Bitsong is a new music streaming app dedicated to fans as well as artists using blockchain technology. According to the app’s website, it will be built using the Ethereum blockchain and the IPFS filesystem. It will pay artist and listener alike for simply using it for streaming services.
The artist will be able to publish their songs on the app with ads attached to them. For each advertisement, the listener and the artist will get up to 90% of the revenue owing in from the advertiser. In addition, the artist will be able to receive donations from fans for their next album.
It is a decentralized platform, revolutionary and unlike any other given that it will pay artists as well as users instead of the other way where app publishers sell apps instead.
What The App Will Do
This app is dedicated to musicians and listeners to ease the burden of new and upcoming artists who lack platforms to air their art. Emerging artists will profit while saving money to make more music.
Bitsong aims to be present on any smart TV with Chromecast, all Smartphone app stores, on any Personal Computer and web interfaces as well as cars equipped with a Smart Radio.
Through its whitepaper, the startup says BitSong will provide the user with the possibility of using the platform in a number of ways from free streaming, to requests for donations, payments and the insertion of advertising sponsors.
The platform has already got endorsements from a number of international celebrities who have signed up on it. Some of these include: Katty Q (an international DJ), Criminal Sounds (International DJ and Producer) and Gian Nobilee (international DJ).
The project aims to overcome the bureaucratic and economic obstacles within this industry and reward artists and users for simply using the platform. The Bitsong platform is unique both in the details and additional services it offers. I
t differentiates itself from other music streaming platforms by assisting to finance music and video artists and gifting tokens to its users, from music/video enthusiasts to those for commercial activities. Artists will be able to publish their own music on the app autonomously without a distributor or a label and their own music video, advertise it through their own fanpage (on the BitSong platform) and interact with their fans.
Artists will be able to receive BTSG donations straight to their Ethereum wallets. The absence of intermediaries, the user will be able to get clarity. They can create their own advertising campaign through a special advertising tool within the Bitsong platform, choosing the appropriate target.
BTSG is an ERC-20 Token. Users will be able to receive payments safely and quickly, thus eliminating the annoying problems and slowness of the fiat currencies. The token will be essential for sponsorship, making a donation, purchasing a song, voting for best songs and buying tickets and other merchandise.
The apps token, symbolized as BTSG will be used to get access to services within Bitsong and will be bought using Ethereum or through Smart contracts via Crowdsale. There are 1,000,000,000 BTSG offered. They were whitelisted beginning April 2018 and the public sale will be from October 10 where 452,500,000 BTSG will be available for purchase.
The app is expected to make great returns after IFPI (International Federation of the Phonographic Industry) indicated how the music industry has achieved a 5.9% increase in sales of digital albums. The music industry is projected to grow exponentially over the next few years and is expected to reach a $52 billion USD capitalization by 2020. The revenues arising from music streaming show a sharp increase and the trend remains bullish.