IMUSIFY THE SMART MUSIC ECONOMY
The ultimate vision of imusify is to create an international borderless ecosystem in which fans can directly interact with and financially support artists with the help of our platform and our native cryptocurrency, the “IMU”. The ecosystem consists of the imusify Platform, Musicians, Fans, Labels, Publishers, Managers, Distributors, Retailers and everybody else who loves music. The platform enables Musicians to monetize their works through various features such as p2p streaming, sales of singles, albums, synchronisation licenses and equipment, crowdfunding, copyright management, royalty distribution, rewards-system for on- and off platform interactions, referrals and live-event ticketing, all on the blockchain. Why does the world need imusify in your personal experience? Up until now the music industry has done their best to create structures that collect and distribute funds that belong to the content creators and rights holders. Many of these systems were created many decades ago and havent been significantly updated yet. This gave the opportunity to create monopolies that benefited everybody except for the content creators and rights holders. Only a fraction of the money is actually collected and of this only a very small percentage is paid out to the creators. Napster was a good start to decentralize the long held monopoly but it happened uncontrolled thus causing more harm than good. In my opinion, the world needs another disruption, but it needs a strategic approach to make sure that those who actually deserve the money, receive the money. How will the world be different in 10 years from now if imusify succeeds? Imagine spending time on the imusify platform and watching your wallet balance increase simply by participating. Imagine being able to use these funds to listen to music or to go to your favorite bands concert thus directly supporting them p2p. Imagine how many undiscovered talents will have a chance to publish their music thus enriching the lives of all. I believe the quality of our musical landscape will heavily increase thanks to decentralisation. We will experience a more diluted and democratically selected repertoire.
What makes you and your team qualified to take on the project like this? Most of us have a musical background. I've been a musician all my life, Jennie is a professional opera singer, Nate is a music producer, Gijs is a DJ, Luka is a singer, Alina studied music and plays piano, Marc is a singer, Vikas is a singer and composer, GL is a guitarist, Austin and Jonathan are artist managers. We have all experienced the flaws in the music industry first hand and have the determination to fix this is as a first and foremost personal passion. But not only that… we have all acquired skills in managerial positions. The struggle made us become entrepreneurs. Also our advisors have an extensive amount of experience in the music industry. Why will this project be a success? This project will be successful because it goes beyond a whitepaper. We have proven that we can execute our plans and that our plans are not just a blurried vision. Our plans are based on first hand experience, thorough research, tested technological solutions, financial calculations, and a deep passion for the product to be realized.
THE PROBLEM
The digital age has transformed the music industry. Creating millions of copies of digital content now costs next to nothing, and the adoption of the internet has done the same for its distribution. More songs are now just a click away than have been recorded in decades before the advent of the internet, and consumers now prefer streaming (access) to downloads (ownership). Streaming services are on the rise, but the business industry as a whole failed to adopt. Instantaneous access and global nature of the services caused problems with digital rights management, payment transparency, and monetization of content. As a result, most musicians are not fairly compensated, despite the fact that their music is enjoyed by more people than ever. The 12 billion USD global market for digital music requires a new solution, where musicians are paid, listeners get access, and labels get a fair deal. A million streams on Spotify generated an average revenue of less than $5,000 in 2017, and the artists had to wait up to 24 months to receive the payout.
THE IMUSIFY PLATFORM
The imusify platform proposes a solution. It integrates the best practices of streaming, media sharing, crowdfunding, and social networks to create an ecosystem in which the artists, fans, and music professionals can interact with one another on a decentralized marketplace. The underlying technology allows for tracking of the flow of content, and the smart contracts ensure a fair and immediate distribution of payouts. The content is reviewed automatically to determine copyright ownership, and digital identity tracking is used to prevent fraud. Users have various potential streams of income, creating a marketplace for digital content, goods, and services, with secured and instantaneous transactions.
KEY TECHNOLOGICAL SOLUTIONS
The imusify platform builds on the solutions provided within NEO Smart Economy and implements several proprietary solutions to address the problems of scalability and security, hampering other distributed applications. These solutions allow the imusify platform to (i) surpass the scalability limitations by reducing the volume and number of transactions, required to be validated on the main chain; (ii) implementing digital identity and automated content screening solutions to prevent fraud and copyright infringement; and (iii) allowing each user to generate revenue by content production, ownership or curation, depending on their role in the economy. The imusify platform introduces several proprietary technological solutions, addressing the scalability issue, copyright infringements and fraud, and allowing every user to get paid as an active participant in the music economy if they wish to do so.
