What are the Problems in Music Industry Today?
Today’s music industry is a tough place for artists. Gone are the days when artists could release an album and take a hiatus for years, the digital era demands consistent releases just so a musician can stay relevant. Add to that the record labels, concerts, and red tape musicians have to deal with, and burn out is all too common — both for veterans and up and comers alike.
But artists seldom get rewarded for their hard work. Music is consumed effortlessly via music streaming but only pays between $0.006 and $0.0084 per play. Record labels like Sony, Universal, and Warner continue to report record high profits, while eight out of ten music creators earn less than £200 a year from streaming.
The stats prove that while the overall industry is still profitable, its main actors, the music artists, are left without. The industry needs a change, and MOZIK has a solution.
MOZIK: Where Artists & Fans Come First
MOZIK is a decentralized music platform that aims to eliminate the monopoly of labels through NFTs.
NFTs, also known as non-fungible tokens, are similar to cryptocurrencies like Bitcoin and Ethereum. NFTs are unique, however, and no two of them are alike. An NFT can consist of images, music, art, and GIFs.
Benefits for Artists:
By publishing NFTs on MOZIK, artists reclaim the power back from record labels. No longer do they have to adhere to label demands, hand over royalties, or go through expensive publishers to release their art.
Fans can directly contribute to an artist’s success by purchasing unique NFTs through MOZIK. With a new source of income for artists, and no third-party steering creative direction, artists are incentivized to give their best with each release.
Better quality content equals higher buys, helping artists connect with a wider fanbase organically instead of relying on radio plays and curated playlists. Since items on MOZIK can be sorted by plays, purchases, and prices, good content surfaces to the top and artists become easier to discover. In essence, MOZIK ensures the artist’s work — not their label’s wallet — speaks for itself.
The Benefits of MOZIK Extends to Fans too:
- No Ticket Scalping: Ticket resale marketplaces like Get Me In and Stubhub are fraught with scalpers. Scalpers bulk-buy tickets and sell them at high prices to fans who have no other option but to buy them. Through MOZIK, artists can directly sell NFT-tickets to fans at a fair price — ensuring higher concert attendance in the process.
- Limited Edition Collectibles: Artists can release limited edition NFT music, videos, or GIFs for fans to purchase. As the popularity of the item or the artist grows, the value of the NFT appreciates so fans can sell at a profit. All payouts are automated and executed with smart contracts on the blockchain.
- Unlockables: Through MOZIK, artists can also gamify NFTs and create a tier system that unlocks special benefits for fans. For example, if a fan buys more than 100 NFTs, they get backstage passes or front row concert tickets.
- Royalties: Most of the revenue generated from NFT sales goes back to the artist and they can use profits to fund future projects. What’s more, artists can also sell part of their music rights as an NFT. This model alone can change the music industry; the more people listen, the higher the value of the NFT contract issued by the artists, the more royalties for the listener who invested in the initial NFT. since they become a party to the contract as well.
Join the MOZIK Revolution
Decentralization is key to helping artists break free from the monopoly of record labels. MOZIK intends to lead the charge for this revolution and benefit artists and their fans alike.
MOZIK allows artists to be creative with what they give their fans while earning their keep, a key differentiator from streaming platforms and radio plays.
Listeners, in turn, are encouraged to promote their favorite music, helping artists gain traction while appreciating their NFTs in the process. Essentially turning the NFT into a ‘stock’ and fans into ‘shareholders.’
As an added side effect, listeners are driven to discover artists that they think have the potential to explode, creating a market for under-valued NFTs that they can later sell for a profit.
The best part? All of this is executed on smart contracts that ensures profits are distributed transparently, automatically, and fairly to all parties. We strongly believe MOZIK’s platform is a win-win for everyone who loves music.
The MOZIK app currently has more than10 million registered users. The company has also organized over 150 offline music events. The MOZIK token will offer two types of music-related assets: celebrity assets (celebrity cards, singing moments, and autographs) and music NFTs that allow users to earn from copyright authorization, auctions, and crowdfunding.
More about Mozik:
Website: mozik.cc
