ZUG, Switzerland, March 3, 2022 /PRNewswire/ — Hypery, a European NFT start-up in the music industry, and Concordium, a public proof-of-stake blockchain with an integrated identification layer to meet regulatory requirements, today announce a cooperation aimed at to revolutionize the future of distribution in the music industry by providing artists with the ability to offer their music as NFTs (non-fungible tokens).
The music industry has always been one-sided in terms of distribution. In exchange for promoting, distributing and advertising the music, labels could enjoy large returns on investment, while the artists themselves received a limited payment in the form of royalties. In the transition to the digital world with various streaming services, the underlying distribution issues remain the same, with many intermediaries operating and benefiting artists. In fact, musicians are estimated to benefit from only 12% of music industry revenue.
Hypery is building the world’s first NFT music “store”, open to artists worldwide Europe and the globe. With the help of Hypery, artists will be able to sell directly to the consumer, whether it’s a general release, an acoustic track, a concert recording, or a backstage experience. This aims to create a fair ecosystem for music creators who will benefit from a more transparent and democratic revenue sharing, without intermediaries and with a “business-for-profit centric” approach. Moreover, with Hypery tokens, the fan base can also benefit from the growth of their favorite artist. The creators of Hypery become sovereign by joining the ecosystem.
This provides whole new opportunities for artistic expression, as well as new business opportunities and greater engagement with fans and followers. Hypery provides an additional revenue channel to benefit artists, fans, and record labels.
Lone Fønss Schrøder, CEO of Concordium, commented: “Music distribution has traditionally been a tricky subject for many artists. With the help of blockchain technology, we can ensure that artists will have greater control over the distribution and product of their passion.. Concordium aims to bring blockchain to the masses. This is just one of many use cases we have planned for our ecosystem.”
Karl-Olivier GoedickeCEO, Hypery, commented: “We are delighted to work with Concordium. In Concordium, we have found a business partner and a platform to turn our dream into reality. Concordium’s unique identity protocol ensures compliance, accountability and trust.”
Concordium, based in Switzerland, defines a new category of blockchains that facilitate compliance. Concordium is a web 3.0 based, sustainable and scientifically proven blockchain. It is the first decentralized blockchain with protocol-level identification that facilitates regulatory compliance. This identity layer provides transactional privacy while supporting regulatory accountability and as such is a perfect fit for use cases of this nature.
Concordium and Hypery share a common vision of a legitimate and secure ecosystem in which each rights holder (or artist) receives their fair share of profits. The first exciting artists have already joined the Hypery platform including: Ida Corr which has been streamed over 2.5 billion times to date on TikTok, and DJ’s Boilers and DJ Thoby and many more.
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