The platform was developed to use blockchain technology to end the malpractices of song piracy and royalty collection as well as ticketing. They will be the world’s first vertically integrated and decentralized platform to be used to help connect the artists with the fans.
How Does Soundeon Work?
Music copyrights generated as much as $24.4 billion dollars in 2015. And that is about $10 billion more dollars then the IFPI figure that excludes publishing and song writing for the most part. Not only that, but live ticket sales in 2017 brought in more than $32billio in main sales with another $9.8 in resales. Both segments of ticketing are growing at a 5-year CAGR of 14 and 19 percent respectfully. Basically, tougher the two elements of music present a major marketing opportunity that is worth about $66.2 billion dollars.
Soundeon is the solution the industry has needed, because the market is growing at a consistent rate. The problem is that the musicians only see a small fraction of the profits. It’s because at this time, there is almost no legal rights for the musicians.
And not only that, but the industry is hard to navigate through, making it even harder for the musicians to achieve success. They need to get clout with producers, managers, record labels and anyone else you can imagine, like concert promoter for example. Ticket scalping is another major problem that keeps occurring and they’ve basically needed a solution, hence Soundeon.
The company will be a decentralized and vertically integrated platform focused around music. And it will cover every aspect of the industry. That goes from the creation of the work, the copyright and the sale of it, including concerts.
- The system will be completely secure and transparent with the use of creative smart contracts.
- The CSC of it will is a self-running media rights contract designed to help serve and manage most of the facets of the music industry, and keep it trustworthy, transparent and fair.
- Soundeon is also attempting to bring the fans and stars together, so the relationships can be stronger and thereby hopefully get the fans to support them in the most ethical way possible.
There are really only five areas that need to be focused on most. The music token sale is a great opportunity for the artists to launch their own ICOs for the purpose of paying for personal projects.
The tracking of data for the purpose of royalty protection. They’ll be able to see all royalty streams and revenues that are out there and that includes from ticketing.
The decentralized tokenization tool and exchange will allow people to purchase royalty income with a great opportunity to build a diverse portfolio around it.
There will be a smart ticketing platform that is embedded in the Soundeon Environment. They will use smart contracts and QR Codes to completely eliminate scalping and piracy.
And lastly, there will be a Soundeon music player built with blockchain technology to help keep the distribution transparent.
Soundeon In Conclusion
The alpha version of the platform is already completed and will be released shortly in April of 208. The best version is said to be released in December of 2018 with the fully functional version launching in 2019. If you’re a fan of music, an actual artist or a producer, Soundeon could be the platform you’ve been waiting for. You can learn more at their company website soundeon.com.