[Adventures in the Guerilla Music Industry #1]
There’s massive hype surrounding blockchain technology and cryptocurrency, with blockchain solutions being applied to every problem. Independent musicians are looking to utilise these technologies to enable them to make an reshape the music industry, enabling them to generate an income from their music. Musicoin is one of these potential solutions. As a mineable cryptocurrency, coins earned through Musicoin can be bought and sold using exchanges such as Cryptopia, where they can be traded for other currencies such as Bitcoin.
How do you earn money on Musicoin?
- Firstly, a musician account must be created. Sign up using my referral link here.
- Once you have an account, go to https://musicoin.org/nav/release-manager and follow the instructions on the page. It’s quick and easy.
- Encourage all your fans to listen your Musicoin tracks!
How much do you earn?
The current earnings per Musicoin stream is $0.007897. This is $78.97 per 10k streams. Spotify would pay maybe $40.00 for a similar amount. One music bear in mind that Musicoin is a cryptocurrency and currently at a low value, tied to the success of major currencies such as Bitcoin. At a low payout such as it’s current state it’s still good value.
Good points / badpoints?
From a musicians perspective, the user experience needs some work. Functionality needs developing with the end consumer in mind. There’s no ability to reorder tracks on your profile, everything is in reverse chronological order. There’s no grouping of tracks as an album, or ability to create a playlist. Speed can be an issue, with reliability sometimes poor.
You can embed Musicoin tracks, enabling your site visitors to help you earn money whilst visiting your site. You just now need a regular stream of website visitors…
As you can see from the roadmap we’re only at the beginning of the Musicoin journey, what we have at the moment is really a functioning proof of concept…
Will it change the future of the music industry?
From the perspective of a musician, this all seems great, I can earn money faster than Spotify, and get paid instantly. In order to make an income though I still need to generate many thousands of streams. This still comes down to effective marketing as a musician.
Currently Musicoin does not market itself to the end consumer in a way that is going to enable mainstream take-up. Whilst there is some extremely good content to be found, you have to exercise quality control to get to the good stuff. Consumers of commercially available music have no reason to use Musicioin at present. It would be interesting to identify the proportion of listeners that are artists themselves? At this point of the game I would imagine that the % figure is pretty high.
You can visit my Musicoin profile here…