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This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
The music industry’s business model has always been broken. For over 100 years artists have been paid a fraction of the earnings their music makes. Take Enrico Caruso, an Italian opera singer from the early 1900’s, credited with being one of the very first recorded artists. Over his lifetime he made over 488 recordings, almost exclusively for Victor, a record label now known as RCA and owned by Sony Music. While it is said that this made Caruso extremely rich, netting him nearly $ 2 million, his label scooped nearly twice that and is still making money from his recordings today.
Many think the golden age of vinyl and CD’s was a time when artists were fairly compensated, but even then musicians weren’t exactly raking it in. A report suggests that, when records were still popular, of every $ 1,000 of albums sold, 18% went to the musicians, 63% to the record label, and 24% to distributors. Meaning each artist got a grand total of $ 23.40.
Then along came the Internet.
Times They Are A-Changin’
According to The Economist, back in 1997 Amazon CEO Jeff Bezos was looking for online retail opportunities. He considered selling music, but quickly realised there were only a few major music labels, and they would have the power to stifle any online venture that presented serious competition.
The first online music sharing service, Napster, bypassed the record labels altogether and facilitated free peer-to-peer sharing of compressed music files. Obviously that didn’t work out for them, and it wasn’t long before Napster found itself facing litigation from all angles. The company was closed by court order in 2001, after less than three years of operation. The Napster brand only survived because the company’s assets were liquidated and purchased by other companies through bankruptcy proceedings.
So what changed to make online streaming services a viable business model for companies like Spotify and Apple Music?
The answer is…. nothing.
Musicians are not earning more now, despite having a new revenue channel. Spotify admits the average per-stream payout to rights holders lands somewhere between $ 0.006 and $ 0.0084. As this model shows, an artist would need to get 200k plays per month on Apple Music and 230K plays to earn the US minimum wage.
Investors aren’t getting rich either. Despite a revenue growth rate of 40% a year and having 140 million monthly active users, Spotify reported a quarterly operating loss of €41 million (around $ 47,814,000) in May 2018. Jimmy Lovine, whose fledgling Beats Music service was acquired by Apple Music, warned last year that music streaming is not a great business and that there is no profit margin.
Despite losses, executive teams still brought home the bacon. Last year Spotify’s executives earned, on average, $ 1.34 million each, with the top five taking home over $ 26 million between them.
But by far the biggest winners are, unsurprisingly, the record labels. Last year the ‘big three’ made a record-breaking $ 14.2 million a day from streaming services like Spotify and Apple Music. The Universal Music Group alone made $ 4.5 million every 24 hours.
So what can be done to fix this broken business model and ensure that artists receive fair compensation? Austrian producer and composer David Brandstaetter, believes he has the answer.
“Streaming services pay artists pennies, partly because so much is swallowed up by the record labels. Spotify isn’t profitable, but the public won’t support a price raise,” says David, “The only way for artists and collaborators to receive fair payment for their efforts is by decentralizing the industry and taking the power out of the hands of the record labels and streaming services. Blockchain technology is the perfect enabler for this.”
For the last two years, David and his business partner Dr. Sascha Dennstedt have been developing a platform called Qravity, which allows creatives to connect with each other and collectively develop and monetize original digital content. The platform uses virtual tokens on the Ethereum blockchain to track digital media creation and distribute project stakes among creative team members
David continues, “Using Qravity, musicians can collaborate and work in exchange for stakes in the project. The content will go direct to market, so if a songwriter has, for example, a 30% stake in the project, he receives 30% of the revenue every time his songs are streamed or downloaded.”
The platform contains a comprehensive suite of project management and communication tools to help creatives collaborate remotely; it also rewards them with a greater stake in projects as they complete each milestone.
“We want to completely overhaul the entire industry,” says David, “With Qravity, we’re transferring the power and profits from the executives to the talent, transparently and equitably.”
Get QCO during the Qravity token sale.
Presale with 30% bonus: July 2-16, 2018.
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The post PR: Musicians Have Always Been Ripped off – Qravity Wants to Fix It appeared first on Bitcoin News.
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Back in January 2015, Bitcoin developer Mike Hearn launched a BTC-powered crowdfunding application called Lighthouse, and cryptocurrency enthusiasts were very excited about beta version release. Following the launch, Mike Hearn had left the Bitcoin community because he predicted BTC was headed for serious scaling issues, and he was upset with the Core development team’s willingness to compromise. Since then the Lighthouse project was left behind and forgotten, and much like the variety of revived applications coming back to the crypto-ecosystem, the Lighthouse platform is seeing a revival by using Bitcoin Cash.
Lighthouse.cash Decentralized Crowdfunding Powered by Bitcoin Cash
A few years ago Bitcoin developer Mike Hearn designed an application that specialized in creating a platform that uses smart contracts to fund projects, and many bitcoiners at the time were looking forward to the project. For instance, the well-known entrepreneur Olivier Janssens donated $ 40,000 to Hearn’s Lighthouse project. However, since Hearn had left over the scaling dispute, the project was soon forgotten and left to collect dust. Now an anonymous developer, with help from the team at Cryptonize.it has brought the Lighthouse project back to consciousness.
