The music industry has been in a state of near-constant turbulence since the debut of Napster’s music-sharing network in 1999, with dwindling profits, a lack of transparency, piracy issues, and feuds over dividend distribution.
Streaming services irritate music labels. File-sharing services are frowned upon by streaming services. Most importantly, artistes and content creators despise almost everyone else for profiting handsomely from their labour and feeding them crumbs.
With so many competing interests, no single service or business model appears to be able to meet the needs of all stakeholders. Notwithstanding, after years of having a complicated and difficult partnership with the internet sector, the music industry may now have a chance to change things by embracing blockchain.
Since its debut, revenue from music streaming has risen every year. It has grown at a 43.9 percent annual rate since 2014 and has become the key revenue source for most music labels.
Worldwide earnings from music streaming
$1 billion in 2012
$4.7 billion in 2016
$6.8 billion in 2017
$9.9 billion in 2018
$13.8 billion in 2019, and $18.9 billion in 2020.
With almost 18.9 billion dollars in income, artistes received less than 12% . Artistes also have limited influence over how their work is delivered and the transparency and visibility streams.
Music labels’ current business model is more akin to that of a venture capitalist; rather than developing artistes, they invest in already established processes, which is eventually unfavorable to emerging and independent artistes because this model focuses on established artistes.
Most artistes earn less than they should on existing platforms, others earn nothing at all. Fans no longer pay to purchase music, and platform-based musician tipping models have shown to be ineffective as a reliable source of an artiste’s career support, especially when combined with the necessity for enormous numbers of streaming hits online to earn any meaningful revenue. Many music industry promotional practices that were once effective or relevant are no longer effective or relevant.
Loozr, a decentralized investing and music streaming platform building on the NEAR Protocol, is stepping up to address this problem and other emerging concerns for musicians in this digital age; also, a platform that benefits both artistes and fans.
Loozr is simply a decentralized investing and music streaming platform on Web 3.0
It allows creators to tokenize their name/brand , as well as their music , allowing fans to buy, sell, trade, and promote these tokens directly on the blockchain in real-time, while also splitting streaming earnings with token holders. Loozr is a music streaming platform for everyone, similar to Spotify or SoundCloud; however, producers, artistes, DJs, celebrities, upcoming musicians, and labels can transform their potential, personalities and contents into a digital currency or asset on the blockchain that everyone can buy and invest in.
These tokens or coins, like Bitcoin, Ethereum, NEAR and other tokens, can be bought, sold, and traded on the blockchain. The same way stocks are traded. Coins or tokens can be launched by simply creating your own profile or uploading your song and the value of each coin is totally dependent on the rate at which people buy or sell that particular coin.
Thus, people who buy a potential coin are bound to increase in value ($) if they hodl that coin until its peak. Similarly, people can make money from trading the dip and rise of these coins. Also, holders of an artiste’s Song token earn money whenever that artiste’s song is streamed.
In the past, traditional artistes were compensated in cash or in substantial sums of money for each album they released. With the advent of streaming platforms such as Spotify and Apple Music, this became history.
Loozr seeks to eradicate authoritative airwave gatekeeping by establishing a fair-play distribution system that allows artistes and content creators to be paid directly by their fans.
Music Artiste (Token Issuer)
- Access to a direct source of startup funding from their fanbase, which can be used for production costs, touring, branding, and other similar needs.
- Create an even stronger bond with their fans by utilizing the nature of security token financing, which will incentivize fans to contribute to the artiste’s work spreading more quickly than usual.
- Fans now financially motivated become an army of marketers, resulting in free publicity for artists
- The ability to launch an independent economy in which an artiste’s success is entirely reliant on the quality of content they provide. Their worth (coin price and streams) is limited to the value they create.
- Everyone is involved in your promotion, marketing, and sales because your success is tied to theirs.
- Streaming revenue is allocated to you and you decide the percentage to be shared with holders of your token or investors.
Fanbase (Token Holders)
- Enjoy free cash flow whenever people listen to the music of the token you hold.
- The satisfaction of having a direct hand in their favorite artistes’ success and professional development.
- This direct involvement is both supportive and monetary, giving token holders the opportunity for future cash flows and earnings as the artiste gains traction.
