“The legacy music industry is hampered by the number of intermediaries taking significant portions of revenue and leaving artists with just a small fraction as well as little visibility into the process and no way of verifying that they were justly compensated. Given the global scale and annual revenue of the music market, many artists can be discouraged by how little reward they personally receive. Musiconomi, which makes all transactions visible via the blockchain, offers unprecedented transparency to the industry and removes intermediaries, rewarding artists and experts more fairly for their work.”
Musiconomi’s initial focus will be on micro-labels and independent artists, Mr. Di Iorio explained. Musicians can release new tracks, produce simplified licenses and get paid directly for each play. The artist chooses the reward for single tracks and entire albums. They can opt for higher revenue or more promotion.
Fans sharing tracks are rewarded with MCI. Entrepreneurs can access features including virtual merchandise, playlists and ticket storefronts.
Musiconomi is an expansion of the Musicoin Project platform and will run on its established blockchain, using smart contracts to automate payment collection and disbursement each time a song is played.
Supporters can participate with Ethereum to purchase a share of the 100 million available MCI. Funds raised will be devoted to development (70 per cent), marketing and public relations (21 per cent) and administration (9 per cent).