Place/Date: Tallinn, Estonia - March 28th, 2018 at 3:59 pm UTC · 4 min read
Contact: Anna, Source: Soundeon
According to music industry leading economist Will Page, music copyrights globally generated $24.4 billion in revenues in 2015, that’s a whopping $10 billion more than the often cited IFPI figure that largely excludes publishing and songwriting income.
Moreover, live ticketing in 2017 generated $32.0 billion in primary sales and another $9.8 billion in resales. Both ticketing segments are growing at a 5-year CAGR of 14 and 19 percent respectfully. Altogether, recorded music and ticketing presents a $66.2 billion market opportunity.
This market is projected to maintain stable growth over the next five years. Despite the expanding opportunity, musicians only see a meager fraction of the revenues. Legacy market practices combined with slimmer margins in the digital age compound on the lack of legal protection of artists.
In addition, the music industry is difficult to navigate, which makes it inaccessible for most musicians. They must simultaneously seek recognition from music producers, managers, record labels and concert promoters who only partly address the artists’ needs.
Ticket scalping (the resale of tickets at wildly inflated prices) is another issue common to the music industry. It harms fans and venues alike, but it is the artist who ultimately takes the biggest financial hit that inevitably puts his or her livelihood at risk.
Soundeon – a pioneering decentralized and vertically integrated music platform that covers all aspects of the music industry. From the creation and copyright of a work to contractual resale of both existing and future music assets, to concert organization and ticket sales.
The idea for the Soundeon platform originated in October 2017 and by December 2017 the project had already raised seed financing of US$ 600,000 from a Singaporean VC fund. Ruslan Guseynov (Strategy & Development) and Aram Abgaryan (Business Development) first introduced the Soundeon platform at the 2018 Fintech World Conference in New York.
The next step was the speech at the Crypto Investor Show, The UK’s Biggest Crypto and Blockchain Event for Investors on the 10th of March in London.
During their presentation, Ruslan had the following to say about the platform:
“In order to achieve the ultimate entertainment experience, talent must be discovered and empowered. The status quo in the music business dictates archaic terms as if we live in 1954. By integrating the latest blockchain technologies we are creating a single media rights and management ecosystem that is uncensored, immutable, fair and transparent.”
They confirmed that the alpha version of Soundeon is already in development and will be released in April 2018. The beta version is due for release in December 2018 followed by a fully functional platform launch in March 2019.
Disclaimer Soundeon is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.