Music is a fundamental tool that changes the way we see the world. That is why millions and millions of people pay streaming services like Spotify or resort to music piracy to hear their favorite singer. However, these subscription-based services act as a barrier between musicians and users, with people having to pay for it. Also, part of the revenue goes to the streaming site, and not to the artists. Meet Inmusik, the blockchain based music platform.
Inmusik “Music” Features
Inmusik is a sort of music social network and streaming platform that includes everyone in the music ecosystem and business model. Normally, users are just passive actors in the music world, listening to music. But Inmusic shifts this and gives the power and significance to the user to search and support their favorite songs and bands.
To people outside bitcoin and cryptocurrencies, Inmusik will be yet another subscription-based music service. But for those of us informed, it can be even an investment platform. Yes, you can win money in this platform by staking tokens and trying to guess the impact that a song will have. The more tokens you bet and the best the song is received, the more money you’ll win.
Inmusik rewards the whole music ecosystem: fans and artists, removing publishers out of the equation to improve their relationship.
Inmusik Business Model
The business model of the platform is simple. Artists earn a percentage of users stake in their songs, and also a percentage of the streams that their song had. If there are indie artists the pay is just for them entirely. If not, the division of the payment can be detailed in a smart contract.
Users can stake their coins to bet in a song success. They can also stream any song to hear it. If a song has a lot of bets trusting that it will succeed, but it is not streamed enough, the reward suffers. If the opposite happens, the reward increases for the few users that trusted in the song.
Two types of token are present in the Inmusik platform: $ound tokens, that would be your normal ICO tokens. Present in the system to enable transactions and reward the parts involved. And Inmusic Cash (IC), a stablecoin used for internal transactions of the platform.
Summarizing, Inmusik seeks to be a streaming service with investment capabilities. Users can support their favorite content creators while earning money doing it. And artists can earn money with every song streamed. To learn more about Inmusik, go to their official website here.