Ever since it rose to fame back in 2008 with its free to use app, Spotify has been the pinnacle of music streaming around the globe. Numerous other apps have tried to compete with the gargantuan entity, but few have managed to even make a dent in the number of subscribers. However, with the emergence of blockchain technology, Spotify could be staring down the barrel of a max exodus from big name artists that rope in huge amounts of cash for the app.
One such blockchain based music streaming platform is quietly plotting the demise of Spotify by tackling a number of pain points that plague artists from around the world.
Blockchain Putting Power Back Where It Belongs
As it stands, Spotify currently strikes deals with artists and record labels, giving them a set cut of money per thousand plays of their tracks. While this is all well and good, some artists end up with better deals and Spotify still takes its cut. What Tune.FM seeks to do is provide instant payments for artists based on every single play. There is no waiting around and artists don’t need to rack up a set number of plays before the checks start coming in. Best of all, it’s all in crypto powered by Hedera Hashgraph, meaning payments are fast, efficient, low cost and seamless – something Spotify still struggles to achieve.
Major Artists Already Joining Tune.FM
We’ve seen other blockchain-based music streaming apps launch, but without any major artists on board. We’ve seen Choon hit the waves, and Choon has some rather exciting principles, but without the big names pulling in listeners, the music on offer is rather limited to say the least. Tune.FM already has tracks from big artists such as Blush, Solange, Chaka Khan and even the legendary Beyoncé. This epic lineup of artists will keep you listening to your favorite tracks for a smaller price per month as you only pay for what you listen to.
Could Choon and Tune Slowly Break Spotify’s Resolve?
While Choon and Tune both have very different goals, they both fix issues that artists and listeners currently have with Spotify. Choon allows artists to set how much they get paid for songs and how the reward split works with people that put their music into playlists. As Wheeler Walker JR found out the hard way, Spotify refuses to put some artists into its top playlists, severely hindering their earning potential. Choon turns this on its head and allows artists to reward people for selecting their tracks in playlists. If Choon and Tune could combine superpowers, artists would have total freedom and get their money instantly – the perfect music streaming platform.
So, while Tune.FM is still relatively new to the airwaves, getting the crypto-friendly Beyoncé to add a selection of her songs to the platform will give it a major boost. It could be some time before we see Tune getting anywhere near Spotify, but if more big name artists keep adding their tracks, we could see a slow shift in listeners away from traditional platforms to these blockchain based platforms.