News Promising Start-up Younk is Modernizing the Music Industry with Blockchain
Bitcoinist | May 17, 2018 | 13:00
Younk is a blockchain platform that aims to modernize the way the music industry, as a whole, works. It will allow music lovers to participate in the process of discovering new music, while also providing the opportunity to co-own future hits and share in their income.
Modernizing the Music Industry
Did you know that up to 70 percent of music industry revenues are owned by the ‘Big Three’ major labels — Universal, Sony and Warner Music? Only they decide what songs should be popular all over the world and who’ll be the next superstar. It’s time a company came along and modernized the music industry. Younk is that company.
Younk has been created to make the music industry accessible and profitable for both artists and the music-loving community.
It is the first decentralized community label which is open for everyone the world over, driven by both the community and listeners, and which makes it possible for everyone to capitalize on music.
The blockchain-based platform gives everyone the opportunity to discover, support and co-own hits, and is the perfect place for talents to be heard. It is also an alternative to traditional labels for the community to join the music industry, co-own creative product, and reap the rewards! Explains Andrey Dakhovskyy, the co-founder of Younk:
We’ve created something, which could literally change the way new artists’ demos are reviewed. Not by big labels specialists – but exactly through listeners, who can contribute into their favorite song and get a profit after.
Each and every creative product on the platform is community funded and collectively owned. Talent simply uploads a demo and allow the community to listen, rate, and vote with tokens. Successful demos will then be produced, released, and promoted — and the resulting revenue will be distributed via a smart contract. As noted by Don Grierson, a legendary music industry executive and co-founder of Younk:
The music business as we know it has gone through dramatic changes. The reality is – in today’s music business, just having talent is not enough to become successful.
Grierson himself received the Golden Apple Award from The Beatles and signed Celine Dion to her first US recording contract — so it’s safe to say he lends the project some serious credibility.
The world of cryptocurrency is ready to gain access to the $17 billion-dollar music industry, and Younk provides the one and the only possible way to discover hits using modern tools.
If you are ready to dive in and get involved, Younk’s private pre-sale starts on May 18th, 2018. Don’t miss your place on the whitelist!
What do you think of Younk’s plans to modernize the music industry by allowing anyone to benefit from the production of hits? Are you planning on participating in the pre-sale? Be sure to let us know in the comments below!
Images courtesy of Younk, PixHere
