Leading up to SXSW, we are reaching out to the various music platforms building on Bitcoin SV to learn more about how they empower artists, create unique revenue streams, and strengthen their relationships with fans. In this series, we interview Blarecast, a novel music streaming service harnessing the power, speed, flexibility, and unique capabilities of blockchain.
How does your platform uniquely monetize audio content?
The Blarecast Ecosystem is a platform that provides a structural template for future innovation. Initially, we are solving a series of challenges by allowing for instant payments and split payments to rights holders. Bands, artists, DJs, and others can self-release on our platform. Additionally, we are incorporating industry-standard inbuilt tooling that enables next-generation usage of new applications of blockchain to empower content creators.
However, our platform is not limited to being just a marketplace or music platform. The Blarecast Ecosystem enables the next generation of patent-pending technology that delivers content and serves as a testbed and proof-of-work to foster the development of the next generation of content delivery via blockchain in its application in the media field in both web3 and beyond. We are thrilled as we head toward the launch of the platform. With great support from the community, we have been working diligently with our partners and supporters to ensure a seamless solution for our users and rights holders.
What are the flaws in Spotify‘s (for example) business model?
At Blarecast Systems, we don’t see flaws in Spotify’s model. The history of music distribution shows that when Spotify was introduced, there was a lack of a simple system for monetizing internet music distribution. Therefore, we could say that Spotify solved the “piracy problem” by offering consumers an all-you-can-eat package for music media consumption.
However, we acknowledge that we stand on the shoulders of giants, and today, Web3 music applications built powered by blockchain offer a range of solutions that benefit consumers and artists, and empower rights holders in innovative ways that encompass media storage, music aggregation, tokenization, and distribution.
How does your platform connect fans and artists more directly?
At first glance, a proponent of blockchain-based web3 music streaming platforms could argue that these platforms connect fans and artists more directly by removing intermediaries such as record labels and distributors and allowing artists to receive payments directly from fans. However, I would argue that the innovation and reality of these platforms are more nuanced than that.
For instance, blockchain has revolutionized the distribution of music media in areas such as royalties, content aggregation, content storage, more efficient monetization, faster delivery, and intelligent delivery of content. The multidisciplinary areas of transformation brought about by the application of blockchain innovation to the music industry are both macro and micro in their context. Transformation occurs at all levels of a given industry as blockchain innovation takes root. Web3 platforms powered by blockchain enable a closer artist/listener experience, but not at the expense of stakeholders. Their place in the industry is still required as they represent delivering the service to consumers, but now in a more efficient form or process, saving costs, and bringing clarity and better value to rightsholders in the future.
Do you view the pay-per-stream model as having too much friction for listening to songs vs. ads or subscription models?
While the pay-per-stream model is often viewed as having more friction than ad-supported or subscription models, this barrier is being taken down by innovations within the BSV blockchain space. It should be recognized that it offers unique advantages in terms of flexibility and cost-effectiveness. With pay-as-you-go streaming, users only pay for the songs they actually listen to, which can be a more economical choice.
Additionally, pay-per-stream models allow for a seamless and uninterrupted listening experience, as users do not have to deal with ads interrupting their music. While subscription models may be great for heavy music listeners, it is important to remember that nothing in web2 is truly free as the user often becomes the product due to ad-based data usage models. Pay-per-stream models provide a viable alternative for those who do not want to commit to a recurring subscription fee or sacrifice their data privacy.
Overall, the pay-per-stream model offers a unique and valuable option for music fans. Furthermore, pay-as-you-go is already a well-established payment model used in numerous industries, such as energy, transport, and telecommunications. By incorporating blockchain technology, we can create new ways to distribute and consume media content beyond conventional methods. At Blarecast Systems, we are committed to exploring these new possibilities and revolutionizing content distribution, aggregation, media, and more.
Do you view blockchain technology as disrupting the current music industry?
At Blarecast, we firmly believe that blockchain technology is a powerful tool for enhancing the efficiency, optimization, and overall empowerment of the music industry and beyond. Our mission is not to tear down existing structures, but to create new possibilities and opportunities for all stakeholders involved. By collaborating with the industry and our partners, we are committed to harnessing the full potential of blockchain technology and ushering in a new era of innovation and growth.
We are dedicated to playing our part in curating a brighter future for the music industry, and beyond, by providing cutting-edge tools and technologies that serve the needs of all stakeholders involved. We view ourselves as a facilitator of change, empowering the industry to embrace the transformative power of the next-generation internet.
What role do you see NFTs having for artists in engaging their fan base?
NFTs are a revolutionary technology with a wide range of applications, including ticketing automation, asset management, and more. At Blarecast, we are excited about the standardization of NFT use cases in the music industry. We are actively seeking opportunities to collaborate with other stakeholders to explore interoperability between different music vendors.
By promoting the cross-distribution of users and the creation of shared downloading capabilities, we can take the industry to new heights. Our approach is not to dictate what the industry should do, but rather to collaborate and create a unified solution that empowers all stakeholders. As the year progresses, we anticipate that standards will emerge, and Blarecast has committed to co-creating a more unified and interoperable blockchain music ecosystem by co-creating or adopting a unified solution in this field of enquiry.
Why did you choose to implement Bitcoin SV for your platform?
At Blarecast Systems, we are committed to providing the best possible experience for our users while also empowering content creators and rights holders in the music industry. After careful consideration and analysis, we have chosen to implement Bitcoin SV (BSV). BSV offers a number of advantages, including faster transaction times and lower fees compared to anything else.
This means that our users can enjoy a seamless and efficient payment experience while content creators and rights holders can receive payments more quickly and with fewer fees. Additionally, BSV’s focus on data and scalability aligns well with our vision for the future of the music industry, where blockchain technology can enable new levels of transparency and efficiency. We believe that BSV is the ideal choice for our platform and we are excited to work with its powerful blockchain.
Thank you, Blarecast, for answering my questions. I hope the readers learn more about the platform and how they uniquely approach monetization in the music industry.
Watch: Bitcoin is music to artists’ ears
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.