Disparity in music industry
Muzika, which has been built on business and global music platforms that already exist, says it wants to revolutionise the digital music industry. It says there are a number of issues affecting artists from receiving their fair share, including; digital piracy, multiple middlemen and the imbalance of economic distribution.
Redressing the balance
Music artists are currently receiving a low percentage of revenue which Muzika says is around 10 – 20 % of consumers' payments. It believes that this gap needs to be closed so growth in the industry can be sustained. It also says listeners are not benefiting as they should be but there is no current way in which they can become more involved in the ‘life cycle of music’ – another area where platforms and distributors have been able to gain more.
The Muzika platform will serve as an ecosystem driven by fans and rewards will be more in line with the level of effort put into creative work. It says it will ‘reform how value is created and captured’ by those involved in the music industry and rewards will be given to those who create the value, as opposed to those who simply ‘transfer’ the value, with the help of blockchain technology.
The concept of Muzika was created by Mapiacompany which now has a reach of over two million users and 17,000 artists in 150 companies, a framework it believes offers an ideal launch pad for its blockchain ecosystem.
The Muzika coin
The MZK coin is the medium of exchange on the Mukiza platform and it will serve to build its community; create sponsorship opportunities; act as a means of transaction for services and products and community programs. To gain access to a coin you will need to take part in the ICO, use a cryptocurrency exchange or earn loyalty points. For more information on the Mukiza platform and bounty program view the website.