Blockchain Music Streaming Service To Increase the Amount Musicians Earn for Their Work

A new blockchain-powered platform, combining streaming services and digital payments, aims to pay musicians 80 percent of the streaming revenue from their tracks, such as subscription services and advertising revenue - more than is reported to be standard practice.

Choon, a recently launched blockchain-based platform, describes itself as "The blockchain's music solution." In essence, every time a track is played, the artist earns cryptocurrency.

This could, in turn, eliminate another major problem that Choon has highlighted with regular artist royalty systems: as payment is daily, there will no longer be extended wait periods for artists to see a financial return following the streaming of their tracks.

At the time of writing, the Choon ecosystem has over 4,500 artists registered, the company says.

The music industry has recently come under scrutiny for how unfairly artists are treated by major labels and streaming services such as Spotify and Apple Music.

Musicians have highlighted the high volume of revenue that is allocated to streaming services and record companies, instead of back to the creators themselves.

A notable example of this was global best-selling artist Taylor Swift removing her music from Spotify for three years, as a protest against the share of royalties artists receive from the platform.

Choon has released their white paper, which sets out the four key methods with which the team aims to enhance the current payment system.

Finally, Choon aims to empower listeners to take control and earn cryptocurrency in the form of the platform's utility token, NOTES.The team claims that the main appeal of their service to artists is that half of the entire supply of NOTES will be allocated to them in the first decade, with no commission fee from Choon, resulting in a platform that has great ease of use in terms of guaranteed earnings.

The team at Choon is also predicting large growth in their market, so they are trying to promote this token investment for everyone, whether or not they consider themselves a serious music fan.