Posted 7 months ago | by Ben Armstrong
Blockchain Brings Innovation to Music Streaming Industry
GRAFSOUND, a Singaporean platform is expanding and providing music and audio services based on blockchain applications. The company is working to store music and audio assets from across the world.
In recent years, technologies have been changing the entertainment industry in general, and the music broadcast in particular. Streaming is now a popular way to enjoy audio – and it has created big profits for platforms that were pioneers in the industry.
Streaming is is easy – however, it also raises the problems of sales, distribution and copyright enforcement.
Although authors and publishers have put enormous efforts in protecting their creations, it’s hard to detect when files are leaked and distributed on the internet.
GRAFSOUND Wants to Make Streaming Better
In many markets, such as Korea, individual artists need to pay costly fees to have their records published – this can be changed – and artists can make more from their work.
In a world where music streaming is witnessing a bright future, as it comprises more than 20% of total revenue of the global music industry, a lot of people are rushing into it with a dreams of becoming big stars.
That’s where GRAFSOUND comes in, bringing a new hope for small artists. It aims to create a democratic community for composers, singers, musicians to join and get their works our there, without any concerns about copyright violations.
New Ways to Connect
GRAFSOUND uses its native GRAF token or so-called GSMT and smart contracts to identify the origin and authenticity of a file. GSMT is also used as the currency on GRAFSOUND platform, enabling more speedy and transparent payments amongst users.
As a result, GRAFSOUND is able to eliminate the involvement of intermediary agencies, which reserves a huge amount of genuine profits for creators.
At the moment, users can sign up for an account on GRAFSOUND and upload their recorded music for free in order to gain earnings from sharing or selling them. In addition, they can invest in content of other users with their MyStarWallet and the GSMT.
GRAFSOUND is focusing on growing their popularity in the Asian region, covering countries which host millions of music fans, for example China, Vietnam, and Korea.
Recently, it launched a streaming mobile app called GRAFTV and opened an audition contest.
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