Despite the evolutions taking place in the digital realm, this is by far the best news the music industry has heard. Musicians and music curators can now monetize their playlists if they are on the Choon platform in cryptocurrency, daily.
Haven’t heard of Choon yet? It is the worlds largest blockchain based music platform. They have been written about in the past by BBC, Forbes, Billboard and Coindesk. Their advisory board includes of RAC (2017 Grammy Winner), Mark Gillespie (Manager, Calvin Harris), Marco Santori (President, Blockchain) and Savan Kotecha (writer, Ariana Grande, The Weeknd, Justin Bieber).
We – music lovers, have definitely come a long way from buying and gifting mixtapes, to buying and burning CD’s for our peers. Let’s take a trip down evolution; in the 90’s if we were tasked with giving our loved ones something special, we would create playlists and burn it on a CD and send it to the ones we want to woo. There has been no better expression than music is there?
We have now evolved to sharing tracks and playlists on iTunes, Spotify and YouTube. While musicians can monetize their tracks on these platforms, they cannot monetize with playlists. Having said that, these mediums hold maximum control on creating playlists on their platforms. This leaves very little control in the hands of musicians and music curators for creating and sharing playlists.
Hence, the co-founder of Choon decided to launch the world’s first playlist monetizing platform. According to Gareth Emery, who is also a record producer and DJ, Choon has a two-fold solution for musicians and music curators with this new announcement:
A) Choon allows artists and music creators to create their own playlists.
B) Decisions about ‘feature playlists’, are algorithmically generated, without Choon’s intervention in the decision making process, putting the artists and curators in complete control.
Gareth also adds by saying – “Not only can fans get paid for sharing great playlists, but bloggers no longer need to rely on cumbersome adverts and external sites to monetize their musical taste: instead, they can simply use Choon and get a cut direct from the artist’s streams.”
Let’s understand what Gareth means by that!
Any individual on the Choon platform can curate a playlist. In the case that the tracks are being streamed directly from their playlists, they will receive a percentage of streaming royalties. While playlist curators will get 5 percent of the streaming royalties in cryptocurrency, artists can decide what percentage of their streaming royalties will go to playlist curators. The artists have complete flexibility to set the percentage of royalties as they deem fit. This process incentivizes the process of track sharing within the platform and helps generate revenue for artists and curators.
What else is great about this new monetizing system? Curators can create playlists and share them on social media, amongst their networks, which will help them earn quite a bit each time someone streams their playlists.
We definitely agree with Gareth Emery when he says this is a total game changer. Not only musicians, but also music lovers and curators, can now make money if they simply love music.
So don’t wait any longer, It’s time for you to go and create your playlist on Choon!
Header image courtesy: Music Week
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