News.Bitcoin.com spoke with Ari from Cryptonize.it about the Lighthouse.cash project and he told us his team has been helping the anonymous developer become compatible with the Bitcoin Cash network and get a gallery going which was a missing feature when Hearn had left the project.
“So you can make your project, export it and distribute it yourself, upload it to servers that are made available (we’re making the first one available), and you can get it up on centralized galleries which can help you promote your project to a certain demographic or help you in presenting your project in an attractive manner instead of a file,” explains Ari.
The plan is to actually compete with Kickstarter and Indiegogo so we have a couple of features we’re planning on adding, and lighthouse.cash will develop to be a gallery. Mike planned for these galleries to pop up and compete so we’re trying to make that happen.
Lighthouse.cash Plans to Launch in a Few Days After Testing is Complete
Right now Ari says the platform is not fully launched just yet but visitors can take a peek at the website. He explains that both Cryptonize.it and Cashpay have pledged their resources towards helping the anonymous developer in order to get it off the ground. “We’re also setting up Toshi’s Fund which will be used to fund Lighthouse further,” explains Ari.
“We’re getting a few projects together on Lighthouse.cash so everybody can go through all of its current functionality like pledging to a project, making a project, revoking etc., then we’ll put it online I suspect a couple of days — After all the testing is wrapped up,” Ari emphasizes.
The Bitcoin Cash community overall seems pleased with the idea that someone is resuscitating Hearn’s Lighthouse project. So far over the past six months, many projects once designed to work with BTC and left behind have been revived and modified to work with the Bitcoin Cash network.
What do you think about the Lighthouse.cash project? Let us know in the comment section below.
Images via Shutterstock, Twitter, and Lighthouse.cash.
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The post Mike Hearn’s Crowdfunding Project Has Been Resurrected — Meet Lighthouse.cash appeared first on Bitcoin News.
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The website Rapture Market has been down for well over a week for users who frequent the darknet, causing concern that another DNM has committed an exit scam. Currently, the market’s customers and some vendors are freaking out as the online marketplace was gaining in popularity and enjoying solid ratings with decent uptime. However, Rapture Market hasn’t been around for very long and people are starting to believe another DNM has bitten the dust for a number of speculated reasons.
Darknet Marketplace Rapture Becomes Unavailable for Over a Week—Users Begin to Worry
It has been over eight days since the Rapture Market and its associated forums have been online, and patrons are growing concerned. According to the Deep Dot Web publication, the market is suffering from downtime and its 98 percent uptime rating has dropped to 97 percent. The marketplace hasn’t been around for as long as elder markets like Dream, and Wall Street, as Rapture was created this past January. Since the inception of Rapture, the market has received very good reviews and had a ‘trusted vendors’ referral system and affiliate program, alongside over 500 narcotic listings and other materials. Rapture accepted both Bitcoin Core (BTC) and Monero (XMR) and incorporated a forum and messaging system which have also been non-operational for over a week.
Lots of Speculation, While Reliable DNM Information Is Harder to Gather These Days
These days it’s harder to find out information on the reputation and whereabouts of DNM vendors alongside down darknet markets since Reddit recently removed the most popular DNM forum. However, patrons searching for information about Rapture’s demise are still communicating through the r/darknetmarketnoobs subreddit and other areas on the clearnet.
“Has anyone been in contact with any staff or is there a Rapture PGP signed message about downtime?” One Rapture patron writes on May 15. “I’ve looked but couldn’t find anything. It’s been down a day and a half now, just wondering if anyone knows if its legit downtime or possible exit scam?”
Some Rapture users said the site will return soon and also revealed that the webpage was suffering from DDoS attacks, among other issues. After a few months of decent reviews on the website Deep Dot Web, a bunch of new reviews appeared last week, with people asking why the DNM was not available.
“The market is under DDoS owners are trying to get it back up no need for panic,” a user writes four days ago. The very last reviewer explains they have ‘inside’ information on why the site is non-operational and states:
For security reasons I can not reveal how I have this information but I have very credible sources and the site is fixing some bugs and taking the market offline; bugs are minor but there are a few so it is better to take offline and take care of them all at once. So just chill out it could take a couple of weeks to fix according to sources but the market may be online before then but I do not have that information.
The DNM ‘Exit Scam’ Is the Oldest and Most Lucrative Tricks in the Book
No one has any solid information about the exact reasoning Rapture is down and annoyed patrons are therefore speculating. As usual the ‘exit scam’ is always the most dominant theory. An exit scam is when the marketplace administrators suddenly ‘disappear’ after accumulating a lot of customers’ money that sits in escrow alongside a large collection of vendor bonds that have been collected.
It’s safe to assume that the Deep Dot Web and other DNM sites will remove Rapture if the market remains unavailable and classify it as an exit scam, but for some patrons, there’s still hope for a Rapture revival.
What do you think about Rapture being down for so long? Let us know what you think about this subject in the comments below.
The post Darknet Market Rapture Has Been Down for a Week — Users Grow Leery appeared first on Bitcoin News.