Blockchain, also referred to as distributed ledger has proven to be the ideal solution for democratizing various industry segments, including financial sector which have remained heavily centralized over decades. The very technology is now increasingly being implemented in the entertainment sector. Token.FM is one such platform that has adopted a similar approach in the music industry.
Token.FM is a blockchain-based music distribution service developed by Tokenly, a blockchain technology solutions company. A couple of days ago, the company announced the upcoming launch of its Token.FM platform. In the press release, Tokenly mentions the trial to go live sometime during early May 2017, followed by the launch of its Series A fundraising round.
The new Tokenly product has already received the distinction of being the first ever blockchain-based direct-to-fan music platform. Token.FM allows singers and artists to take control over their creations by enabling them to decide the pricing, distribution, and revenue split for streaming and sales. In addition, the platform provides fans with unprecedented access to exclusive content, including artist chats/experiences, early access to concert tickets, merchandise and more.
In the press release, the CEO of Tokenly Adam B Levine was quoted saying,
“Token.FM is all about deepening the relationship between artists and fans while restoring the sense of music ownership that has been largely missing from the digital music experience. Now, artists can fully control the distribution of their music and see exactly who their most devoted fans are, rewarding them with exclusive perks. Meanwhile, fans enjoy full ownership of the music they purchase and a closer relationship with their favorite artists and fellow music lovers. In the end, it’s all thanks to the power of the Blockchain, which we are thrilled to take beyond the stage of conception and concretely apply to direct-to-fan music sales for the very first time.”
The Token.FM platform already has an early adopter in the form of Tatiana Moroz, a well-known singer in the cryptocurrency industry. She has made her whole album catalog available on the platform.
Token.FM is not the only player targeting the music industry with a blockchain solution. There are other platforms like ArtByte, VOISE etc., which are also doing their bit to empower the artists and audience with blockchain technology. In the coming days, there will be more such platforms competing directly with established music platforms, forcing them to change their model.
Ref: BusinessWire | Digital Music News | Image: NewsBTC