Music industry is not just suboptimal. It's sick. Every industry goes through Alzheimer's phase once in a while. Its symptoms are many – core value generators are undervalued, transactions are obscure and occasionally lost, money end up in pockets of intermediaries, and it takes tons of time and money to figure out how to interact with it. In order to make music work, we need to deal with the industrial senility.
Pills won't help - we need a full brain transplantation. We need to dump papers and private phone calls and replace them by cryptography and distributed ledgers. We need to swap unreadable and confusing paper contracts for transparent and audited smart-contracts. We need to give artists the tools to control their works.
Uploaded music is tokenized, the split of rights represented by the tokens, and transferring such tokens means transferring shares of your correspondent rights. This allows for greater engagement of fans and public, greater transparency and reduced costs of rights clearing, as well as instant monetization of music works.
All the royalties and all the fees are paid in ETM tokens –instantly and automatically. This provides for the faster and more transparent transactions.
Every song is an asset.
Every payment is a crypto
We are building a distributed system with a universal internal currency. Its main features are:
Our core mechanic works through tokenization of rights to music, distribution of such rights and automated licensing of music. Our mission, however, is to create a full industrial ecosystem, where instead of selling out to labels and letting them make all the decisions, artists could instantly use services from third-party providers – hire independent managers, promote themselves, create music videos and punish infringements.
We believe that fighting piracy is futile – people need access to music, and only commercial use should be paid for. We also believe that musicians work hard enough to get paid for the sweat of their brows. That is why a part of our system is Soundchain – a subproject that gives listeners free access to the music of our participants, while compensating the rights holders with tokens generated for this purpose specifically.