Can Hearo FM use Cryptocurrency to Revolutionize the Music Industry?

hearo fm jam token cryptocurrency musicHearo FM has a goal to create a global independent music marketplace for artists to collaborate, share their music, and connect directly to their fans. According to its founders, Andrew and Brian Antar, Hearo’s mission is to democratize access to music and level the playing field for artists around the world.

The Hearo FM music marketplace is built from its foundation on the appropriately named JAM Token. The JAM Token is powered by Hedra Hashgraph, an enterprise-grade public network for decentralized applications.

According to the Hedra Hashgraph website:

“Hedera goes beyond blockchain to create a fast, fair, and secure public ledger powered by hashgraph. Governed by leading enterprises, Hedera is made for developers to create a trusted, empowered digital future for all.”

“The Hedera network is designed to support your mission-critical applications with the efficiency of hashgraph to achieve higher throughput, fair ordering, and best-in-class security on an enterprise-grade network you can rely on.”

Using Token Cryptocurrency to Promote Music

The JAM Token would be used to enable a global decentralized music streaming marketplace platform for both artists and fans by creating a fully tokenized music economy that allows for direct micropayments between artists and fans for streaming and curating music.

According to the founders:

“Music remains one of the least monetized forms of media compared to photos, text, and video, leaving independent music artists at a major disadvantage in the marketplace.”

 “Millions of artists around the world are struggling to survive and get their music out to the world to be heard. The current digital music landscape is ripe for disruption and change.”

 “By bringing together music discovery and cryptocurrency in one cohesive place, we can create a groundbreaking experience that lifts up artists from all around the world and satisfies fans more than ever before.”

The music industry has indeed been through a number of quick changes over the last two decades:

  • The fall of traditional LP records and cassettes in favor of CDs.
  • The fall of the CD Audio format in favor of the MP3 format.
  • The rapid rise of peer-to-peer networks for the sharing of MP3 files (despite the lawsuits from the recording industry).
  • The subsequent rise of online digital music stores (such as iTunes).
  • The current trend of online streaming subscription services (such as Spotify).

These quick changes have indeed changed the way in which people consume music, thereby disrupting the traditional business model of the recording industry.

Hearo FM, using the JAM Token will be utilizing cryptocurrency payments and distributed ledger technology, with the intention of “changing the game” and creating a new business model for the music industry.

“These new platforms (iTunes, Spotify) in conjunction with rights holders use old frameworks and old ways of thinking to keep artists at bay while keeping all the money for themselves. There must be a way to monetize and democratize access to music distribution and marketing.”

Changing the Music Rights Business Model with Cryptocurrency

To deal with license issues when it comes to music distribution, Hearo.fm created a non-exclusive hybrid music license for artists that combines both publishing and master rights. The hybrid music license allows the platform to stream, sell, publish, and broadcast music and accept payments in either fiat or cryptocurrency.

The non-exclusive aspect of the license allows for artists with labels and publishing deals with existing rights arrangements to still engage with their platform and does not prevent artists from making other rights agreements in the future.

According to their proposal, this business model essentially combines the performance license, mechanical license, synchronization license, download license, and streaming license into one versatile global license that works for artists around the world engaging with their platform to promote and monetize music.

“We enable artists to go direct-to-fan with global cryptocurrency micropayments for streaming and distribution, so we’re cutting out the middlemen and leveling the playing field for artists around the world so we can democratize access to music for all.”

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