Hi folks, I’m just wondering if anyone has any thoughts on the Musicoin platform, if you’ve heard about it. It offers musicians a way to sell their music directly to the public, (via the Musicoin wallet), while automatically divvying out royalty payments to multiple recipients via smart contracts.
E.G. the Singer gets %25, the guitarist gets %25 and the drummer gets %50 J This allows the artists to eliminate the intermediaries who (often) take a majority cut of the profits. I believe the cost per play is one musicoin, but if that’s the case, if the fiat value of a musicoin goes up, could that have the effect of pricing listeners out of the platform? For example, today a single musicoin is valued at $0.039099USD or 0.00001344 BTC, meaning it costs $.04c USD to play one song. But if the market value of musicoin goes up 10x, the cost per song becomes $0.40c USD.
So today it might be cheap to play a song, but in the future, based on the one-coin-one-song model, the prices could be much higher, correct? I’m trying to wrap my head around just how they’ll price their music, when the value of the thing they’re pricing it in (musicoin), fluctuates day to day. I know fiat fluctuates too, but I’d wager BTC and cryptocurrencies move much more wildly than the green-back, so I don’t understand how the pricing model is stable.
And while Napster.com (et al), offer services like 30 million songs for $9.99 per month, I assume that many of them are by well-know/promoted artists. So how will musicians using the musicoin platform, promote themselves? If they make decent revenue through the platform, they’ll have more money to spend on advertising, but to make decent money on a platform that will be (possibly), filled with thousands, or millions of artists, how will any of them stand out from the crowd, let alone be heard, when they’re a new artist?
I do hope their platform reaches a competitive level with the myriad other music-streaming service providers already available, because in theory, it’s fair to the creators of the music. I’m just confused as to how it will work in practice, given the pricing structure of pay-to-play, the shifting value of cryptos, and the marketing issue. Please share your comments, because this is like Napster from the old days (2000), but good for musicians…if they adopt it, and if it proves to be successful.
It sounds very exciting, but I’m confused nonetheless.
If you’re a musician and you’ve used the platform to upload/sell your music, please let me know what your experience has been like, and where you see the future of musicoin in 10 years. Can you see the benefits of this from an artists standpoint?
I’m out.
10 June 2017
