Soundeon Announces The World’s First Vertically Integrated And Decentralized Platform Connecting Creatives With Fans
According to music industry leading economist Will Page, music copyrights globally generated $24.4 billion in revenues in 2015. That’s a whopping $10 billion more than the often cited IFPI figure that largely excludes publishing and songwriting income. Moreover, live ticketing in 2017 generated $32.0 billion in primary sales and another $9.8 billion in resales. Both ticketing segments are growing at a 5-year CAGR of 14 and 19 percent respectively. Altogether, recorded music and ticketing presents a $66.2 billion market opportunity. This market is projected to maintain stable growth over the next five years.
A Solution is Long Overdue
Despite the expanding opportunity, musicians only see a meager fraction of the revenues. Archaic market practices combined with slimmer margins in the digital age compound on the lack of adequate legal protection of artists.
In addition, the music industry is difficult to navigate, which makes it inaccessible for most musicians. They must simultaneously seek recognition from music producers, managers, record labels and concert promoters who only partly address the artists’ needs.
Event ticketing fraud is also at an all-time high. A large percentage of tickets are now printed at home and this naturally leads to a rise in fraudulent ticket sales, among other crimes.
Ticket scalping (the resale of tickets at wildly inflated prices) is another issue common to the music industry. It harms fans and venues alike, but it is the artist who ultimately takes the biggest financial hit that inevitably puts his or her livelihood at risk.
Old ways lose their savoriness in the ever-changing world and the music industry requires new solutions, too; the kind that could guarantee fair play and equal opportunity for all.
Soundeon – Music Beyond the Blockchain
Soundeon is a pioneering decentralized and vertically integrated music platform that covers all aspects of the music industry. From the creation and copyright of a work to contractual resale of both existing and future music assets, to concert organization and ticket sales.
This is accomplished through a secure and transparent ecosystem built on the foundation of a proprietary Creative Smart Contract (CSC).
The CSC is a self-executing media rights agreement that serves to promote many of the aspects that the traditional music industry lacks, including transparency, trust and fairness.
Soundeon encourages and seeks to cultivate a more intimate relationship between artists and fans by providing timely solutions to the shortcomings seen in today’s music industry.
There are Five Interconnecting Layers that Make up the Soundeon PlatformTM.
- Music Token Sales an opportunity for artists to launch Token Sales and finance personal projects through the support of the Soundeon community.
- Soundeon Monitor combines data aggregation and deep analytics, making it possible for artists and pledged fans to easily track all royalty streams and other revenues, including ticketing income.
- Soundeon Exchange a tokenization tool and decentralized exchange of intellectual property where everyone can buy or sell their royalty income with an opportunity to create diversified personal music royalty portfolio.
- Soundeon Tix is a smart ticketing platform natively embedded on the Soundeon environment. Dynamic QR codes and Creative Smart Contracts™ eliminate ticket scalping, fraud and empower organizers to take full control of ticket resells.
- Soundeon Player a music player that utilizes blockchain technology for transparent royalty distribution.
Recent Developments and the Road Ahead
The idea for the Soundeon platform originated in October 2017 and by December 2017 the project had already raised seed financing of US$ 600,000 from a Singaporean VC fund. Ruslan Guseynov (Co-founder, Head of Strategy & Development) and Aram Abgaryan (Business Development) first introduced the Soundeon platform at the 2018 Fintech World Conference at the Harvard Club in New York.
The next step was the public whitepaper release and speech at the Crypto Investor Show, the UK’s biggest crypto and blockchain event for investors on the 10th of March at the Queen Elizabeth II Centre in London.
During their presentation, Ruslan Guseynov had the following to say about the platform:
“In order to achieve the ultimate entertainment experience, talent must be discovered and empowered. The status quo in the music business dictates archaic terms as if we live in 1954. By integrating the latest blockchain technologies we are creating a single media rights and management ecosystem that is uncensored, immutable, fair and transparent.”
They confirmed that the alpha version of Soundeon is already under development and will be released in April 2018. The beta version is due for release in December 2018 followed by a fully functional platform launch in March 2019.