Music platform Soundeon has announced a decentralized platform which connects artists with fans and covers all aspects of the music industry.
Given that recorded music and ticketing is now estimated to present a USD 66.2 billion market opportunity and that this growth is set to stabilize over the next five years, legal protection of artists has become a problem that needs addressing. Soundeon sees itself as the solution.
How does it work?
Soundeon calls itself a pioneering decentralized and vertically integrated music platform and promises its clients a full package of creation and copyright of work including contracts, sales, future assets, concerts and ticket sales.
The system is built on the platforms’ Creative Smart Contract (CSC) which is a media rights agreement promoting aspects that Soundeon claims the industry lacks, such as transparency, trust, and fairness. The company stress that they seek to encourage a more intimate relationship between artists and fans by addressing these issues which are prominent in the industry today.
Its features will allow token sales for artists to finance projects, a monitoring tool to track royalty and other revenue, an exchange to help artists tokenize their intellectual property, a ticketing platform that hopes to end “scalping” and a music player that uses blockchain to distribute royalty.
The Soundeon Platform was presented at the 2018 Fintech World Conference and earlier this month at the Crypto Investor Show, which is the UK’s biggest blockchain event for investors. The next Fintech World Forum will be in London on 30 and 31 May and include 25 guest speakers.
Soundeon has confirmed that two further versions are in development and will be launched later this year. The fully functional platform launch is set for March 2019.