PLATFORM OVERVIEW
The imusify platform is designed to provide artists with autonomy, higher income, and transparent transactions between service and product suppliers. imusify’s open-source, self-publishing platform also creates an efficient system for content creators to network and collaborate, while maintaining complete control over their work. The platform serves a variety of uses to different user types, serving as a news app, a messenger and networking space, an incubator, a music discovery platform, a marketplace for trading goods and services, a discussion forum, or a unique combination of these functions that provide the most enjoyment for each user. The imusify platform also offers an open innovation space to launch new products, features, tools, and services across the value chain of the music industry and beyond.
VALUE GAP IN THE MUSIC INDUSTRY
In today’s music industry, money speaks louder than ever. The rapid digitalization of music has led to a wide range of avenues for monetizing content. The problem, however, is that the music industry was built as a centralized system for physical distribution. This was practical in the 1970s when there was no internet, and record labels were distributing actual records, and it was comparably easy to keep track of the distribution of music. Such a centralized system was not designed for today’s digital world, and its outdated structure creates multiple inefficiencies in the music value chain.
INDUSTRY LANDSCAPE
The way we listen to music is changing fast, and the business of music is struggling to keep up. The global music market is now split between digital downloads, records, streaming, synchronization rights and ringtones. Despite the decrease in record sales, the global music market grew by 5.9% in 2016, indicating the fastest rate of growth since IFPI began tracking the market in 1997. Streaming has been the primary driver of this growth, with revenues surging by 60.4%. With more than 130 million paid subscriptions globally, it makes up the majority of digital revenue, which, in turn, now accounts for 50% of total recorded music revenues[1]. Streaming and music downloads markets together amounted to 3,230,000 USD in Europe[2], and 6,051,000 USD in U.S.A[3] in 2018, with streaming representing 80% of the total revenue. In fact, the revenues generated by streaming increased 60% last year and grew by more than 300% in the last five years[4]. Music streaming has clearly won the battle of business models and is now the preferred way we interact with music. Clearly, the large streaming service providers like Spotify, with over 140 million active users, Apple Music, Amazon Music Unlimited, Google Play Music, Tidal, and others are making a killing. But how about the artists who make the music?
A DECENTRALIZED SOLUTION
The music industry has been facing existential challenges over the past decade, and the landscape has been completely restructured due to digitalization and the introduction of digital streaming services. Since the technological breakthroughs of digitalization and internet have caused the shift in the landscape, perhaps the issues that arose may be solved by the application of business models, based on the emerging technology of blockchain.
BLOCKCHAIN TECHNOLOGY AND DISTRIBUTED APPLICATIONS (dApps)
At its core, a blockchain is a set of programmable protocols and strings of data that relate to a growing chain of the digital transaction such records1. Records are encrypted and stored on “blocks” of data across all network storage nodes, each confirming a set of transactions. Blockchain technology was originally designed to instill a provable form of trust when conducting transactions, rendering the “trusted intermediary” unnecessary – hence “decentralization.” At the time, however, blockchain existed solely as the technology behind the Bitcoin cryptocurrency and for the next few years blockchain was only understood by a marginal group of early crypto enthusiasts. The next big development was the integration of a programming language, allowing for the creation of smart contracts, which enabled sophisticated interaction between users, expanding beyond simple virtual money transfers [8] . This enabled development of a new breed of decentralized applications (dApps), connected to the blockchain, allowing them to expand beyond traditional distributed applications, like BitTorrent, Popcorn Time, BitMessage, and Tor.Such decentralized applications are beginning to pose a disruptive threat to various industries. Businesses and institutions around the world are seeking to understand and invest into blockchain ventures at a staggering rate1.
APPLICATION TO MUSIC INDUSTRY
The imusify project is one of the pioneers of decentralization movement for the music industry. Other blockchain music projects also show leadership in tackling certain inefficiencies in relation to event booking and copyright management, as well as streaming services. Many use cases have been presented, suggesting to tackle the existing issues.
Web site: https://imusify.com
White paper: https://imusify.com/whitepaper.pdf
Telegram: https://t.me/imusifycommunity
Twitter: https://twitter.com/imusify
Facebook: https://www.facebook.com/imusify/
ANN: https://bitcointalk.org/index.php?topic=4327428.0
What makes you and your team qualified to take on the project like this? Most of us have a musical background. I've been a musician all my life, Jennie is a professional opera singer, Nate is a music producer, Gijs is a DJ, Luka is a singer, Alina studied music and plays piano, Marc is a singer, Vikas is a singer and composer, GL is a guitarist, Austin and Jonathan are artist managers. We have all experienced the flaws in the music industry first hand and have the determination to fix this is as a first and foremost personal passion. But not only that… we have all acquired skills in managerial positions. The struggle made us become entrepreneurs. Also our advisors have an extensive amount of experience in the music industry. Why will this project be a success? This project will be successful because it goes beyond a whitepaper. We have proven that we can execute our plans and that our plans are not just a blurried vision. Our plans are based on first hand experience, thorough research, tested technological solutions, financial calculations, and a deep passion for the product to be realized.
THE PROBLEM
The digital age has transformed the music industry. Creating millions of copies of digital content now costs next to nothing, and the adoption of the internet has done the same for its distribution. More songs are now just a click away than have been recorded in decades before the advent of the internet, and consumers now prefer streaming (access) to downloads (ownership). Streaming services are on the rise, but the business industry as a whole failed to adopt. Instantaneous access and global nature of the services caused problems with digital rights management, payment transparency, and monetization of content. As a result, most musicians are not fairly compensated, despite the fact that their music is enjoyed by more people than ever. The 12 billion USD global market for digital music requires a new solution, where musicians are paid, listeners get access, and labels get a fair deal. A million streams on Spotify generated an average revenue of less than $5,000 in 2017, and the artists had to wait up to 24 months to receive the payout.
THE IMUSIFY PLATFORM
The imusify platform proposes a solution. It integrates the best practices of streaming, media sharing, crowdfunding, and social networks to create an ecosystem in which the artists, fans, and music professionals can interact with one another on a decentralized marketplace. The underlying technology allows for tracking of the flow of content, and the smart contracts ensure a fair and immediate distribution of payouts. The content is reviewed automatically to determine copyright ownership, and digital identity tracking is used to prevent fraud. Users have various potential streams of income, creating a marketplace for digital content, goods, and services, with secured and instantaneous transactions.
KEY TECHNOLOGICAL SOLUTIONS
The imusify platform builds on the solutions provided within NEO Smart Economy and implements several proprietary solutions to address the problems of scalability and security, hampering other distributed applications. These solutions allow the imusify platform to (i) surpass the scalability limitations by reducing the volume and number of transactions, required to be validated on the main chain; (ii) implementing digital identity and automated content screening solutions to prevent fraud and copyright infringement; and (iii) allowing each user to generate revenue by content production, ownership or curation, depending on their role in the economy. The imusify platform introduces several proprietary technological solutions, addressing the scalability issue, copyright infringements and fraud, and allowing every user to get paid as an active participant in the music economy if they wish to do so.
PLATFORM OVERVIEW
The imusify platform is designed to provide artists with autonomy, higher income, and transparent transactions between service and product suppliers. imusify’s open-source, self-publishing platform also creates an efficient system for content creators to network and collaborate, while maintaining complete control over their work. The platform serves a variety of uses to different user types, serving as a news app, a messenger and networking space, an incubator, a music discovery platform, a marketplace for trading goods and services, a discussion forum, or a unique combination of these functions that provide the most enjoyment for each user. The imusify platform also offers an open innovation space to launch new products, features, tools, and services across the value chain of the music industry and beyond.
VALUE GAP IN THE MUSIC INDUSTRY
In today’s music industry, money speaks louder than ever. The rapid digitalization of music has led to a wide range of avenues for monetizing content. The problem, however, is that the music industry was built as a centralized system for physical distribution. This was practical in the 1970s when there was no internet, and record labels were distributing actual records, and it was comparably easy to keep track of the distribution of music. Such a centralized system was not designed for today’s digital world, and its outdated structure creates multiple inefficiencies in the music value chain.
INDUSTRY LANDSCAPE
The way we listen to music is changing fast, and the business of music is struggling to keep up. The global music market is now split between digital downloads, records, streaming, synchronization rights and ringtones. Despite the decrease in record sales, the global music market grew by 5.9% in 2016, indicating the fastest rate of growth since IFPI began tracking the market in 1997. Streaming has been the primary driver of this growth, with revenues surging by 60.4%. With more than 130 million paid subscriptions globally, it makes up the majority of digital revenue, which, in turn, now accounts for 50% of total recorded music revenues[1]. Streaming and music downloads markets together amounted to 3,230,000 USD in Europe[2], and 6,051,000 USD in U.S.A[3] in 2018, with streaming representing 80% of the total revenue. In fact, the revenues generated by streaming increased 60% last year and grew by more than 300% in the last five years[4]. Music streaming has clearly won the battle of business models and is now the preferred way we interact with music. Clearly, the large streaming service providers like Spotify, with over 140 million active users, Apple Music, Amazon Music Unlimited, Google Play Music, Tidal, and others are making a killing. But how about the artists who make the music?
