The market
The music industry. - I don't think I need to explain how big this market is.
The problem
According to studies, $2.5 billion USD of music royalties are uncollected, which is an enormous loss for the creators and service providers. The sad thing is that people in the industry are aware of this huge problem yet they could not do anything to make it right due to the lack of transparency in this field as well as, more specifically, the scarcity of international database for songwriters rights - which is used to practice the intellectual property rights.
Have a look at this loss report from Spotify for your better preference:
Digging deeper into the problem, another angle arises: Artists don't have and should not have time to spend on trying to hard to collect their compensations like this. They deserved better rewards. And that's when things like effort, money, and knowledge to conduct the royalty collections haven't been taken into account. Now, at this point, I know some of you would mention the role of production companies or other relevant entities. Yet do you know how much does an artist pay to those companies to do the job for them? and still, their performance on collecting royalties result in the loss of $2.5B in the industry?
What if I tell you there is a much cheaper yet more secure and efficient solution that enables artists to claim their compensations directly from end users without any loss?
The TUNE solution
Tune utilizes the blockchain technology, smart contract design and digital tokenized applications to solve the digital songwriter intellectual property rights and royalty transparency issues for the music industry by connecting artists and producers connect to create music and facilitating royalty payments via a tokenized system.
How it works?
First, they establish an international database of songwriter rights from original songs on available music platforms of which RecordGram is the pioneer. After that, the royalty payments would be conducted automatically and immutably via smart contracts built on the Ethereum blockchain.
For your information, RecordGram is the TechCrunch Disrupt Cup award-winning application acting as a mobile production marketplace where producers can record songs or shoot videos and then sell their beats easily. It is also an active music community for the TUNE network to leverage, wide-spreading the news of the new industry solution.
Once implemented, the licensing arrangement between Tune and RecordGram is closed and this tokenized ecosystem built for the music industry is brought into practice: the Tune token is the network fuel is used in every transaction, from reward distributions to service using or other types of contributions.
Team
Their team consists of a variety of experts, professionals, and talents from different fields such as blockchain programming and development, global entertainment executive, celebrities and so on, making sure the project be well-implemented from both side: Technical and business.
Social Media Presence
Their social media presences are not great, to me. Yet this can be fixed thanks to the advantage that the partnership with RecordGram can bring to them : a huge active community in the music industry. Therefore, I won't take this downside too serious.
Token Economics — Token sale
Token Symbol: TUNE
Price: 1 TUNE = 0.38 USD
Platform: Ethereum
Accepting: ETH, BTC
Soft cap: 10,000,000 USD
Hard cap: 40,000,000 USD
Country of Origin: Cayman Islands
In addition to the utilities mentioned above, the Tune tokens can also be converted to RecordGram credits, which can then be used to either purchase clips or tip the artist.
Token allocation
Use of funds
My thought
Their technical aspect is not new, yet positive speaking, it means they can implement it easily, so what would make it a successful project would depend on how they bring it into practice, more of the business side. And as I notice, unlike some other blockchain projects that requires a slow-paced implementation due to the totally new establishment of digital infrastructures, the Tune project is a practically potential one with the approach of integrating with an existing social network in the industry, providing it with the huge database of customers as well as other stakeholders and increasing the adoption of the technology; therefore their market valuation can skyrocket in a short period of time after implementation.
Links
Website
Whitepaper
Bitcointalk ANN
Telegram
iOS App
Twitter
Author: Bitcointalk username: rueisnax (a.k.a. Vincentle — Le Huu Quang Vinh)
Profile link
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