SoundCloud is up to something big. The company has reportedly signed a memorandum of understanding (MOU) in collaboration with MaestroProject to help develop blockchain technology in music industry.
The capabilities of blockchain technology are endless and it sounds like a perfect fit for the streaming service, which enables its users to upload, promote, and share their original music, production work and mixes.
According to Coin Telegraph, here’s what SoundCloud is bargaining for with Maestro.
Maestro offers a safe, stable, and transparent network on which artists can retain more freedom over the distribution and creation of their content. Through the decentralized system of Maestro, which effectively eliminates the third party from the process, artists will receive the revenue they rightfully deserve. Artists will be able to sell their content directly to their fans, reaching out not only on an economic level, but also on a social basis. The transparency provided by Maestro’s tracking system, which records every payment and transaction on blockchain, will further ensure security and stability for all artists; the Maestro smart contract will allow only authenticated users to upload and download content.
Crowdfunding will also be part of the process:
Maestro acknowledges that consumers of music are as big a part of the music industry as the artists themselves. Through the crowdfunding system of Maestro, fans will be able to fund their favorite artist or song in advance, following the project as it is progressed. The transparent nature of the platform will make investing an easy, clean, and stable process through which consumers will play an active role in creating art.
Here’s a breakdown of what this would mean, according to Maestro:
-Only pay for the songs you listened to
-Payment based on actual usage
-Lower fee compared to other services
-No worries regarding raising production costs
-Fair profit for artists
-Music production costs raised through funding
-Rights secured for creative works