A month ago, on November 17th I signed up for a service called Musicoin. It's an audio platform based on the revolutionary blockchain technology where listeners can listen to the music for free and musicians get paid fairly without intermediates for every playback.
You might have already heard about it because I've been uploading our podcasts and music there (here are some of my recent improvisations: 45 Pounds, Veni Emmanuel Fantasy, Divinum Mysterium, Wedding March Fantasy, Organ Demonstration and Music for St Lucia Day).
If it goes as planned, Musicoin's vision has the potential to fix the entire music industry which only benefits big labels while artists are left with crumbs from the table.
I decided to make an experiment of uploading my audio recordings to Musicoin and report to you after a month about the results.
The current rule is that with each playback I get 1 Musicoin (the native currency of the platform, symbol: $MUSIC). As of this writing, 1 Musicoin is worth about 0.03 USD.
So right now I have 142 tracks uploaded and earning me 3 cents for every playback. Of course, the price of the coin fluctuates, like with any other cryptocurrency. Sometimes it drops, sometimes it rises. But the potential is clearly there.
So far I have earned about 2900 Musicoins which is worth roughly 93 USD today. In comparison, during the same month I earned about 13 USD on YouTube partner program. Big difference. It's something like 7 months with YouTube!
Oh and by the way, from 2009, when I started my YouTube channel I only earned 291 USD to date on with thousands of subscribers and videos. I guess no further explanation is necessary. Back to Musicoin.
These Musicoins can be transferred to the special desktop wallet you download from the platform and from there exchanged into Bitcoin on the exchanges Bittrex or Cryptopia and eventually to any other crypto or traditional currency.
The beauty of all this is as the time passes, the platform gets traction and more and more people are using it, the $MUSIC itself becomes more valuable.
Right now there are over 1500 verified musicians, bands and labels on Musicoin. It's really new because it started just this year. But they are experiencing 50-100 % growth every month. Eventually the vision is that they will be a major platform, just like Spotify is today.
Except for 1 million plays, an artist on Spotify gets about 400 USD only. But who can get to a million plays? A rock star maybe. Certainly not organists. As I said, it's just crumbs from the table where only major labels win.
But with Musicoin, I see the potential. Because the platform itself is growing. Because the number of my tracks is growing. Because of compounding effect.
Here's a good article with detailed explanation of how Musicoin works.
I invite you to check out and subscribe to our channel on Musicoin. If you do, I will dedicate my next improvisation to you.
And of course, you too can upload your own recordings to YOUR channel to maximize revenue.
If you have some audio recordings of your organ performances, you can follow my example. Feel free to use my invitation link to join Musicoin:
But this platform has another cool feature - your listeners can tip you using Musicoin. And I've been tipped around 1800 Musicoins already - sometimes 1, sometimes 5, sometimes 10, and sometimes 100 Musicoins!
By the way, using smart contract protocol you can divide your revenue up to 8 shares. So if you have an ensemble or a band, or like in our case a podcast guest, they could also earn fair share from your playbacks.
Where does the money come from? It's all explained on the website but to make it simple to understand I have to add that it comes from the miners who verify every transaction on the blockchain using cryptographic software. During the mining process new Musicoins are created too.
Imagine, if one day 1 Musicoin would be worth 1 USD? Of course, by then only a fraction of the coin would be paid for the playback to make it feasible.
Then I could really see the future where artists could make a living from their music.
The sooner you start, the easier it will be, because right now, you will be one of the pioneers, early adopters who will spread the word to early majority who will in turn spread this idea to late majority.
Aren't we living in a revolutionary time?