MAESTRO: REVOLUTIONIZING THE DIGITAL MUSIC INDUSTRY
THE PROBLEM OF THW MUSIC INDUSTRY
The present music market is suffering from what is called the value gap. The value gap is the large disparity that emerge between the values of user-upload services and that is received by the creator of the content. The music provision service such as apple music, generates about $3,904million in value through licensing, based on roughly 212million users. On the other hand, services that use a user download method such as the YouTube only generates 1/7 of the value. This leads the music industry into an anachronistic system which continues to stifles artist creativity.
Nowadays, people don’t buy album or tracks from music artist instead they stream music by paying a fixed amount monthly thus market the shift of focus from individual music sale to streaming as lead to a huge loss for the music artist as they now get little compensation for their work. The streaming is now seen as a ground breaking business model that has wholly changed the music market. Instead of downloading, customer now have access to numerous songs inrespective of their device storage. Though steaming is more easier but it deprives the artist from getting the real out of profit they should have gotten if people had followed the normal procedure of downloading music instead of streaming.
These said, the MAESTRO sees an urgent need to resolve the value gap and stir the industry away from the anachronistic system that has continued to stifles artist creativity. The MAESTRO also aim to resolve the problematic structure of the music industry to provide a creative environment for all artist, starting with the ambiguity of copyright and the insufficient share if revenue received by creators because before now the artists are only able to receive the meagre that is left after over 80% of the initial profit has been distributed among various parties which includes label, entertainment companies, streaming services and managers. What is left after this distribution to the so called middlemen, only about 7% is left for the actual artist. Such “middlemen” have an enormous influence on the Industry due to their monopoly over right to distribute and license songs, which only intensifies as more songs are produced under their control. To mention the monopoly, labels and agencies provide the cost of production upfront to promising artist, composer or production companies in return for their right to distribute their music. This act may seems as if the artist are receiving support from the aforementioned parties but in the real sense they are losing their right to their work.
SOLUTION TO THE PROBLEM (THE MAESTRO)
To solve the many problems identified, the maestro will focus on capital, specifically the cost required to produce the song. The problem of capital comes before other important issues including a fair distribution of revenue and improvement of the music industry structure. Capital remains the most important element that helps in running a music industry. So addressing the issue of fund will help in solving the fundamental problem in the industry.
To create a music ecosystem that encompasses all parties, the maestro will focus on resolving the issue of capital and of providing a four blockchain-based streaming service. The MAESTRO will solves these issues through crowdfunding. The MAESTRO will use the crowdfunding system (an alternative financial service that enable a project or venture by raising money from number people) throughout the music industry. They aim to create an ecosystem in which the production cost are raised by fans and investors and profit generated by streaming the song are fairly distributed among artist and investors. This can be done through the use of blockchain which will go a long way in providing funding for producing music and fairly distributed.
The MAESTRO also focus on creating a blockchain which will make sure profit are distributed fairly through the transparency of the blockchain technology and thus resolve the issue of capital which is the most fundamental problem that underpin the present music industry.
MAESTRO TOKEN
The platform’s profit are allocated once every week and the team’s goal is to decentralized the profit structure through blockchain technology. Any unsold token will be destroyed. Due to inflation, insurance of additionally tokens is expected to take place once per year
TOKEN ALLOCATION
ROADMAP
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