What is Maestro?
Maestro is a revolutionary Blockchain based music streaming platform for both artists and listeners.
The platform was created with a need to solve a problem that plagues the music industry today, namely the unfair structure of the industry itself.
The Problems Of the Music Industry Today
Third parties, such as labels and agencies etc. currently reap around 80% of generated profits in the music industry, leaving artists with barely any support and struggling with financial burdens.
Music player companies only add to this inequality through an inefficient bureaucracy.
For both music and its industry to thrive, an environment must be provided in which we can focus on promoting the creative efforts of artists and guaranteeing their fair compensation.
Today’s music industry is neither transparent nor fair and creates problems that everyone must fix together. Creators must deal with the burden of costly publication fees, which makes it especially difficult for new creators to share their talent with the world.
Even if creators do manage to get their work published, music distribution companies take as much as 40% of the generated profit, leaving creators with less than 10% of their revenue. Listeners are unaware of this fact, even those who wish to actively support musicians.
A Decentralized Music Platform
Maestro, a decentralized music platform aims to close this breach between creator and listeners, artist and audience. Through blockchain technology powered by EOS, an inter-planetary file system (IPFS), a new music paradigm is created that is transparent, efficient and simple.
It works to make the music industry approachable for everyone. By eliminating unnecessary third parties, it allows creators more freedom over their content. Through a crowd-funding system, creators will be able to easily register their work, decide the price and quantity of their shares and sell the rights to their content.
Unlike obscure centralized platforms, Maestro’s peer-to-peer network will allow creators to directly and continuously receive their due compensation up to 100% of their generated revenues.
Creators can also choose to earn funding for projects in advance, significantly decreasing the burden of production costs.
On the other hand, listeners can more actively enjoy music through Maestro. All transactions will be transparently recorded on Maestro’s blockchain, through which listeners can be certain that their purchases are directly supporting their favorite artists.
By giving listeners the choice to purchase shares, fund projects and interact with creators; Maestro forms a unique environment in which both parties play an active role in creating the art they love.
What Makes the System in Maestro?
The Maestro system is actually made up of two platforms; Ensemble and Symphony. These two platforms are connected to Maestro’s Blockchain through smart contracts with all music files encrypted and stored in a distributed storage, powered by EOS.
Symphony transparently records streaming service usage as well as other relevant activities such as user votes and public inquiries of Maestro’s Blockchain.
Stake Of Music
Maestro’s White Paper says, “The Stake of Music is the proof of rights to creative content given to investors in projects. SOM is initially held by artists who can choose to allocate it among investors at the crowdfunding stage. SOM holds the rights to profits generated by the creator’s work, and all profits from the platform are equitably allocated based on the SOM ratios.”
Customers only pay for songs that they listen to. Payment is based on actual usage, the fee is lower compared to other services and there are also investment opportunities to own part of the artists’ music.
You can learn more about Maestro by watching the video below:
About Bank Of Hodlers
Bank of Hodlers is a Blockchain based firm that provides services in terms of ensuring security against Crypto thefts, providing Crypto credit cards and Crypto backed loans.
We are about to release our Airdrop in the coming weeks. Make sure you sign up and claim your early bird tokens.
Stay up to date with Bank of Hodlers by joining our Telegram community – https://t.me/BankofHodlers
Content creator; Writer, Composer, Producer