The Younk project, which is developing a public music label on the blockchain, announced the start of the closed presale project. The idea of a startup is to give the community access to the music industry.
According to the founder of the project, Andrei Dakhovsky, artists are extremely difficult to get a contract with any label. Less than one percent of artists who still have access to labels, do not have the opportunity to influence their future career, which is managed by the label. The industry remains closed for active listeners wishing to promote music that matches their taste.
“Younk offers a new model of a music label with a completely different way of searching for future hits. In addition to experts, the community is actively involved in the search and production, “Dakhovsky noted.
Artists upload their tracks to a platform that works on blockbuster technology. The platform provides users with the opportunity to mark a favorite track and use tokens to participate in its production. Tracks, approved by the listeners, will be released by the platform and monetized in favor of artists and the whole community.
“Today 83% of the income goes to big labels and only 17% to the artist and the producer of the track. In the Younk system, 51% is distributed among the community, 21% goes to the artist, 7% to the producer, 5% to the platform and 16% goes to the community’s incentive fund, “Andrei Dakhovsky said.
Note that one of the founders of the project was the legendary Don Grierson, who received the Golden Apple Award from The Beatles and opened the American market for singer Celine Dion.
In the near future the project will enter the markets of the USA, Great Britain and Japan.
Recall that in February 2017, representatives of the music blockbuster project dotBlockchain, aimed at protecting copyright and accepting payments for the use of music, announced a partnership with SOCAN, MediaNet, Songtrust, CD Baby and FUGA.