Maestro ICO Review
Musicians and producers are finding it difficult to get the ROI from their creations, and music stores across the world are closing down at an alarming rate. More than 90% of music consumers prefer to download music to their devices while some prefer to stream since the internet connectivity costs have become cheaper.
Maestro has come up with a blockchain-based music-streaming platform catering to both artists and listeners, and the company goal is to revolutionize the digital music world. To ensure the platform sees the light of day, they are issuing a token sale.
The Current Problems
Access to quality music is becoming harder with each passing day, as streaming prices skyrocket. The high number of intermediaries between the artist and the consumer has led to the high cost of music. In addition, most music streaming sites charge a base fee according to the number of services the customer wants, and this can be expensive given that most listeners do not exhaust the services they have paid for.
On the other hand, artists hardly get their share of the profits from the revenue charged by streaming platforms. In addition, third parties control music distribution rights and revenue. There is also so much music in the world that most existing streaming platforms do not have the capacity to accommodate all of them and this restricts the growth of musicians in an otherwise connected world.
Maestro aims to revolutionize the music industry with a digital music ecosystem based on blockchain technology. Top on their list is to reduce the role of intermediaries with the intent of eliminating them from the equation. This will not only reduce the cost of access to music, but the artists will have much more access to revenue from listeners streaming their music and they will get full distribution rights to their music.
Maestro’s ecosystem has two parts to it, Symphony and Ensemble. Symphony is the part where listeners will stream music from the artists that have made their music available. Ensemble, on the other hand, is a crowdfunding platform that allows listeners and any interested parties to invest in their favorite musicians. After the completion of their project, the artists can then distribute and sell the music via Symphony.
The artists can manage the handling of distribution rights, copyright, and transactions through Symphony, which has data recorded on Maestro’s distributed ledger. Overall, Maestro will cooperate with the existing parties in order to timely and ultimately nurture the current and upcoming generation of artists to induce greater diversity in music.
Maestro is looking to give more power to the people who make music. Despite the existing platforms such as Spotify, Apple Music, among others making great strides in digital music streaming, the artists are left holding the short end of the stick. You can read more on Maestro’s vision and mission on their whitepaper, and then sign up on their website to participate in The ICO. You can also join in on the conversation on Twitter and Telegram.
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