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How Pulse Music is reinventing the music industry with blockchain

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The history of the music industry is, inevitably, the story of the evolution of technology. From player pianos to vinyl discs, reel-to-reel tapes to cassettes, CDs to digital downloads, these formats and devices have changed not only how music is consumed, but how artists create it. ” said American entrepreneur Edgar Bronfman Jr.

In fact, from vinyl to CDs to digital downloads to now digital streaming, the music industry has changed a lot in the last 20 years. Artists are now using streaming services and social media to promote their tracks and change the way people listen to music.

Streaming surge boosted global music industry revenues by 20% last year. This accounts for 65% of his industry revenue, according to the IFPI Global Music report, an organization that represents the recorded music industry worldwide. Meanwhile, over 70% of revenue comes from the top five countries (US, Japan, UK, Germany, France). These countries account for just over 8% of the world’s population.

According to Goldman Sachs, the penetration rate of digital service providers in emerging markets is estimated at around 3%, and by 2030 that number is expected to increase to 18%. This is primarily due to the paid subscription model.

Unbanked youth in emerging markets have limited or no access to online payments in most regions, and access music through unauthorized or illegal means. For example, last year in India, 68% of people were estimated to be using unlicensed services.

In order to differentiate itself in the market and serve the needs of consumers and content creators, Dubai-based music streaming platform Pulse Music has implemented a “self-sovereign” identity. This allows all parties within the platform. To manage and control your data. Additionally, the platform integrates smart contracts to simplify content and intellectual property licensing.

“Emerging markets are where we want to focus. We strongly believe we can provide solutions to the problems facing these markets. lack of legal bank accounts for music collection organizations, inability to effectively and transparently collect legitimate income from musicians, localized copyright laws and local economic restrictions that otherwise make available access to such global content is difficult, explains Mehdi Cherif, co-founder and CEO of Pulse Music.

The idea behind Pulse
Pulse harnesses the power of blockchain to disrupt the way brands use music to interact with their supporters. “Pulse’s idea was a long process that took several years, with hours of research, research, and peer-to-peer reviews to validate what we wanted to build as a product,” he said. I’m here.

Over the past decade, Sheriff has managed and operated a variety of end-to-end streaming services. Sheriff’s responsibilities ranged from managing Virgin MENA’s music purchasing operations to establishing and managing their own music streaming service. I was. He explains that his experience has given him a great deal of insight into not only the obstacles the industry needs to overcome, but also the opportunities to address those challenges.

Cherif says the growth of the music industry has been hampered by five major challenges that have hindered its progress. “To begin with, the complexity of IP[intellectual property]makes it difficult for any party to deal with the music industry. Third, the current business model favors intermediaries when it comes to splitting revenues and royalties, which means artists only take home an average of 12-15% of the revenues they make. Fourth, it takes artists three to nine months to get paid, and finally, the inherent lack of transparency and traceability means access and control over data. are restricted.”

By addressing these challenges, Cherif hopes to change the status quo of the music industry. To simplify content licensing, Pulse uses a proprietary digital rights management system and a copyright ontology based on semantic data modeling. It provides artists with a “do it yourself” model, simplifying IP and allowing for a fairer royalty split. Additionally, the use of micropayment systems allows for instant payments as opposed to traditional and inconvenient long waiting periods. Finally, a fully decentralized database, blockchain brings transparency and highly accurate reporting.

The company is also constantly looking to enhance every aspect of its business, from internal processes to products. “Everything we do is with the end user in mind. By not rushing product launches, systematically reviewing them, and learning all the time, we will be well positioned for the future.” ” he commented Cherif.

revolutionize music
Pulse has ambitious plans to use blockchain technology to revolutionize the way business is done. A new module added to the platform makes all the metadata associated with your content accessible to everyone at any time. This ensures that artists and copyright owners get their fair share of profits.

“Pulse is a subscription-free, ad-supported service. Pulse offers four main services: its own metaverse, music streaming, social engagement and NFT marketplace.

“Pulse is a social music platform that leverages decentralized technologies such as self-sovereign identity, smart contracts and micropayments to address key challenges seen in the music industry today, along with the challenges of current social media platforms. Our platform allows artists to manage, control and monetize their data, allows fans to discover new artists and interact with them through unique user experiences, connects with artists, creates meaningful engagement and creates unique We deliver brands that generate a return on investment from multiple revenue streams.”

pulse music

On the other hand, the social side of the platform is interesting. Using messages and video chats, users can communicate with their friends. You can also upload photos and videos, share your interests and hobbies, connect with brands you love, and earn tokens along the way.

The NFT Marketplace allows Pulse users to find rare and exclusive items. These users can also launch their own NFTs to showcase collections to her Pulse community and receive rewards in return.

Pulse also helps brands reach their target audience. “We try to listen and understand our existing communities as well as potential new audiences. “We also put a lot of effort into understanding and analyzing local and regional market conditions, market trends, economic changes and user motivations.”

Built on blockchain
The UAE has embraced blockchain technology and is working to establish itself as a global leader in the field. The country has launched several initiatives to boost blockchain adoption, including the Blockchain Strategy, Blockchain Academy, and Billion Blockchain Investment Fund. Aligning that vision with his UAE vision, Sheriff said:

“There are many social media platforms you can choose to use, and we are aware that there are approximately 150+ digital service platforms on the market where you can stream music. Combined to address today’s music industry challenges, this is what makes Pulse unique and we believe the future is bright for everyone.”

He adds: Young people who cannot afford a subscription are struggling to find accommodation, food or transportation, so they turn to social his media that offers an easy platform that does not require them to invest time or money. is pointing. .

“As technology becomes more and more advanced, another change will come as these same users become more demanding. We aim to profit from providing the content of

read: Blockchain trends to watch in 2023

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