Introduction
For the past two decades, the music industry has gone through a digital transformation and two great paradigm. One is from tangible albums to intangible albums which made music more accessible and widespread while the other one is from download to streaming which elevated the levels of cash-flow into the industry. There has been a decline in the boosted profits that musicians usually receive. Publishers and distributors are receiving long-lasting and excessive returns for an unsophisticated and one-time task.
Despite the fact that the transformation of the music industry has been high innovative, it has also been challenging. Fans now have easier access to the music of their favorite musician than before and the the variety of available options makes streaming services more useful. You would think that musicians would have great returns as the digital market continues to grow daily and capital continues to flow into the digital music industry but that is not the case due to the existence of multiple middlemen, the imbalance of the profit distribution structure and also the problem of privacy makes artist to be denied of their deserved share. The percentage (10%-20%) of revenue they receive from consumers payments is very low.
The digital transformation may still benefit publishers, major labels, distributors, and platforms, but it does not compensate the creations of the artists. In order to sustain the continued growth of the digital music industry, the breach in terms of compensation between the middlemen and artists should be bridged. This is where Muzika's inception started from so as to overturn the depressing issues of the digital music industry.
About Muzika
Muzika was given birth to in order to change the outlook and reality of the digital music industry today. It will re-define the role of each market player involved in the industry including musicians and consumers. MZK which is the coin of the muzika platform will serve the purpose of being the medium for necessary exchanges and transactions within the within the ecosystem, starting a change in the digital music industry.
The Muzika platform
Muzika platform is a digital music ecosystem that is self-sustaining which will provide eliminate the economic inequalities that is common in the industry and also decentralize the distribution of power. Its mission is to create a future in which the economic compensation for any musical creation will be equivalent to the interests and efforts that was contributed by the parties involved in the creation. Also, it will provide listeners and fans with avenues to increase their parts in the different stages involved in the creative process of a musical product.
Issues Facing the Digital Music Industry
One of the issue is that artists are not fairly compensated. The inflows that comes into the music industry is way higher than what is paid to musicians for their music. They usually realize a meager percentage of about 10-20%.
The issue of privacy is another chronic problem in the digital music industry. Numerous copyright issues are yet to be solved. As a result of piracy, musicians suffer financially and the meager returns they are supposed to get reduce the more.
More to that, publishers and distributors are getting more long-lasting returns and profit for the little and unsophisticated work they perform more than the musicians.
Listeners also have very limited role in the life cycle of music products since they are termed as consumers.
Solutions With Muzika
The Muzika's platform believe that the solution of these problems is situated in the establishment of a decentralized, symbiotic and self-sustaining music industry. It will create a new digital ecosystem that will independently achieve continued cycles of distribution, production, consumption of musical creations and also change the income distribution hierarchy of the digital music industry.
The Muzika Coin
The Muzika coin was designed in order to help achieve the mission of creating a self-sustainable ecosystem. The MZK coin will be the medium of transaction and exchange within the ecosystem. The four functions of the coin are; acting as the medium for community building, sponsorship, community programs, purchasing commercial items.
The primary way to obtain the Muzika coin is through participation an ICO and also purchase on cryptocurrency exchanges. Due to teenagers that might not be able to participate in an ICO as a result of financial issues or lack of legal authority, the platform decided to create an opportunity in which they can mine the Muzika coin through loyal and active participation in the community.
Token Details
Token: MZK
Standard: ERC20
Main sales: 205 million MZK
Total will be released: 1,000,000,000 MZK
Hard cap: 20,000 ETH
MEET OUR FOUNDERS
Conclusion
Muzika is revolutionizing the music industry by creating a self-sustaining digital music ecosystem that will empower musicians and consumers, restore the balance of economic distribution, decentralize the distribution power and also eliminate unnecessary intermediaries. The Muzika platform is changing the face of the music industry and creating a future in which compensation for musical creation will be equivalent to the dedication and hard work that is put into the creative process.
More information? Visit the links below;
Official website: https://www.muzika.network/
Telegram channel: https://t.me/muzika_english
Twitter: https://twitter.com/muzika_official
Facebook: https://www.facebook.com/muzikanews/
Whitepaper: https://www.muzika.network/assets/mzk-whitepaper-en.pdf
Reddit: https://www.reddit.com/r/muzikaofficial/
Authors Details
Bitcointalk username: kingairdrop
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1862137