Introduction to Soba Platform — How Soba can fix the inefficiencies in the current music market.
In recent years, the recording music industry has seen a considerable boom in revenue due to rising digital sales. According to the IFPI (International Federation of the Phonographic Industry), the music industry is projected to achieve exponential growth and double its market capitalization of 26 billion USD by 2020. Fueling the growth of the music industry, streaming has become the most prevalent form of music consumption in the modern music industry. PSAM (P. Schoenfeld Asset Management), one of the leading American hedge funds, projects that streaming music will lift industry revenue by more than 80% from 2014 through 2020.
Today, about 88.5% of the global music industry is largely dominated by three multinational record labels; Universal Music Group, Sony Music Entertainment, and Warner Music Group. Centralization of revenue and power among music producers and publishers has also led to egregious abuse of nascent centralized streaming platforms.
The current revenue share model in the streaming music industry is unfair to all musicians and particularly detrimental to independent and aspiring musicians. Most of the revenue goes towards paying the intermediaries, and musicians are almost always left out of these discussions.
Soba Platform
Soba Platform is a transparent decentralized platform that allows artists to create unique Non-Fungible Tokens (NFTs) for each song produced. Soba Platform fixes the inefficiencies in the current market through several mechanisms that seek to provide a larger proportion of revenue back to the artists and to give them control of their own creations again. Soba Platform ecosystem comprises three key components; Soba Marketplace, Soba Jukebox, and Soba Video Player.
Soba Marketplace
Soba Marketplace allows aspiring artists to sell rights to listen to their music as unique NFTs with unique album covers. These NFTs are digital representations of the user’s ownership in the copyrights to the songs and will allow NFTs owners to gain a portion of revenue gained from royalties generated from users listening to the songs. Should an artist choose to register their music on Soba Marketplace, it will no longer become necessary to register their songs on other third parties where the royalty from their songs will be collected.
Soba Jukebox
Soba Jukebox is a streaming platform where artists can loan music to others in a decentralized Peer-to-Peer (P2P) method. Within the Soba Jukebox, users will pay-per-play for each song that they stream on the platform. Every time each song is played, SOBA tokens will be paid by the listener to the NFTs holders. Removal of intermediaries has allowed Soba Platform to transfer most of the value generated from music to the artists.
Soba Video Player
Soba Video Player is a streaming platform where videos such as Official Music Videos, Official Concert Videos, Making Films, Fancams can be loaned to others just like YouTube. Not limited to Music and Artist related videos, Sports Highlights and Movie Trailers could be loaned on the Soba Marketplace. Recently launched NBA Top Shot, which created officially licensed NFTs of “moments” of varying scarcity representing significant highlights across basketball’s history, raised more than USD 2M in revenue from 17,000+ NBA fans purchasing 43,000+ NFTs packs. Owning an artwork NFTs gives the same experience as owning the artwork in real life, as NFTs prove authenticity and scarcity thereby allowing users to collect limited and scarce assets. Similar to NBA Top Shot, Soba Video Player will be a streaming hub for K-POP and sports fans to collect, share, and stream videos of their favorite artists and sports stars.
Through Soba Platform, it is possible to create a transparent and sustainable ecosystem that rewards the artists and creates an easy way for users to share and consume music. Our long-term goal is to create a healthy fandom culture by numerous fans gather in the Soba Platform to share, obtain, unique songs and videos with other users to show their empathy for artists and sports stars.
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Twitter : https://twitter.com/sobamusicvideo
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