- Aims: Decentralisation, collaboration, transparency in music industry, giving a chance to up and coming artists.
- Building on EOS blockchain.
- Working to solve issues in existing music industry, and function as alternative music ecosystem.
Music industry today:
If we look back and remember how much the music industry has changed over the last 20 years, it looks like jumping from CD to Spotify was huge step. But if we compare it with some other industries like auto-industry, then it does not seem like such a huge improvement in a sense of steps done in those 20 years.
Today's structure in the music industry has many flaws but the biggest are a pyramid model related to earnings from artists work, where artist who actually make selling material, are at the bottom of that financial pyramid. And those at the bottom of the pyramid are the lucky ones who will have a chance to earn 10% of earnings from selling their work. It does not seem like a fair system...
Also there is an issue with lack of transparency related to payments, there is no global collaboration (due to lack of trust) and there is also a huge problem for artist to break the ice and get into that food chain in music industry.
Each year, a huge amount of money is invested in marketing and A&R. I did read somewhere those numbers go up to 5 billion dollars yearly, and that is around 20% of all earnings in same year.
Emanate showed as a solution to mentioned problems. And how it plans to do it will be explained a bit further in this text. Let us first check team behind this project.
Team behind EMANATE :
EMANATE team gathers a lot of experts with more than 10 years of experience in their field. I will mention founder, CEO, developer,CTO and COO, but all team members can be found in links at the end of this article.
Sean Gardner (founder/CEO) – last 12 years his work is related to creating digital brand communications and technical platforms. His work experience includes huge companies like VW, Adidas and Red Bull.
James Frew (founder) – involved in music industry (producer, entrepreneur, DJ) with more than 12 years of professional experience.
Trent Shaw (founder/CFO/COO) - over 14 years experience commercialising digital platforms in the music and entertainment space.
Anthony Smith and Ross Dold (acting CTO) – Anthony partnered with Ross as a co-CTO of EMANATE. While Anthony has experience managing large teams with a C programming background, storage solutions and piracy space, Ross was one of the lead personalities in Australia during launching of the EOS mainnet.
EMANATE – a solution:
In simple words, Emanate Audio Exchange Protocol is a decentralised technology. Their aim is to include the music industry in the use of blockchain. This would mean their aim is to improve the current situation in the music industry regarding transparency, collaboration and achieve paying artist in real-time. All mentioned points are currently not functioning very effectively in the current music industry.
Collaboration would be possible because all music would be protected via blockchain “smart collaborations”, so that would remove existing lack of trust issue.
Instant payment is not an available option for artists in current music industry setup, so it would also be a great improvement. This option would be available for all artist who decide to join Emanate.
To see how it functions, check Emanate Live demonstration (running on EOS blockchain). “BlockConsole” This link will help you with understanding how Emanate functions, plus show the relationship between application and blockchain. open this link: https://demo.emanate.live/#/ and check bottom window changes (my favourite is Ben LAM :D ).
Regarding plans mentioned in the roadmap, there are a lot of interesting things coming in next 2 years: wallet integration, release of beta streaming platform (some great features will follow: playlist monetization and embeddable player-widgets), DAW integration and of course: Emanate 1.0 commercial release.
Token economy and revenue model:
I would like to share a few words about tokens and revenue also.
Emanate plans to use two tokens:
One of them is MN8. It will be distributed/sold to holders and early adaptors. Staking MN8 will be rewarded. Second token is MNx. It is defined as a stable token, highly liquid and locked to the internal ecosystem. It will be possible to exchange MNx for MN8 or some other currencies.
All incoming revenue will be converted into globally portable cryptographic assets, and 15% of each dollar circulating ecosphere goes to token holders