- Sound, a blockchain music platform backed by influential industry investments, flourishes in the volatile crypto market.
- Utilizing blockchain, Sound transforms music distribution, enhancing artist control and listener engagement.
- This platform empowers artists with direct monetization and offers fans unique music interaction opportunities.
In the wake of a potential crypto market resurgence in 2024, a particular blockchain music platform is garnering attention as the top choice for both music creators and fans.
Enter Sound, a platform that began its journey with a $5 million funding round in late 2021. Following a successful period where they distributed $5.5 million to 500 artists in a closed beta of the platform, Sound secured an additional $20 million in the summer of 2023. This influx of capital enabled them to broaden their reach, opening the platform to all artists.
Notable figures like rapper and NFT enthusiast Snoop Dogg, who has released music on Sound, were among the investors in this funding round.
Support for this blockchain music platform comes from other well-known figures like Ryan Tedder of OneDirection, who also released music through his side project on the platform, and a16z Crypto, a significant venture fund in the global market.
One step closer to a mainstream audience
In the final stretch of 2023, Sound made significant strides to expand its audience. They acquired Soho, a leading mobile platform for digital collectors, aiming to foster a more social and mobile-centric experience.
Furthermore, Sound’s partnership with Coinbase, a major publicly traded crypto exchange, marked a critical integration of Coinbase’s blockchain BASE into their platform.
Coinbase holds 11.3% of the entire crypto market capitalization and could reach 150 million verified users before the end of 2023. This partnership represents Coinbase’s inaugural venture into the music industry and it’s a strategic move that positions Sound to access a broader audience in the forthcoming years.
What is Sound’s blockchain music platform?
Sound stands out as a unique blend of social and musical interactions, powered by blockchain technology. This blockchain music platform bridges the gap between artists and listeners, creating a dynamic community around music.
The founders of Sound identified two key challenges in the music industry. Firstly, a disproportionate focus on a small number of artists leads to the majority of music going unheard, with 90% of streams benefiting just the top 1% of artists.
This phenomenon impacts both artists and listeners negatively. Secondly, the current streaming model offers minimal financial rewards to artists, with average earnings of about $0.003 per stream, depending on the platform. Sound aims to redefine the value of music, shifting the industry paradigm.
By leveraging blockchain technology, Sound not only facilitates new music discoveries and ownership of tracks but also ensures artists maintain full control and receive all earnings from their song sales. The vision of Sound is to foster an ecosystem where artists can sustain themselves solely through their music, and listeners play a pivotal role in discovering new talents.
How Sound operates using blockchain technology
Sound employs blockchain technology and presents music tracks as NFTs, supporting three blockchains: Optimism, Ethereum, and BASE. Optimism is a Layer 2 blockchain offering stability, speed, and affordability, significantly outperforming Ethereum in terms of cost and speed. Ethereum, while popular among NFT collectors, often comes with high usage costs. BASE operates similarly to Optimism, focusing on efficient Layer 2 solutions.
One of the key features of Layer 2 blockchains like Optimism and BASE is the elimination of upload fees, allowing artists to deploy songs without incurring costs.
Artists have the flexibility to upload their tracks on any of these blockchains, making their music accessible and collectible across different chains. Sound prioritizes ease of use and accessibility, striving to make the platform user-friendly for everyone.
Advantages of utilizing Sound’s blockchain music platform
Sound’s foundation in blockchain technology offers numerous benefits, both for artists and music enthusiasts. This cutting-edge approach ensures quick and efficient payments for creators, with each transaction being transparently recorded and traceable globally.
One of the standout features is the platform’s capability to automate revenue splits among different creators, based on their contributions to a song. This ensures fairness and transparency in the distribution of earnings.
For users, Sound offers an intuitive experience. Fans can easily sign up using an email address and purchase music in NFT format with a bank card. Crypto enthusiasts have the added option to use their cryptocurrencies and decentralized wallets for transactions and storage.
Sound also stands out for its commitment to free access. There are no listing fees for artists, either before or after the sale of music NFTs, encouraging seamless trading within its ecosystem. They also emphasize the importance of artist-listener relationships, creating a new dynamic in fan engagement. Unique features like listening parties and countdown releases, foster excitement around new music.
They also deepen this connection with fans by allowing listeners to own parts of a track and earn custom perks from their favorite artists. This empowers artists to directly sell their music to fans, facilitating a sustainable living from their craft.
Embracing the future of music release with Sound
Sound is redefining the music release process, embracing a visionary approach that connects artists and fans more directly and meaningfully. Fans can demonstrate their early support, while artists benefit from immediate monetization and expanded reach within a community of enthusiastic listeners.
One of the most compelling aspects of Sound is the complete ownership it grants artists over their music drops. This level of control ensures that artists can freely share their work as they choose, without the constraints of exclusivity or relinquishing any rights to their music. Artists can upload their music with the same ease as any Digital Service Provider (DSP) while having the freedom to release their work as they see fit.
Sound’s role in shaping a new musical era
Sound stands at the forefront of a digital revolution in the music industry, embodying the convergence of technology and cultural expression. Its innovative use of blockchain technology challenges traditional industry norms and opens up unprecedented opportunities for both artists and fans.
Looking forward, blockchain music platforms like Sound represent not just technological innovation but a cultural transformation in the creation, sharing, and enjoyment of music. For artists, these platforms offer a liberating approach to control their creative output and engage directly with their audience. For music enthusiasts, they provide a unique opportunity to be part of an artist’s journey and to own a piece of musical history.
In essence, Sound is more than a platform; it’s a catalyst for a more dynamic, inclusive, and resonant music ecosystem. It’s a space where every song and artist has the chance to be acknowledged and celebrated.
We will have to wait to see what 2024 brings, but Sound is in a great position to become the leading blockchain music platform in the years to come.