Inmusik Proposes a Decentralized Structure for Music Streaming
The widespread use of streaming media players has indicated a shift in the way people listen to music nowadays. Building a music streaming platform with a strong intention to integrate it with social media is a common practice to the lineage of large projects. The incentive contribution to streaming platforms such as subscriptions and chargeable access to content plays an especially vital role as it allows for remuneration of artists and staff.
While considering the role of music consumers in this value chain, Inmusik turns its attention to a revenue model for listeners who make artists and record labels a success. In this light, Inmusik introduces Sound tokens to determine the level of influence, that is, to allow for fair remuneration both of the artists and streaming users.
Becoming an influencer in the value chain
Influencer are aptly used to allow for brand promotion and mediating effects of consumer attitudes. Since messages proclaimed by influencers are commonly regarded as being trustworthy, commercial music business can exploit the gains from a recent trend – that is how Inmusik intends to boost the sale.
Inmusik will incorporate this function in voting option, providing its application users with an opportunity to rate songs and performers. Voting is considered to be more instrumental in raising artists awareness and for that matter users will be rewarded for the participation. To ensure the factuality of the information provided through a voting, each score received from the large stakeholders should gain a certain amount of votes from users with the low ratings.
Platform's functionalities
Artist verification
Record labels and artists will go through different procedures of verification. Generally, the content from the record labels will be integrated in a form of database and therefore there will be no need for verification. In contract, performers and brands should first establish a verified account while having another 20 users on their side who will be able to confirm the veracity of the information. Once a verified account is created, artists should receive a tag depending on their role in a creative process, e.g. songwriters or group members.
Fee charging system
The platform comprises two types of tokens, that are Inmusik Cash tokens and Inmusik Sound tokens. In particular, users will use Sound tokens as a means of payment for the music they purchase on the platform. Content adding will be rewarded as well, which includes not only music, but also any other entertaining products, such as pictures or videos. Voting, in turn, addresses all groups of content, so that the same procedure is applicable to original posts as well.
Reward system
Inmusik will also develop appropriate estimation factors and correlations with regard to a number of votes and streams. In this model Inmusik will prioritize a number of streams as a necessary driver for a song monetization. That is, provided a sufficient level of streams, even with a small number of votes artists will benefit greatly.
ICO Details
Public ICO will start on September 5 and end on October 5, 2018. The Pre-ICO round of funding is under way and will be closed on September 4, 2018.
Inmusik aims at providing all stakeholders with fair and equally affordable opportunities to gain revenues from their contribution to the whole ecosystem. While the idea itself is clear enough for the music community, its realization as proposed in the technical documentation could raise some issues. First, the verification process for artists that is accomplished through submitting pictures and confirmation from other users can't solve problems associated with content quality – a point that usually becomes a great concern for platforms operating on the free-to-use basis. Another point that needs clarification is that built around the influencers: A status of influencer is closely correlated with users token funds, which suggests that large corporations will have the advantage of high priority by default. Furthermore as a number of streams has priority over votes, the role of streaming users should be supplemented by additional value strategies that would attract more users to the platform.
Links:
Website: https://inmusik.co
WhitePaper: https://bit.ly/2Kdy075
Telegram: https://t.me/inmusik
Facebook: https://www.facebook.com/InmusikOfficial/
Twitter: https://twitter.com/InmusikOfficial
Medium: https://medium.com/@inmusikofficial
ANN: https://bitcointalk.org/index.php?topic=4686423
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.
eth: 0x52031420541AE92622745A9417B11E73fb470BE9