AudioCoin (ADC) – A Digital Currency For The Music Industry
The music industry has evolved to a point where streaming services (excepting Japan) account for the majority of revenues. A large percentage of this revenue filters through the 3 major labels and because of the low (or free Ad revenue supported) model, the returns to artists are miniscule. Combine this with a fairly lousy user experience and there becomes a compulsive argument for a new music consumption model that generates viable revenues for labels and artists and greater levels of engagement and added value for users/consumers.
What the music industry needs right now is innovation and a fresh start. It needs a Bob Dylan strapping on an Electric Guitar, It needs a Woodstock, it needs a Punk Rock style ground zero revolution.
In developing AudioCoin we looked at the problems facing the Music Industry and by thinking laterally to include the financial eco-system surrounding the business, we were able to come up with a model that is both truly revolutionary and perhaps more importantly, ethical and fair.
Our remit was to empower and engage music lovers all over the world and to break down any barriers that prevent music consumption even in third world countries. It needed to unshackle the need for young music lovers to borrow their parents credit cards to use iTunes or Spotify. Most of all it needed to create a global and ethical music ecosystem that was robust, exciting and open to everyone.
AudioCoin builds on the Proof of Stake protocol to provide a new way to consume music. It breaks down the barriers of traditional e-commerce systems and provides a super cool way for music fans and artists to engage in viral marketing. The main gain is that artists (producers) and music fans (consumers) are rewarded tangibly and thereby rendering the current streaming model both archaic and redundant.