Soundeon Leverages Blockchain to Eradicate Malpractices in Royalty Collection and Ticketing

Mar 28, 2018 at 17:52 // PR
Soundeon leverages blockchain

Soundeon announces the world’s first vertically integrated and decentralized platform connecting creatives with fans.

March 28th 2018, Tallinn, Estonia – According to music industry leading economist Will Page, music copyrights globally generated $24.4 billion in revenues in 2015, that’s a whopping $10 billion more than the often cited IFPI figure that largely excludes publishing and songwriting income. Moreover, live ticketing in 2017 generated $32.0 billion in primary sales and another $9.8 billion in resales. Both ticketing segments are growing at a 5-year CAGR of 14 and 19 percent respectfully. Altogether, recorded music and ticketing presents a $66.2 billion market opportunity.

Solution is Long Overdue

This market is projected to maintain stable growth over the next five years. Despite the expanding opportunity, musicians only see a meager fraction of the revenues. Legacy market practices combined with slimmer margins in the digital age compound on the lack of legal protection of artists.

In addition, the music industry is difficult to navigate, which makes it inaccessible for most musicians. They must simultaneously seek recognition from music producers, managers, record labels and concert promoters who only partly address the artists’ needs.

Ticket scalping (the resale of tickets at wildly inflated prices) is another issue common to the music industry. It harms fans and venues alike, but it is the artist who ultimately takes the biggest financial hit that inevitably puts his or her livelihood at risk.

Holistic Approach for an Integrated Solution

Soundeon – a pioneering decentralized and vertically integrated music platform that covers all aspects of the music industry. From the creation and copyright of a work to contractual resale of both existing and future music assets, to concert organization and ticket sales.

  • This is accomplished through a secure and transparent ecosystem built on the foundation of a proprietary Creative Smart Contract (CSC)™.
  • The CSC™ is a self-executing media rights agreement that serves to promote many of the aspects that the traditional music industry lacks, including transparency, trust and fairness.
  • Soundeon encourages and seeks to cultivate a more intimate relationship between artists and fans by providing timely solutions to the shortcomings seen in today’s music industry.

There are Five Interconnecting Layers that Make up the Soundeon Platform.

Music Token Sales an opportunity for artists to launch Token Sales and finance personal projects through the support of the Soundeon community.

Soundeon Monitor the main idea behind Royalty Monitor is to combine data aggregation and data analysis. It will become possible for artists and pledged fans to easily track all royalty streams and other revenues, including ticketing income.

Soundeon Exchange a tokenization tool and decentralized exchange of intellectual property where everyone can buy or sell their royalty income with an opportunity to create diversified personal music royalty portfolio.

Soundeon Tix is a smart ticketing platform is natively embedded on the Soundeon environment. Dynamic QR codes and Creative Smart Contracts™ eliminate ticket scalping, fraud and empower organizers to take full control of ticket resells.

Soundeon Player a music player that utilizes blockchain technology for transparent royalty distribution.

Recent Developments and the Road Ahead

The idea for the Soundeon platform originated in October 2017 and by December 2017 the project had already raised seed financing of US$ 600,000 from a Singaporean VC fund. Ruslan Guseynov (Strategy & Development) and Aram Abgaryan (Business Development) first introduced the Soundeon platform at the 2018  Fintech World Conference in New York.

The next step was the speech at the  Crypto Investor Show, The UK’s Biggest Crypto and Blockchain Event for Investors on the 10th of March in London.

During their presentation, Ruslan had the following to say about the platform:

“In order to achieve the ultimate entertainment experience, talent must be discovered and empowered. The status quo in the music business dictates archaic terms as if we live in 1954. By integrating the latest blockchain technologies we are creating a single media rights and management ecosystem that is uncensored, immutable, fair and transparent.”

They confirmed that the alpha version of  Soundeon is already in development and will be released in April 2018. The beta version is due for release inDecember 2018 followed by a fully functional platform launch in March 2019.

To learn more visit the Website:
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Contact Name: Anna
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Soundeon is the source of this content. This press release is for informational purposes only and should not be viewed as an endorsement by CoinIdol. We take no responsibility and give no guarantees, warranties or representations, implied or otherwise, for the content or accuracy. Readers should do their own research before investing funds in any company.

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