iMusify, an upcoming music streaming service, will run on the NEO blockchain and make use of the platform's technology to compensate creators and reward users. Blockchain-based tokens will enable crowdfunding and provide trackable, transparent payments with seamless fiat conversion. Meanwhile, NeoVM will also be used to grant digital rights management to artists and other music industry participants.
The project arises from long-standing concerns distributors are taking more than their fair share of the profits. iMusify notes that streaming services such as Itunes and Spotify are receiving most of the royalties from current streaming activity, while artists are left with pennies.
Although iMusify is positive it can change this, the platform has plenty of competition: Itunes and Spotify currently dominate the streaming market. Blockchain-based competitors are also on the rise, including Ujo Music, Choon, and Current. #imusify #IMUToken