The music industry has undergone significant transformations in recent years, driven by technological advancements and changing consumer preferences. Soundoshi is now at the forefront of this transformation as it leverages non-fungible tokens (NFTs) and a unique ad model. Soundoshi offers artists new opportunities to monetise their content, establish direct connections with fans, and create sustainable revenue streams.
Traditional music platforms, such as Spotify, have faced criticisms regarding royalty payouts, lack of transparency, and unequal treatment of emerging and independent artists. Additionally, the reliance on advertising and subscription models often limits the direct support fans can provide to their favourite artists. These challenges have created a demand for innovative solutions that address the shortcomings of the current music industry.
The subscription model favours well-known artists, leaving lesser-known artists struggling to receive their fair share of profits. Additionally, the lack of transparency in the industry makes it difficult for artists, labels, and publishers to track and collect the royalties owed to them.
Soundoshi offers an NFT-based solution
Soundoshi tackles these challenges by harnessing the power of blockchain technology. Through NFTs, artists can tokenise their music and offer unique collectables to fans. Soundoshi goes beyond tokenising individual songs; it also provides NFTs representing master record rights that can be fractionally owned and sold to investors seeking future revenue streams.
This approach provides artists with flexible monetisation options and introduces a new level of transparency to the music industry. The platform also facilitates direct and transparent communication between artists and fans. Fans can support their favourite artists by engaging in interactions such as comments, likes, and follows.
While Soundoshi has its stand-alone platform, the company has now gone the Software-as-a-Service (SaaS) route, offering its features for a specific purpose to existing music platforms, music labels or even companies that want to use music NFTs to promote products outside the music industry.
Some of the services that Soundoshi offers to clients include:
- Loyalty programs
- Promoting brand awareness
Music streaming – a clear blockchain use-case
In a real-life scenario, consider a listener who discovers a talented but lesser-known artist on Soundoshi. The artist’s music impresses the listener and they want to support the artist directly. They purchase the artist’s song as an NFT, ensuring the artist receives fair compensation.
The listener can now stream the song for free, enjoying music while contributing to the artist’s success. The direct connection between the listener and artist fosters a stronger bond and encourages the discovery and support of emerging talent.
Technical requirements for music streaming on blockchain
Implementing the Soundoshi platform requires a blockchain infrastructure, with Soundoshi choosing the BSV blockchain due to its low transaction fees, security, and use of the original Bitcoin protocol. Additionally, Soundoshi utilises wallet infrastructure tailored to the needs of music platforms, facilitating seamless micropayments and interactions.
Relying on the BSV blockchain, the reproduction cost is virtually zero for a single album. In a presentation for Block Dojo, Michał Ścisłowski, Founder of Soundoshi, indicated that the reproduction cost for one million albums would be as little as $0.30. You can find out more about Soundoshi and its offerings here.