Trends are already showing that music and Web3 is going to be an explosive combination in the future.
Web2 music streaming platforms came close to doing it big but Web3 will change the entire game.
The average artiste has to build a fanbase, join a record label and promote his music before making profitable gains from trade.
In all the time spent to do this, money is also spent too. Before fame, artists are making barely enough to pay for studio recordings, video shoots, etc and always fell subject to loans from their record label or other sources.
When Web2 streaming platforms came, it made promotion easier and made it easy for artists to get heard.
Music streaming accounts for the lion’s share of total music revenues worldwide, highlighting that the future of the industry will likely unfold on-demand and online.
The inherent problem, however, was the profit-distribution structure. Popular streaming platforms, Spotify and Apple music, pay less than a penny to artists per stream. The majority of the streaming revenues went to the streaming platforms.
According to Statista, nearly 524 million music streaming subscribers with an annual gross revenue of $16.9 billion worldwide.
The integration of music and web3 will change the narrative and put artists in higher control of their revenue. One of such platforms already changing the narrative is Loozr.
What Is Loozr?
Loozr is a decentralized trading and music streaming platform building on the Near Protocol blockchain.
It integrates music and Web3 by bringing trading and DeFi to music creators and streamers around the world.
With Loozr, creators can tokenize their content and allow fans to directly invest (buy, sell, trade or promote) in them in real time. To invest in creators, users have to buy a piece of the tokenized content.
This gives users the opportunity to share in the streaming revenues the creator receives as people invest.
An Illustration Of How Loozr Works
Mr. Ray is a music artist. He registers on the Loozr platform as an artist and lists his songs and music content on the platform for $100 $RAY tokens each.
Miss. Laney is a fan using the Loozr streaming platform. She comes across Mr. Ray’s songs. Miss. Laney decides to invest in his songs by buying a piece of her favorite of his songs with $20 worth of $RAY.
Now, Miss. Laney is a co-owner to her favorite of Mr. Ray’s songs. Now everytime that song is played on the Loozr platform, Miss. Laney enjoys a reward.
Her reward is equivalent to the percentage of her contribution to the song she bought.
That’s how Loozr works.
Benefits Of Using Loozr As A Music And Web3 Platform.
There are a ton of benefits music creators and streamers can enjoy from using the Loozr platform. However, here are my top 3 favorites:
With Loozr, creators own their content fully without censorship from any third party. They can also decide who shares that ownership with them.
Users also enjoy owning a piece of their favorite songs or songs from their favorite artists.
Web2 streaming platforms like Audiomack, integrates a support feature for artists but it’s limited to ‘support’. You get nothing from being a supporter.
Loozr, as a music and Web3 platform, gives back to the community when they give to artists.
The revenue sharing platform is not only nice, it is doubly attractive. Why?
When you invest in an artist, rewards are distributed using the Loozr token.
The Loozr token is built on the blockchain and thus can increase or decrease depending on the market demand and supply.
In the case of an increase, your Loozr tokens will increase in value, increasing the ROI from your investment in creators.
Time is valuable and Web3 gets that! Because of the underlying infrastructure behind Loozr, as a music and Web3 platform, rewards are earned in real time.
This means that as often as users listen to your songs on the Loozr platform, that’s how often you get rewards.
Users who have invested in your content also earn alongside.
All of this is done automatically from the backend
These are my favorite benefits of using the Loozr platform. Both artists and users actively promote their song of choice because they both have vested interest.
To the artists, they get more visibility. To the users, they enjoy more rewards.
Likely Risks From Using Music And Web3 Platforms
Because of the anonymous nature of the block chain, people use it wrongly sometimes.
For example, without a min-max limit, one user can purchase over 50% of an artist’s song thereby monopolizing the rewards( this means he takes all the rewards).
To prevent this, the Loozr platform intends to set a limit on how users invest to ensure that rewards are evenly distributed.
The Loozr Roadmap
Loozr has been building in the background and is getting ready to launch their testnet soon.
The testnet will allow users invest in registered music artists using test tokens and sharing their feedback, criticisms and observations to help the Loozr dev build a competent, seamless system.
Participants (whether you register as an artist or a user) will get Loozr tokens airdropped to them once the Loozr token is launched(and live).
There are already a few registered artists in the Loozr ecosystem, some of them are Sammy Hart, Nayomi, and Goya Menor.
Users can also join the Loozr ecosystem by joining the waitlist on the website.
Again, Music and Web3 is going to be explosive in the near future. And as usual with the blockchain, there’s going to be a first mover advantage.
You can get in early (Do Your Own Research first) and enjoy more rewards as the sector grows.
Of course, Music and Web3 isn’t the only social sector integrating the blockchain technology. There are a host of others also.
But the music sector is undeniably going to continue hitting new numbers because there are so many around the world (especially Gen Z’s) who love music.
To stay up to date on Loozr’s role in building the music and Web3 sector, join their communities:
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