Musicians and fans are the real value creators in today’s music industry, but they are not properly rewarded for their value creation. Musicians are starving. Everyone listens to music, more people pay for music, but artists are still not making money. Fans (that’s us) are still pigeonholed as consumers, though we are the ones who actually make super-stars! We devote our time and effort to vote, make cover songs, go viral, and even write fictions for our favorite artists, but no one rewards our effort and devotion.
Previous music blockchain projects have overlooked the importance of a large userbase to achieve widescale adoption. These projects have demonstrated that it is possible to give a higher commission rate to artists for their work using Smart Contract transactions. However, for artists, the low commission rate offered from traditional music streaming apps that had huge userbases were more attractive than blockchain apps using Smart Contract transactions. Case in point, a 10% commission of $1,000 from iTunes was preferable to 90% commission of $1 from a Smart Contract transaction.
Muzika aims to provide musicians the best of both worlds: a higher commission rate for their creative content and a strong userbase. Muzika has developed a strong system for incentivizing fans to contribute to the Muzika ecosystem. These incentives will build the userbase necessary for Muzika to provide both higher commissions to artists along with the mass userbase of traditional music streaming sites. The network effect from a mass userbase will be the key to developing an autonomous, self-sustaining ecosystem. In other words, Muzika can provide musicians with 90% of $1,000.