Draft:Tune.FM
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Tune.FM is a decentralized music streaming platform and music NFT marketplace, founded by Andrew Antar and Brian Antar.[1]
The platform was designed to address several perceived deficiencies in the music industry, using distributed ledger technology to achieve a fairer allocation of revenues for artists, and a more active role for fans.
Platform
The Tune.FM platform is marketed under the claim ‘When the music gets played, the artist gets paid’.[2]
Described as a ‘musical social network’, Tune.FM aims to differentiate itself from online radio stations and mainstream digital distribution services,[3] where artists typically get paid only around 12% of the total revenue generated by their songs.[4]
Artists on the platform earn money from streaming instantly via micropayments,[citation needed] delivered in the form of JAM tokens. Artists can set their own prices and retain up to 90% of the revenues,[5] which is approximately 10-100 times more than offered by mainstream services.[6]
The use of cryptographic tokens makes it possible to eliminate the cost associated with intermediaries (e.g. traditional record labels),[citation needed] one of the main purported benefits of Web3.[7] The Hedera Hashgraph DLT allows hundreds of thousands of transactions to take place per second with "virtually no fees",[8] overcoming the problems associated with many blockchain solutions.
Functionality
Artists receive tokens when their tracks are played, in proportion to the number of seconds played.[9] They can also earn tokens by selling digital collectibles, such as unlockable experiences (e.g. backstage passes, exclusive releases, merchandise, FaceTime calls).[10][11]
Additionally, artists can reward listeners with JAM tokens (e.g. for playing or reviewing new tracks).[12] This two-way nature of tokens is intended to create a ‘win-win’ system in which fans and artists alike are compensated.[13]
Future plans for the platform include a mobile app, offering Tune.FM’s technology to labels and publishers, and a musical festival metaverse with token-gated virtual live shows.[14]
References
- ^ Sørensen, Kristian T. (2023-05-22). "The Tokenizer's Who's Who Guide 2023". The Tokenizer. Retrieved 2024-05-16.
- ^ "Hedera Official Website - tune.fm".
- ^ Writer, By Jonathan Takiff, Inquirer Staff (2015-08-28). "Brothers offer musician-friendlier streaming". www.inquirer.com. Retrieved 2024-05-16.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ Wang, Amy X. (2018-08-07). "Musicians Get Only 12 Percent of the Money the Music Industry Makes". Rolling Stone. Retrieved 2024-05-16.
- ^ Schmidt, Will (2015-07-09). "The Future of Digital Music Lies With the Artists". Tech.co. Retrieved 2024-05-16.
- ^ Cointelegraph (2022-04-29). "Turning up the volume: Blockchain projects aim to disrupt the music industry".
- ^ Antar, Andrew (2023-06-30). "How Web3 Music Streaming Aims to Empower Artists". Variety. Retrieved 2024-05-16.
- ^ Takahashi, Dean (2019-11-07). "Tune.fm taps Hedera Hashgraph for novel use of cryptocurrency in fast music micropayments". VentureBeat. Retrieved 2024-05-16.
- ^ Takahashi, Dean (2019-11-07). "Tune.fm taps Hedera Hashgraph for novel use of cryptocurrency in fast music micropayments". VentureBeat. Retrieved 2024-05-16.
- ^ Staff, EDM com (2024-02-28). "Why Underfunded Artists Are Turning to Tune.fm and Its Innovative Web3 Music Platform". EDM.com - The Latest Electronic Dance Music News, Reviews & Artists. Retrieved 2024-05-16.
- ^ Hulse, Spencer (2024-03-26). "Meet Andrew Antar, the Founder Single-Handedly Revolutionizing the Music Industry with Tune.FM - Block Telegraph". Retrieved 2024-05-16.
- ^ Chainwire, Decrypt / (2024-01-10). "Tune.FM Raises $20 Million from LDA Capital". Decrypt. Retrieved 2024-05-16.
- ^ Cointelegraph (2022-04-01). "How ambitious young projects are connecting Distributed Ledger Technology and music".
- ^ "Tune.FM Raises $20M in Funding for Web3 Music Streaming". 2024-01-19. Retrieved 2024-05-16.