A DECENTRALIZED SOLUTION
The music industry has been facing existential challenges over the past decade, and the landscape has been completely restructured due to digitalization and the introduction of digital streaming services. Since the technological breakthroughs of digitalization and internet have caused the shift in the landscape, perhaps the issues that arose may be solved by the application of business models, based on the emerging technology of blockchain.
BLOCKCHAIN TECHNOLOGY AND DISTRIBUTED APPLICATIONS (dApps)
At its core, a blockchain is a set of programmable protocols and strings of data that relate to a growing chain of the digital transaction such records1. Records are encrypted and stored on “blocks” of data across all network storage nodes, each confirming a set of transactions. Blockchain technology was originally designed to instill a provable form of trust when conducting transactions, rendering the “trusted intermediary” unnecessary – hence “decentralization.” At the time, however, blockchain existed solely as the technology behind the Bitcoin cryptocurrency and for the next few years blockchain was only understood by a marginal group of early crypto enthusiasts. The next big development was the integration of a programming language, allowing for the creation of smart contracts, which enabled sophisticated interaction between users, expanding beyond simple virtual money transfers [8] . This enabled development of a new breed of decentralized applications (dApps), connected to the blockchain, allowing them to expand beyond traditional distributed applications, like BitTorrent, Popcorn Time, BitMessage, and Tor.Such decentralized applications are beginning to pose a disruptive threat to various industries. Businesses and institutions around the world are seeking to understand and invest into blockchain ventures at a staggering rate1.
APPLICATION TO MUSIC INDUSTRY
The imusify project is one of the pioneers of decentralization movement for the music industry. Other blockchain music projects also show leadership in tackling certain inefficiencies in relation to event booking and copyright management, as well as streaming services. Many use cases have been presented, suggesting to tackle the existing issues.
- Digital Rights Management The network power of blockchain provides the opportunity to create a comprehensive digital rights management system that eliminates the need for latent payment reconciliation. Instead, with such a system consumption information can be shared automatically, offering universal transparency to artists, distributors, and consumers.
- Payment Transparency Blockchain offers several added values to the transactional procedures that occur throughout the music supply chain. With a comprehensive database of consumption content and verified users, blockchain posed solutions for making automatic and transparent royalty payments, not only to single individuals but distributed to a song’s respective rights holders. This improved payment process can provide more information to artists about how their work is being consumed and exactly what and how they are being compensated.
- Licensing and Monetization With the presence of a decentralized database of content and ownership rights, artists have the opportunity to license and monetize content in exciting ways. Even small relatively unknown artists will have a marketplace where they can sell licenses for their work to be used in commercial videos, films, live events, and podcasts to name a few
TARGET AUDIENCE
The imusify platform is being designed to serve a large and diverse pool of target audiences and allows for fluid transitions between various personas. It is intended to provide a marketplace for various services, a platform for distribution of content, and a source of revenue for industry executives, such as labels and music agents and managers. Most importantly, it allows a passive consumer to take on the active role of content curator, or producer, and earn additional income on the platform.
CONTENT CREATORS
With varying types of content on the imusify platform, creators can range from a listener, a new artist or an executive producer. Anyone can join, contribute and be rewarded. This free, blockchain based, incentified and decentralized platform allows for music related digital content such as audio, video, apps, images, and blogging to be created on a collaborative basis between different users.
THE “CRYPTO-COMMUNITY
” It is apparent that cryptocurrencies are more than an alternative form of payment and have already begun to change the global economic landscape over the past few years with the implementation of the existing blockchain technology. Through collaboration with the NEO network and the City of Zion developer community, imusify has emerged with a vision for all creators to have complete ownership over their intellectual property and the rights being divisible as agreed upon by all parties. On this more sophisticated network, smart contracts offer a vehicle for realizing and administering beneficial digital agreements. Therefore, imusify becomes ‘its’ very own entirely decentralized cryptocurrency ecosystem. imusify’s community is united with the intention to make imusify’s platform the foundation on which the global music economy will evolve.
