In 2017, significant labels saw profit margins expand by over $1 billion and is poised to grow as the years go on. But for everyone ranging from major companies to the daily listener, the fact that this industry is dominated by three labels presents a huge issue.
Between Time Warner, Sony and UMG, the airways are controlled by one or a combination of all three daily. What's more, data as a subject and a matter of intellectual property is getting bigger and faster. Presenting a genuine and potentially crippling problem.
It's a concoction of these factors that inspired the founding and development of Younk. As a platform, it's aimed at those that want to make a significant difference to the music industry. Particularly when it comes to finding and investing in new bands and artists that wouldn't otherwise be heard on a corporate-dominated radio network.
As a service, conventional radio is dying when compared to streaming and downloading from applications, decentralizing the airwaves and making it easier to find truly unique music.
Younk works by placing the user in charge of what they hear and what they like. With artists able to produce, record and upload their music to a global, decentralized network. The audience then listens to the demo, and if they like it, they can send the artists tokens to act as funding towards a full-fledged album.
And through smart contracts, the final album is capable of being uploaded, sold with all the proceeds heading right back to the artist. No worries about expensive overheads and no risks of illegal piracy. Consumers can also hold in their mind that they've helped an aspiring band to grow from humble origins to a crowdfunded smash hitter!
Those interested in getting involved in a decentralized music industry can get involved in the public crowdsale for its YNK token on the first of July.
Younk imagines a world in which you invested in a worldwide phenomenon before it was either of them. With Younk, you may find yourself getting behind the next bitcoin of the music world.