BBND tokens, which can be bought directly on their website, beatbind.io.
BBND tokens, implemented as an ERC20 Standard token on the Ethereum blockchain, support the entire ecosystem which BeatBind is presenting. It is a unique and compelling music auction platform where people can hire artists, organise events, and use the BBND tokens for payments. BBND tokens are a trustless, truly worldwide, and low-cost payment method when compared to traditional ones. The Ethereum blockchain provides the following features to the BBND tokens:
- Security: Every transaction on the BeatBind platform is secured by cutting-edge cryptographic protocols
- Transparency: Every transaction on the BeatBind platform is transparent, and all the participants of the ecosystem can access and verify it
- Immutability: Every transaction on the BeatBind platform is permanent and cannot be mutated, and no single party has the authority to change it
BNBD tokens provide unique features, advantages, and benefits. They aim to unify all the payments in the music events and enable users to purchase event tickets, vote for their favourite artist, purchase drinks, etc. Thus no more physical cards and different currencies for dozens of festivals and parties, with no way to cash them back or use them outside the events themselves. Users can become a part of the BeatBind ecosystem, where they can participate in the services that the platform has to offer.
Furthermore, BeatBind plans to list BBND tokens on open cryptocurrency exchanges, thus providing liquidity outside the platform as well. It can be exchanged with other crypto and fiat currencies such as Bitcoin and USD.
What value proposition does BeatBind offer to DJs, Venues, and Organisers?
Blockchain promises to be the ideal solution for all these unresolved issues in the music industry right now. BeatBind, with its platform and BBND token, has the potential to rejig how the industry operates, and over time, it will reshape the future of the music industry.
The platform streamlines the event organisation model and helps funnelling most of the royalties and revenue to the artists rather and eliminating the middlemen and agencies between musicians and fans.
BeatBinds addresses the underlying problems in the conventional music event organisation industry by developing a broader ecosystem catering to all the parties in the ecosystem. The main goal is to allow the participants of the event organisation ecosystem to interact and connect and let the organiser know what the participants want. The best artists, venues, and event organisers will have high demands and capitalisation. In the conventional music industry, most of the time, it is difficult to reach quality performers or venues. Traditionally only the famous performers and media perform repeatedly, and there are no breakthroughs for new artists or venues due to a lack of connections. BeatBind offers the solution, where the event organisers can contact rising artists, and they get opportunities to perform both locally and globally.
Through the BeatBidder platform, BeatBind connects all the participants involved in the event organisation process, including artists, event organisers, venue owners, and fans. The interconnection between all the parties is beneficial for each and everyone in the process. BeatBidder leverages an auction system that allows the participants to bid on each other and thereby increasing the revenue. This bidding reduces the costs and provides an opportunity for the participants to participate in music events. BeatBind also provides exchanges of services like event organisation outsourcing, promotions, sponsorship, other event-oriented experiences on its platform.
For the fans, you can skip going to the agencies to buy tickets for your favourite music show. No matter where it is happening, you can book your ticket without any hassle just sitting on the couch, and you can directly purchase tickets from the event organisers for all the events created on BeatBind, eliminating the chances of fraud, ticket scalping, and forgery.
What is the BeatBind business model? How will the platform continue to grow in the future?
The long-term growth of the BBND will be ensured by the underlying core and robust business. BeatBind plans to develop a flexible and sound business model that is non-intrusive to the users yet flexible enough to withstand market shifts and scalable enough to always capture the value that is being created. The value captured on the platform will help it grow in the future and reinforce the fundamentals and the utility of the BBND token generating a positive value.
The revenue streams for the business are divided between the core competency and more experimental (less validated concepts). BeatBind is expected to generate core revenue from:
- Transaction fees earned through the BeatBidder app for services like artist performances, event organisation, venue leasing, etc.
- Ticket sales fee from BeatBind events
Other additional potential streams of revenue for the BeatBind Platform are expected to be:
- Fees from the promotion of artists and venues on the Platform through the search option
- Fees from crowdfunding and pre-selling tickets of BeatBind events
- Subscription-based model for enhanced fan app features like dating, live song bidding, memorabilia bidding, etc.
- Fees from live backstage access bidding, song bidding, etc.
- Revenue from advertising in Platform and through Instagram ad model
You can visit our website for more info www.beatbind.io.
ENQUIRE ONLINECONCLUSION
BeatBind is one of the most awaited platforms in the music events industry. Musicians, venues, event organisers, and fans can all connect and support one another on this platform. Organising concerts, parties, and festivals will take a new look and will be transformed into new experiences. Many organisations will do away with the problems that they initially dealt with when they conventionally organise events.
BeatBind will reduce barriers to admission as the platform grows and offers emerging artists greater opportunities, both locally and abroad. It promises to increase artist revenues by its multiple auction formats. BeatBind can cater to the tremendous demand for top artists, performers, venues, and event organisers. BBND tokens will foster a unified payment for the fans, and they can purchase tickets directly from event organisers on the platform eliminating all the third parties and agencies, which will reduce fraud, forgeries, and ticket scalping.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
Earnings Disclaimer: The information you’ll find in this article is for educational purpose only. We make no promise or guarantee of income or earnings. You have to do some work, use your best judgement and perform due diligence before using the information in this article. Your success is still up to you. Nothing in this article is intended to be professional, legal, financial and/or accounting advice. Always seek competent advice from professionals in these matters. If you break the city or other local laws, we will not be held liable for any damages you incur.
