Maestro is a project that will use Blockchain technology to revolutionize music industry and create an ecosystem that allows for the fair distribution of rights of songs and profits between the musicians and investors.
Today’s media is no longer dependent on television and physical albums. Technology has allowed digital music to take their place. The digital music industry has been experiencing tremendous growth in recent years due to the increased use of internet-enabled devices and Internet accessibility. Other factors that have facilitated this growth include increased distribution of music production services and the emergence of new distribution channels among others. In 2016, for instance, the market recorded revenue of $7.8 billion, which was a 17.7 percent growth from the previous year.
Streaming has replaced downloads as the main consumption method of digital music. Currently, streaming generates over 60.4 percent of the revenue. The number of users subscribed to premium streaming services is over 112 million. Streaming is expected to continue growing into the future. Factors such as fast Internet speed, the emergence of AI speakers, and connected cars are expected to enhance the growth of streaming.
“Value gap” is one of the greatest problems in this sector. “Value gap” is the difference between what those who provide user-upload services get and what the creators of the content get. Some of the companies that provide music provision services include Apple Music and YouTube among others.
Streaming has become a popular way of consuming music. Listeners are no longer buying full albums from their favorite artists. To further complicate the issue, listeners are subscribing for a fixed monthly fee to stream. The musicians are receiving even less from their creativity.
Although streaming has enabled consumers to access any music, regardless of their devices’ storage, it has increased the cost of enjoying music. Streaming reduces artists’ revenue and increases the cost for consumers. The listeners have to pay even after being unavailable most of the time during the subscription period. The inclusion of unnecessary intermediaries like labels and entertainment companies further increases the cost of streaming.
Many artists lack capital when they want to record their songs. Maestro will introduce a crowdfunding center to be known as “Ensemble.” The fans and investors who will raise capital through this system will receive rights to the content.
The company will introduce a streaming service, “Symphony,” where all completed projects will be posted. The profits that will generate by streaming will be shared equitably among artists and investors. Maestro will help in securing artists’ rights and help them to launch their projects in a place with high chances of success.
Maestro will allow consumers to pay depending on the number of songs they stream. There will be reasonable subscription plans but they will be based on usage. Moreover, the new structure will allow consumers to communicate directly with their favorite artists and become active participants in their project.
Maestro is on Twitter and Telegram where those wishing to know more about the project can contact them. The company uses social media to reach more people.
Maestro is one of the best projects to invest in as it is operating an industry that is experiencing tremendous growth. More consumers will be interested in the project as it comes with an opportunity to invest in their favorite projects.