THE EXECUTIVE
Artists rely on various other stakeholders to aid them with the production and promotion of their music. In the traditional music economy, such executives and businesses receive partial ownership on the music and are entitled to royalty payments. The imusify platform provides the executives with a new marketplace where they can offer their services to artists. They can collaborate with artists and provide their services in exchange for automatically receiving a portion of the reward, received by the artists through the reward system.
THE INFLUENCER
Established industry professionals and well-known artists come to the platform to share their own songs, produce new content, collaborate with other artists, and mentor new talent. By bringing in their sphere of influence, interacting with users, and receiving up and down votes, they can increase their reputation and overall influence on the platform, as well as connect to a wider audience.
USE CASE EXAMPLES
Staying true to its vision, the imusify platform is intended to provide for numerous use cases, depending on the specific situation and aspirations of the individual users. Some such use cases are outlined below to show how each user can utilize the imusify platform to further their interests.
IMU TOKEN – THE ECONOMIC ENGINE OF THE IMUSIFY PLATFORM
With imusify being a distributed application, special attention was given to the token economics of the business model. The IMU(ϑ) Token is a cryptographic token, allowing users of the imusify platform to interact with the platform, utilize its services, and transact with one another. It is a NEP5 standard token, powered by the NEO blockchain network for smart economy. The function of the IMU Token is trifold. It may be seen as a multi-purpose voucher, allowing the users to enjoy the services on the imusify platform. It also serves as a closed loop currency – the store of value, and transaction vehicle enabling users to buy and sell goods and services on the platform to one another directly. Lastly, it is a discount token, allowing the participants of the various stages of the imusify Token Sale to obtain these units of value at a discounted price.
USE CASES FOR IMU TOKEN
Specific use cases for the IMU token include the following:
+ Provide reward payments to artists on a per stream basis
+ Reward users for curating and contributing to content
+ Purchase and license content + Crowdfund artist content projects
+ Exchange of value between service providers and creators
TOKEN DISTRIBUTION
The total supply of 1,000,000,000 ϑ IMU tokens will be distributed in an effort to maintain the long-term value of the imusify platform and network while taking into consideration the basic economic factors that can affect the viability of a utility token.
TOKEN SALE ALLOCATION
USE OF TOKEN SALE PROCEEDS
IMUSIFY TOKEN SALE INFORMATION
A portion of IMU(ϑ) tokens will be sold in imusify Token Sale, organized by IMUSIFY OÜ. Institutional token buyers, and individuals who meet applicable conditions and thresholds to qualify as accredited/experienced participants will be invited to participate in the Private Sale in which imusify is aiming to collect up to $5,000,000 of seed capital[15]. Remaining IMU(ϑ) Tokens will be sold to the public at the later stages of the imusify Token Sale, under the terms and conditions published on the imusify website.The IMU(ϑ) tokens will be sold with significant discounts during the token sale. After the imusify Token Sale, users will be able to purchase and exchange tokens on various exchanges. At this point, imusify has confirmed partnerships with O3 - mobile wallet and exchange, and Switcheo - a decentralized exchange. For the purposes of participating in the imusify Token Sale, any token buyer will need to undergo a know-your-customer procedure as required by applicable KYC/AML laws and regulations. Participants from certain restricted jurisdictions (in particular United States of America, Canada, Republic of Korea and Singapore, as specified in more detail in Terms of imusify Token Sale as published on our website www.imusify.com) will not be eligible to participate in the Token Sale. The Whitelisting process is already opened. You can register to participate in the imusify Token Sale at tokensale.imusify.com. Maximum IMU supply: 1.000.000.000 IMU For sale: 650.000.000 IMU Price: 0.05 USD Currencies accepted: USD, EUR, NEO, Bitcoin (BTC,) Ether (ETH), Litecoin (LTC), Dash (DASH), Bitcoin Cash (BCH), Tether (USDT), Monero (XMR), Ripple (XRP), OmiseGo (OMG)
More details
Web site: https://imusify.com
White paper: https://imusify.com/whitepaper.pdf
Telegram: https://t.me/imusifycommunity
Twitter: https://twitter.com/imusify
Facebook: https://www.facebook.com/imusify/
ANN: https://bitcointalk.org/index.php?topic=4327428.0
https://bitcointalk.org/index.php?action=profile;u=2594887
Thanks for reading & sharing mamamuda
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