Radically Rethinking the Music Industry With Blockchain
In this case study, Object Computing, Inc. unveils its latest project with Emanate, which leverages blockchain technology to solve long-standing problems in the music industry.
“Decentralization is much more than a technology movement … it is a social movement. And, no industry is more ripe for evolution than the music industry.”
一 Sean Gardner, Emanate Co-founder and CEO
Emanate is a technology company based in Sydney, Australia, whose mission is “to build a middle-class for musicians, helping those with talent and ambition to confidently rise from the bedroom to the main stage.” The company is building a music streaming platform with a unique, blockchain-powered, digital ecosystem that brings efficiency and transparency to the music industry.
While the music distribution industry has always faced challenges, the advent of the Internet has had a wide range of implications, primarily resulting from the development of digital sound recording capabilities and the availability of file sharing platforms.
For consumers, these technological advances have brought about access to a wider variety of music than ever before, plus the ability to enjoy favorite tunes on multiple devices at prices that gradually approach zero.
And, while emerging artists now have an efficient and free venue through which to introduce their work to the world, getting paid for their efforts remains a significant challenge.
In fact, artists across the success spectrum are experiencing diminishing returns from major streaming services. Royalty payments across systems, services, and borders can be difficult to track and verify. The industry faces dwindling trust, rising operational costs, inefficient interdependencies, and diminishing value to end users.
Emanate has set out to provide the infrastructure and tools necessary to evolve the music industry into a decentralized, blockchain-powered future.
Like Spotify, the Emanate platform will provide streaming music to consumers. However, the Emanate ecosystem is designed to bring a high level of trust, automation, and transparency to the process through a blockchain foundation, aligning the incentives of all parties involved and eliminating many of the common frustrations musical artists currently experience.
Through the Emanate platform, the market will determine the price of each song, and a token economy will ensure that the principle of supply and demand operates without interference. Emanate gives artist the tools to save on production, management, and distribution costs; instant, direct royalty payments; and an empowering experience they can’t get anywhere else.
The platform promises to address each of the following key challenges identified by Emanate leaders:
- Lack of transparency around payments
Emanate offers instant payments across borders with transparent transaction fees and royalty structures.
- Inefficient payment processes
Emanate offers strengthened traceability, mitigating the high costs of fraudulent transactions.
- Lack of global collaboration due to an absence of trust
Emanate offers a collaboration framework powered by smart contracts and distributed ledgers.
- A mismatch between those who add value to the industry and those who extract value
Emanate offers standardized metadata to support immutable content and context.
- Increasing barriers for artists who wish to break into the industry
Emanate allows any artist to upload music tracks, and a pure supply-and-demand economic structure puts success directly in the hands of each musician.
|“Our platform is all about showcasing what the Emanate technology can do, in a simple and user-friendly experience,” explains Gardner. “To music lovers, it will feel a little like Spotify, but under the surface is technology for the future of music … the world’s fastest audio payment and collaboration engine.”|
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