BitSong, the Pioneer of Decentralized Music Streaming Platform








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Music streaming is becoming more and more popular. Not surprisingly, there are many music streaming platforms that emerge in the market. However, all of the existing music platforms are centralized. There is no decentralized music streaming platform. BitSong is going to change that. It will become the pioneer of decentralized music streaming platform.

Streaming Services

Streaming services have become the most used tool in the current music environment to reach the public. In 2017, the revenue of recorded music is estimated to be around $17.4 billion. Of this number, about 43% or $7.4 billion came from streaming services. Obviously, this is a significant number and it seems it will grow larger in the foreseeable future.
Streaming services are also projected to increase the revenue of the music industry by over 80% from 2014 to 2020. It is important to note that there are more and more consumers who want to listen to independent music. This is why a music streaming platform that gives an opportunity for aspiring musicians to produce and publish their own songs is in demand.

Problems in the Music Streaming Industry

While the music streaming industry keeps growing over the years, there are problems within the industry that need to be addressed. The first problem is funding. Aspiring artists often face financial difficulties when they want to produce and publish their own songs. This is an unfortunate situation considering musicians must invest hours and hours of their time to create their songs.
The second problem is the advertisement. Within the industry, it is difficult for an advertiser to reach their audience. Currently, the only way to reach their audience is through an intermediary, which will increase the advertisement cost. Even worse, although an advertiser can reach their audience through an intermediary, it will be difficult to measure the result of their market campaign.
The third problem is earnings. Many music streaming platforms enable users to stream music in exchange for watching advertisements. The problem here is that the users give away their time but they don’t get anything out of it other than the song that they played. There is no platform that offers a chance for the users to get earnings from this.
The fourth problem is migration. A good music streaming platform will be able to operate cross ecosystems. In other words, the platform should be able to provide its services to the users not only when the users use a smartphone but also other ecosystems such as PC, TV, and even car radio. A platform that can migrate easily is needed.

The Solutions to the Problems

As a music streaming platform, BitSong will address all of the problems above. The first problem is funding. To solve this problem, the platform enables users to donate to the musicians they like. This way, aspiring musicians will be able to produce and publish their songs without having to worry about the funds needed to do so.
The second problem is an advertiser. BitSong enables an advertiser to advertise their products without having to go through intermediaries to reach their audience. Through the platform, an advertiser will also be able to track their costs and will be provided with advertising tools, both of which will help them to do an effective market campaign without having to rely on any intermediaries.
The third problem is earnings. The existing music streaming platforms generally divide the advertisement costs in two. One part is for the musicians and the other one is for the platform. BitSong does this differently. The platform will take not more than 10% of the advertisement costs, while the 90% will be divided between the musicians and the listeners.
The fourth problem is migration. BitSong listens to users’ demand. Using innovative technologies, the platform allows users to migrate cross ecosystems (be it a smartphone, PC, TV or even car radio) with ease. Using the platform, users can listen to their favorite songs with the ecosystem they want just about any time. No more issue with migration.

Technologies Used by BitSong

There are several technologies that are used by the platform. To ensure safe, quick, and efficient search, the platform has the IPFS. To ensure that the platform is fully decentralized and not depend on a single technology, the platform utilizes Ethereum and multiple blockchains. Lastly, the platform issues a token known as BTSG, which will be a currency within the platform.

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