Thousands of artists on the waiting list to join the platform already
London, 2nd May 2018: Today marks the highly anticipated beta launch of Choon, the next generation music streaming platform which rewards artists for their streams in Choon’s own cryptocurrency, NOTES. The free streaming service is now available for people to try out online and features hundreds of independents artists, many of whom are looking for their first big break. Using blockchain technology, the platform is transparent in the way it pays artists for their music streams and renders traditional intermediaries, such as record labels, publishers and royalty collecting societies, unnecessary.
The Choon beta platform launches with 1000 tracks from 500 artists, and with several
thousands more artists on the waiting list to be added to the platform once public access is granted spring 2018.
Choon’s creators are artists, music and tech industry professionals, including international DJ Gareth Emery, all of whom want to address the imbalance in the music industry and give power back to artists. By tailoring its streaming service to independent artists who own their own music and are not signed up into music legacy systems, Choon is able to start from scratch and create a new and innovative ecosystem for royalty payments. This has been achieved with Choon’s proprietary Smart Record Contracts, which pays out artists daily and with full transparency.
By taking this unprecedented approach to artist remuneration, Choon’s goal is to give independent artists a new platform to kick-start their careers away from the grip that the major record labels have over the mainstream streaming services.
Choon addresses the three most familiar problems the traditional music streaming service model has, in these three ways:
More revenue to the independent artists:
Choon offers a platform where artists can upload their music, share it with others, and be paid the streaming revenue from Choon’s proprietary “Streaming for Mining” model. Streaming revenue is paid out in NOTES, Choon’s own cryptocurrency, on a daily basis and 375,000 NOTES are distributed everyday.
Faster payments to artist:
Through Choon’s proprietary Real Time Royalty Network, every artist on a pro rata basis for the number of streams their music has received each day. For music with multiple collaborators, each individual is paid according to the deal splits in their Smart Record Contract. This all happens daily on Choon, compared to other streaming services where it can take over a year for royalties to be paid.
The underlying Smart Record Contract, which is an enormous improvement over the traditional paper record contract, stores the details of each as a smart contract on the Ethereum blockchain, which is fully transparent. It requires no trust between parties and no need for lawyers.
Darude, the Finnish DJ behind platinum-selling dance track ‘Sandstorm’, is one of the artists already signed up to Choon and is a part of the beta. He has released his latest track, Kaleidoscope, exclusively on the Choon beta platform, and comments: “When it comes to paying artists properly for their music, the music industry has been broken for a long, long time. There are too many intermediaries involved in the payment process and because of all the paperwork involved, it can sometimes take over a year to receive royalties from music streaming services.”
Gareth Emery, co-founder of Choon, comments: “Thanks to advancements in technology, we’re now living in a digital era which allows us to completely re-design an entire new music industry from the ground up – one that is fit for purpose in the modern world. The legacy systems we currently work with are completely antiquated and have no place in modern society.
“The massive demand we have seen for the Choon platform has shown how many artists are looking for an alternative path. What’s more, the quality of songs we have on the platform already is incredibly high. We’re working flat out to bring as many new independent artists onto the platform as possible and grow it from there.
“Artists deserve to be fairly paid for their music, and thanks to the disruptive power of blockchain technology, we finally have a solution to enable this to happen. We’re incredibly excited to help the next generation of independent artists get noticed, properly reward them for their work, and provide the boost they need to enter music full-time.
“If I were a new artist right now, there would be no way that I’d be thinking about joining a major record label or publisher. Why sign the rights to your life’s work away when instead, you can release via the blockchain, get paid daily rather than yearly, whilst keeping all the rights yourself? It’s a win-win”.
Visit Choon.co to try out the Choon beta platform for free, and discover just how game-changing the platform really is.
This press release was submitted to us by Choon.