Gareth Emery, the British Trance DJ and Producer who has been in the industry for more than 15 years, presented this week a new project in which he is involved that promises to change the rules of the game, Choon.
Together with Bjorn Niclas (a successful entrepreneur and angel investor), Matt Hall (software engineer) and John Watkinson (software engineer and computer scientist), Gareth intends to make this industry again to represent the interests of both most important groups of all: the artists and the listeners.
Obviously a real musician doesn’t produce and acts prioritizing the profit that can come from his passion, but if at the end of the day he cannot live on the income provided by music he will not dedicate himself full time to his passion, giving up most of the times.
It is to this situation that Gareth Emery warns: music is a 16-billion-dollar industry where money is not fairly distributed. And if you’re not a successful artist where almost all the proceeds come from the performances, you can hardly survive in this shark tank.
This is where Choon tries to make a difference: instead of existing dozens of intermediaries between fans and artists such as lawyers, labels, copyright collection societies and even the streaming services that take most of the profits and postpone payments for many months, this new platform aims to create a system where fans can directly support who they like.
Choon will pay 80% of the total revenue to the stakeholders, retaining only 20% for operating costs.
And how does Choon intends to do it? Through a system based on smart record contracts and a currency of its own, NOTES (NTS), similar to bitcoins.
This smart record contracts system will allow artists, managers and groups to create contracts showing the payment split for any piece of music. Then when a track is streamed or downloaded by fans, its value in NOTES will be distributed almost immediately through the wallets of each one, and in the end these tokens can be exchanged for their monetary value. In addition to the streams and downloads, the artists will also be able to receive tokens from Q&As, merchandise and more.
But it does not stop here, fans can also receive NOTES for curating popular playlists and listening to promoted songs, making this platform somehow subsisting.
The solution is given and it may be within our reach to make this industry fair again!
Choon’s open beta will launch in Spring 2018, until then stay tuned for news.
Watch the video below that briefly explains how Choon works and know more here: