Overview of Bittunes 2.0
The vision behind Bittunes is about empowering Independent Artists from all over the world to ‘self publish‘ on a new open platform that incentivizes music fans to become a new distribution channel for Independent music in partnership with artists. We have been through a long investigation process, have validated our approach and we are confident in our vision.
We are pretty sure that we have discovered something very simple, but very important.
It is possible to create a completely new and highly effective new global system for music distribution, as long as certain conditions are met. For this to occur it must work like this. ~ As long as the Artist as ‘primary publisher’ gives permission for their work to be traded, and there is a reliable system of rights ownership (simple rights blockchain), plus a business logic framework that the Artist can 100% depend on with a solid monetization system.. Then we have the basis for an independent global music marketplace.
We have always been serious about disrupting the Music Industry
We started off with a plan to try and change the fundamental processes of music distribution. This was inspired by an understanding of what went wrong with P2P music file sharing following the rise of Napster and Limewire and similar applications which had offered so much promise for a new paradigm of music distribution.
Is there a problem that needs fixing?
78% of industry revenue is non-artist revenue At the same time Independent Artists are getting squeezed by services like Spotify which make it impossible for most Artists to make a living from their music. While the priorities of music corporations are centered on maintaining huge profits, this situation will never change.
The Music Industry represents <1% of Music The Music Industry represents a thin slice of the music being made around the world, Spotify playlists are effectively paid for by the Record Companies, its 21st Century payola.. This lack of diversity and choice is a huge limitation for both consumers and Artists.
What will be developed in Bittunes 2.0?
- A Blockchain based simple rights solution
- Unique Blockchain ID’s embedded in all Bittunes audio files
- Global Monetized music distribution (at scale*) outside the music industry
- New ‘variable transaction ratios’ to support Indie Labels and proportional earning splits for band members
- A generically new social system for music sharing, offering CRM type features for artists and indie labels
* ‘at scale’ refers to scaling Bittunes up to support millions of simultaneous users.