Radically Rethinking the Music Industry with Blockchain
Blockchain-based music-streaming platform offers bands and solo artists solutions to long-standing industry issues.
Music artists across the success spectrum are experiencing diminishing returns from major streaming services, and the recording industry currently faces dwindling trust, rising operational costs, inefficient interdependencies, and declining value to end users.
Emanate is a technology company based in Sydney, Australia, whose mission is to bring transparency to an otherwise fragmented industry characterized by diminishing trust. Together, we are building a music streaming platform with a radically unique, blockchain-powered, digital ecosystem that brings efficiency and transparency to every participant within the value chain.
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 music fans, 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 a price point gradually approaching zero. While advantageous for consumers, compensation inadequacies inherent in the current system have resulted in rifts between streaming services, music producers, and artists.
The industry now faces dwindling trust, rising operational costs, inefficient interdependencies, and diminishing value to end users.
Together, we have 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 network, also known as a distributed ledger.
A distributed ledger is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, and institutions. There is no central administrator or centralized data storage. This helps align the incentives of all parties involved and eliminates many of the frustrations musical artists 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.
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.
“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 selected the EOSIO platform for a number of reasons, including the platform's potential for multi-purpose programmable nodes, feeless transactions, and unmatched scalability of throughput per second.
Our blockchain team comprises lead contributors to the EOSIO platform; Emanate recognized our expertise with both EOSIO, as well as our strong track record in developing enterprise blockchain solutions, and partnered with us team to develop this innovative solution.