Today, I want to continue my series on blockchain related projects by taking a closer look at a platform dedicated to helping unattached artistes collect their music royalties in a transparent way.
Keen followers of the music scene know the daunting challenges and stress faced by independent artistes when it comes to collecting music royalty as well as other compensations. The problem is simple to understand. In many countries, royalty payment is governed by government rules regulations. Musicians have to register with a performance rights organization mandated by law to collect and distribute payments to artistes. As a matter of fact, each country has its own somewhat centralized group for such. For instance: SoundExchange performs the function in the US; PRS or PPL in the UK; and SOCAN in Canada.
The caveat is that , as an artiste, you will not be able to collect royalty on your songs without registration with any of these organizations. As a consequence, indie artistes are exempted from the royalty regimes across the globe, since these musicians neither belong to a distribution label nor to a performance rights organization in their respective countries.
Fortunately, a dual blockchain-based solution has been devised to tackle this problem completely.
Dual Solution?
Well, the solution comes in the form of two platforms: one is an online radio network, while the other is a new blockchain project. The first is the 11-year old Cyber-FM online radio, and the 2nd is called "Mainstream for the Underground" or MFTU. Cyber-FM is a popular for providing adequate airplay for musical artistes of all genres, unlike other radio networks that focus more on pop music. On its own, MFTU is a decentralized performance rights organization for handling music royalties throughout the world. The partnership between Cyber-FM radio and MFTU is aimed at helping performing artistes collect their royalties in a completely transparent environment.
How Possible is This?To start with, Cyber-FM is not new in the business of broadcasting and providing millions of its global listeners with curated music which are not readily available on mainstream channels, free of charge. The new agreement with MFTU will further enable it to serve listeners and artistes better in many ways. Listeners and musicians don't have to pay anything for using both platforms. Also, membership of MFTU is not limited to those artistes already registered with external performance rights organizations. Independent, unattached and even upcoming artistes are all welcome on board.
Key feature of Cyber-FM and MFTU is the introduction of a dual token system. This is to ensure that the platform complies with government regulations in different countries while operating globally. The CYFM token, for example, is for artistes already registered with royalty rights organizations and it'll be used to pay local regulatory agencies. On the other hand, the MFTU token is a cryptocurrency, which is a truly decentralized royalty payment coin for artistes.
However, both tokens are distributed free to registered members on the platform via airdrops and sign ups. Listeners and fans can use both tokens for song downloads, tipping favorite artistes, and purchasing merchandise on online stores.
The combination of Cyber-FM radio with MFTU will make it very easy for artistes to track their song's performance and calculate potential royalty compensation. Moreover, Cyber-FM has a remarkable record of bringing independent artiste into the limelight through its user- outreach. At the same time, those artistes continue to have their royalties maintained, protected, and adequately compensated.
In ConclusionWith the foregoing, I can safely conclude that Cyber-FM is poised to disrupt the entire music industry by ushering in a new era of decentralization in the collection and payment of music royalties.
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For more information about Cyber-FM and MFTU, please visit the website as provided in the link below.
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