Ecosystem Fit
The music industry is complex with a lot of revenue streams and middlemen. With PolkaMusic, we will focus on digital streaming, which is the most dominant mode of listening in the current era. The current royalty payment infrastructure is designed for CD-era, with royalty payouts taking about 2-6 months on the optimistic end to about 2 years in the worst-case scenario, and there's no verifiable transparency. In case the song is registered with a rights society such as ASCAP, digital platforms like Spotify actually fill a spreadsheet in order to report the streams, which are then processed through legacy systems and databases, none of which are efficient. Digital music streaming warrants a reimagined infrastructure that is able to process royalties frequently, accurately, and transparently, and all this can be done through an autonomous blockchain system. PolkaMusic aims to be the public "foundation" that can be used by anybody to create a transparent music and video streaming service.
There are currently no other projects in the Substrate ecosystem that are solving this problem. Audius.com is one project on Ethereum that is focused on decentralized music, however, PolkaMusic is being built in a way so that anybody can spin up a project like Audius.com using PolkaMusic as an infrastructure. These "Smart Streaming Platforms" (SSP) will have their own unique micro-economy with their own native token. Developers can come up with an innovative economic design to create value on the front-end. In addition to this, the SSPs can also integrate more pallets that will be made available publicly on a regular basis. Traditional Performing Rights Organizations: Every country has multiple local performing rights organizations that are running inefficient software with very high licensing costs. Such PROs can use an SSP Smart Contract instance to calculate royalties and distribute payments on the blockchain using the currency of their choice.
Last modified 5mo ago
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