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According to the 2021 Global Music Report released by the International Phonographic Institute (IFPI), the global recorded music industry will generate a total revenue of $21.6 billion in 2020. Among them, the revenue of digital streaming media has increased year by year, which has become the driving force for the growth of the overall recorded music market. Spotify, the world’s largest streaming music platform, is currently valued at about $43 billion.
However, these numbers are only superficial. On Spotify, when a song is played once, musicians can only get about $0.003, Spotify chief content officer and advertising business officer Dawn Ostroff once revealed at a “Stream On” event in 2021: “In the past In four years, the number of musicians earning more than $1 million per year from Spotify has grown by more than 82% to more than 800. The number of musicians earning more than $100,000 per year from Spotify has also risen by 79% to more than 7,500 musicians “However, Spotify currently has more than 8 million musicians, that is to say, the probability that a musician wants to make $100,000 a year through music is only 0.094%, less than 1 in 1,000.
What’s more serious is that in the entire music industry chain from music creators - record distribution companies - streaming media service providers - listeners, due to the opaque distribution of benefits generated by the copyright of musical works, the benefits in the complicated music industry chain will be in various opaque processes. The music industry is eroded and swallowed up, and the musicians have little income, but a large part of the income is still earned by the platform and the middleman. In the end, the music lyrics and songwriters can only share about 8% of the total income of the music works.
According to Rain, the co-founder of the Canto project, the fundamental reason for millions of musicians to fall into trouble lies in the complicated industrial chain and dark business model. In recent years, blockchain technology has gradually matured. With the help of blockchain technology, a mechanism based on algorithms to ensure trust and value transfer can be constructed, and a large-scale collaborative and interactive network can be run on the premise of ensuring the transparency and credibility of the revenue distribution of musical works. The distributed application form of Web3.0 tends to be decentralized. The standardized management structure can effectively solve most of the criticisms in the music industry.
In the interview, Rain said: “I love the musicians who dare to chase their dreams. The music platform should be owned by every musician, and should not be controlled by anyone in power. The creators of music should not be exploited like this. Post-00 musicians need an open, autonomous Web3.0 music streaming platform. Maker, Joan (the other two founders) and I created Canto with this belief. For the next generation, it will be a place where the music begins.”
From the conversation with the Canto team and some information published on the official website, people learned that Canto is a Web 3.0 music streaming platform jointly owned by its creators and users and governed by DAO. The Canto platform will issue governance tokens to incentivize audio content creation and maintain the normal operation of the platform. In order to ensure the development of the platform in a virtuous circle and tend to the distributed architecture of Web3.0, Canto will also introduce more technical and economic models on the basis of the decentralized music streaming platform, such as NFT copyright module, DID Digital identity module, creator pool module (a financial system similar to DeFi, temporarily called MusicFi). In the end, the team will hand over the actual control of Canto to the community to realize DAO governance. It can also be said that Canto is a music stage owned by musicians all over the world.
At Canto, the user’s personal data is considered a factor of production and it is entirely in the user’s hands. These data, including but not limited to identity data, audio creation, address interaction, assets, reputation, influence, etc., will be stored in a distributed manner, identified by the on-chain address provided by Canto, and support multi-network wallet address login function , the introduction of the DID module will bring more great and feasible solutions to the development of the Canto platform. For example, by analyzing the behavior data on the address, the user’s “value” on Canto can be judged. Users can judge whether the NFT issued by a musician is worth holding based on the “value” of the address. This address can also be used as the credit certificate for the creator pool (MusicFi), the basis for community proposal rights and voting weights, all rights and interests. The allocation is no longer based on the amount of coins held as the judgment standard, but multi-dimensional data such as the quality of musical works and behavioral contributions on the platform are introduced as the basis for judgment.
This is an important concept. In the Web 3.0 era where data becomes the factor of production, every audio creator should get the profits brought by audio data, and every audio disseminator and listener can generate get a certain percentage of the profit. The logic is very simple. In the past, labor, land, and capital were regarded as production factors, and in Canto data, they were regarded as production factors, and belonged to the creator. Therefore, Canto’s audio creators can generate income through advertising, content payment, copyright and other forms, and any user who empowers audio works, such as audio communicators and listeners, will also receive the audio in various forms. A certain percentage of the income will be distributed, and the income obtained by the Canto platform in any way will be owned by the Canto community, because in Rain’s view, the platform’s revenue is inseparable from the efforts of every creator and communicator on the Canto platform. Of course, the operation of the platform requires financial support, so there will be a handling fee from the revenue of each audio content. These handling fees are open and transparent, and the handling fees will enter the treasury and be used by the community’s proposal voting.
The creator pool (MusicFi) can accurately provide financial support for the content creation of the Canto community and allocate capital efficiently. The creator pool system can cultivate influencers and create more high-quality audio content for the Canto community. Ordinary user majors can put funds into the creator pool to help creators raise more funds for creation, promotion, album release, equipment purchase, and concerts. For example, musicians can use the 1-year royalties of future projects as collateral to borrow assets from the platform, and can use stable royalty music NFTs as collateral to obtain corresponding loans. For grassroots musicians with musical talent, they can obtain low-interest, high-amount creative loans by relying on their excellent Canto address behavior data as a loan basis.
Finally, Canto will hand over the control of the platform to the community. The DAO governance method of the Canto platform provides a way to get rid of the traditional Web2.0 creator economy, and is a Web3.0 road that leads to creators being fully empowered by fans, in the Canto community creators can build a sustainable income stream without relying on centralized platforms and paid placements to make a living.
On big tech platforms, creators must publish free content to grab users’ attention and grow their follower base. Tech companies monetize this attention without users’ knowledge, while creators receive only a fraction of the value generated. Whether on TikTok, Instagram or Twitter - as a creator, people are on rented land, and their personal work and interaction data on intermediary platforms do not form factors of production.
Canto allows you to truly own your audience without the control, restrictions, and censorship of centralized platforms, and no one can shut your account.
About Canto
Canto is a Web3.0 music streaming platform jointly owned by creators and users and governed by DAO. Canto creatively introduces more technical and economic models based on the decentralized music streaming platform, such as NFT copyright module, DID digital identity module, creator pool module (a financial system similar to DeFi, for the time being called it MusicFi), and the team will hand over the actual control of Canto to the community ultimately, realize DAO governance, and create a music stage shared by musicians all over the world.
Official website: https://cantoaudio.com/
Twitter: https://twitter.com/CantoCommunity
Facebook: https://www.facebook.com/profile.php?id=100080151421737
INS: https://www.instagram.com/cantodao/
Media Contact
Company Name: Canto co.,ltd.
Contact Person: Rain
Email: Send Email
City: Hongkong
Country: China
Website: https://cantoaudio.com/
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