Almost 15 years ago, four boys became school friends in Poland. Today, they are working together to revolutionize the music industry with a BSV-powered startup called Soundoshi. This is not their first collaboration: they previously created a software development company together which is still in operation.
But now, as Michał Scisłowski explains in this week’s CoinGeek Conversations, they are “100% focused on Soundoshi.” The opportunity, they say, is to improve the business model for music producers and consumers.
“Even if you generate a few million streams, you can’t really live off Spotify,” says Michał. Indeed, revenues are shared between artists on a strictly proportional basis. So if small artists have a certain number of plays, what they earn depends on whether or not a big artist releases new music and wins a large portion of Spotify’s total plays at that particular time.
Soundoshi’s solution? “In order to make things fair again, we need to have the same lump sum payment for every stream, for every artist on the platform. So they all have the same terms and they compete with each other.
By building a system like this, “BSV is made for the job.” This will enable the creation of music NFTs so that the consumer owns the music they buy, instead of simply having access to it in exchange for a subscription.
Artists will be free to set their own prices per track, from very cheap for mass audiences to more expensive and as limited in number as they choose for a highly exclusive product. All music will be stored on the BSV blockchain. “In this way, we want to avoid any form of manipulation or censorship.”
The artist would probably have to pay something to have their work put into the system, but “we’re exploring options of maybe having split payments for that. It’s only a few dollars and maybe we can pay that back from what we earn on commissions. »
From a consumer perspective, Soundoshi is a pay-per-track model. Instead of a subscription, there will be a top-up mechanism to keep your account credited but in other respects “everything will be very similar” to the experience on Spotify.
Just as Bitcoin users can send money to each other, Soundoshi customers will be able to transfer ownership of tracks they have purchased. In addition to being a new economic model for the music industry, psychologically it’s a return to an older mode: that of music ownership. As Michał explains:
“We want to put music ownership back in the hands of fans, so they can collect their favorite music and build their collections, like we did 15 years ago before streaming arrived.”
As to whether Soundoshi plans to destroy the music industry or provide a service to it, Michał is clear: “You always have two choices. You can opt for revolution or evolution. And even though I would like to see the revolution, I understand that we must follow the path of evolution.
This means working with the music industry and talking to music publishers: “we want to offer this industry a new source of income”.
CoinGeek followed the inside story of Soundoshi and the other startups that were part of Satoshi Block Dojo’s first cohort, for a CoinGeek Originals movie, How to Start a BSV Business.
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