By utilizing Web3, the underlying issues in the music industry can be dealt with, and Corite aims to provide maximum value to artists and fans by leveraging the BNB Chain.
A New Era for Music
Corite, a crowdfunding and fan interaction music platform, looks to transform the “over-centralized” music industry. Its core feature is fan campaigns, which let users get a piece of the revenue generated by songs.
Although Web3 is still in its infancy, its advantages – such as decentralization, community engagement, and ownership enhancement – could make it an effective solution to the underlying issues in the music industry like the presence of centralized entities (record labels, agents, promoters, etc.). By positioning itself as a Web3 music platform, Corite aims to allow users to support their favorite artists while also sharing their successes.
“Corite uses blockchain and fan power to transform the music industry. Fans can support their favorite artists on Corite’s CO platform and share in their success,” Alex, Corite’s business development and marketing coordinator told BSC News. “This method enables us to address two major issues in the music industry: revenue cuts on major streaming platforms and a lack of interaction between musicians and their fans.”
Artists benefit from raising funds upfront to promote their material, and fans benefit when artists reach or exceed streaming goals. As reported in an article from BNB Chain, Corite allows fans to pay with traditional fiat currencies like PayPal or credit cards and crypto. The platform’s native $CO token will also launch soon.
During the fundraising process, artists must set a fundraising goal, provide a target number of streams and project the returns for backers for each song. By tracking the data, Corite collects the revenue, then distributes it back to users according to their revenue share.
For example, if an artist has a fundraising goal of USD 1,000, 2M streams, and an expected return of 1.8x, let’s assume they reach their goal. When a fan contributes $40, she will get 4% of the streaming revenue. She will receive $72 if the artist meets their goal and make $32.
“The whole goal here is to get as many people as possible on board, so we put down the threshold to $1 and the maximum investment at $10 so everybody will be able to participate,” says Mattias Tenfblad, co-founder and CEO of Corite, in a recent AMA with BNB Chain. “We don’t want to have people with a lot of money buying the song share of “Unity.” We want thousands of people joining this campaign to be able to do some missions together to make sure that this song becomes a huge success.”
Corite has also recently announced a fan campaign with the popular Norwegian DJ Alan Walker. It took less than a week for Alan’s new song “Unity” to reach its fundraising goal and was already released on June 3.
Additionally, Corite recently released an exclusive Non-fungible Token (NFT) collection celebrating 100 independent artists who have made successful fan campaigns on Corite since its inception. The latest move also offers fans the opportunity to acquire Corite $CO tokens ahead of their upcoming launch. The mint has been open since June 6, 10 AM UTC.
What is Corite:
Corite is a Web3 music platform built on the BNB Chain to allow users to support and share their favorite musicians’ success. Corite provides two solutions for artists. In Corite, they can raise funds to create their music. If artists require marketing and promotion assistance, fans within Corite can assist them, and fans will promote the songs through various channels.
Learn more about Corite:
Source : bsc.news
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