Author: Jagdish Kumar, India
To disrupt music industry, US based Blockchain startup, Inmusik.co has launched its cryptocurrency, Sound Coin in the Indian market through an advertisement under Blockchain education garb in a daily newspaper on 6 August 2018.
The company under the Blockchain Education has also pointed some variables driving crypto prices up that includes the Blockchain economy is gold rush of the 21st century; Blockchain is disrupting the music industry and innovative tokens of high potential have emerged, others.
It comes at the time when the Reserve Bank of India (RBI) has already banned cryptocurrencies trading from 6 July 2018 and the Supreme Court will hear petitions filed against the ban only on 11 September 2018.
However, the company has not said anything about the ban, but has pointed out on how their coin will revolutionized the music industry.
According to the company, as of 2017, global music industry was around $16 billion and Blockchain will massively disrupt the music industry.
The company said that innovative music projects based on Blockchain technology have come to life and it is aiming to revolutionized the streaming industry from scratch.
From fans who receive an incentive to vote for songs they like on the platform to musicians who can finally get the fair share of limelight and revenues thanks to smart contract that track royalties and tag contributors transparently, Inmusik token can be a new gold for music industry, the advertorial read.
The company said that the tokens will be limited and only 400 million tokens released will be redeemable against a stable USD currency.
Currently, Inmusik has released tokens at $0.10 per token and offering a bonus of 20%. If anyone wants to buy the tokens, they need to visit the website. The tokens can be purchased by Indian rupee, USD, EUR, Bitcoin and Etherum.
The company is expecting a market share of 40% by 2020 from generation Z (also known as iGeneration, homeland generation, centennials and post-millennials born in mid-1990s to mid-2000s).
Time of India group, media conglomerate, which has also invested $7 million capital in Inmusik is their partner in this venture.
Global Music Report 2018
According to Global Music Report 2018, India’s music streaming space is going to be an exciting space to watch in the coming months, with major players vying for users’ attention (and wallet).
The report said that regional music could be a potential game-changer and it expect Indian music streaming apps to diversify their content offering to attract more users.
While streaming revenues saw impressive growth worldwide in 2017, India is clearly leading the pack. Streaming revenues in the country grew by 60.8%, which is much above the average for the Asian region (38.2%), the report stressed.
According to projections from KPMG in a new report based on information from the Indian music business in association with FICCI (the Federation of Indian Chambers of Commerce and Industry), India’s recorded music business will nearly double over the next five years, bringing in an annual income $300 million (INR 18.9 billion) in 2019.
image credit: Jagdish Kumar