- The ability to resell tokens in secondary markets for capital gains is likely as the artiste’s popularity grows and demand for their tokens grows.
- Fans can earn money in three ways: when more people buy your artiste’s $Profile token, when they buy the artiste’s $Song token, and when they listen to the songs you own.
Music labels and managements now have more freedom by having access to a global catalog of artistes to openly and seamlessly promote, invest in, support, and profit on the go.
Loozr ’s mission is the term “the game-changing” mission. Loozr’s objective is to leverage blockchain to revolutionalize the way people experience music by making it open and frictionless for everyone to participate without needing to know anything about crypto. Bringing music to life to the point that, as a fan, you can feel, touch, spend and transfer it not only as audio or video content but also as a currency, where you can trade real-world commodities for a piece of your music.
We hope to correct music industry inequities by giving artistes a direct say in how their work is distributed and consumed, allowing audiences to have a direct connection to the musicians they love and support. Loozr will ensure consumers have more democratic and equitable access to music. The extensive record companies and centralized digital platforms retain significant authority over what music is available to customers and what rates they can charge under the existing system. This method benefits the labels, but it does not wholly favour the consumers, who are obliged to accept whatever music the labels release.
Loozr is coming back like they never left and put developing a Metaverse that allows for the tokenization of music (tracks, podcasts, voice chats, radio, and so on) as well as the transfer of wealth in a way that benefits everyone in the ecosystem, from artistes and fans to engineers and investors.
NEAR is a blockchain-based decentralized application platform that works on top of the NEAR Protocol. This blockchain is arranged to be permissionless, performant, and safe enough to produce a robust and decentralized data layer for the future web. It runs on hundreds of machines around the world.
NEAR is essentially a platform for hosting applications with access to a shared — and secure — pool of money, identity, and data that their users own. In terms of technology, it integrates partition-resistant networking, serverless computing, and distributed storage into a novel platform.
NEAR’s Vision focuses on solving the two most pressing issues facing today’s blockchains: usability and scalability.
End-user usability is achieved by providing a progressive security architecture for wallet interactions and providing developers with greater chances to create experiences that closely mirror those found on the web today. As a result of NEAR’s contract-based account architecture, these are given by flexible and programmable key management implemented at the protocol level. Meta transactions, atomic account transfers, account with funds locked for specific usage, and other account programmability and restriction use cases are more accessible. Sharding the chain into an infinite number of sub-chains, each of which runs in parallel, provides scalability.
Concerning usability, it takes the shape of redesigning the blockchain world. NEAR’s vision is to create an ownership economy in which users become owners. NEAR seeks to offer a new viewpoint on usage mining to network design so that it can become more value-aligned.
NEAR’s vision for scalability has many great features for developers and creators. NEAR provides open services on which developers may rely, market forces to fund open source sustainably, and community attributes beyond software development for developers. NEAR provides creators with a platform where they can control monetization, own their data, and communicate directly with their audience.
Infrastructure that can offer reduced transaction costs and higher throughput will likely play a significant role in mainstream adoption as the blockchain space evolves. Developers wishing to create more efficient Defi devices and decentralized applications may be interested in NEAR’s Visions .
Loozr envisions an open web for musicians, music fans, investors, creatives, and engineers, with artistes and fans in charge. Collaboration between Loozr and NEAR to provide access to the most incredible tools was a no-brainer. We at Loozr are passionate about promoting openness and allowing you to own your favorite songs alongside your favorite artistes . Loozr will revolutionize how people interact with their favorite musicians, so it is so important to artistes, creators, and even fans. Transparency is a tool for making payments more transparent and royalties more efficient, as well as tracking data such as content consumption and usage.
We’re seeking for creatives, collaborations with musicians, bands, DAOs, music fans, and people who believe in a free, open, and egalitarian online that allows all creatives to monetize their passions better, without limitations.
Loozr is the launchpad that sets creators LOOZED to explore beyond their potentials and abilities.
NEAR aims to address the most pressing blockchain concerns, whereas Loozr addresses the most critical music ecosystem issues. Because these problems are similar, Loozr realized NEAR was the right platform to solve them.
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Official Website https://www.loozr.io
Join the move Telegram: Contact @officialloozr