
Choon is a music streaming service and digital payments ecosystem powered by the Ethereum blockchain and designed to solve some of the music industry’s most fundamental problems.
A venture co-founded by partners Gareth Emery, John Watkinson, Bjorn Niclas, and Matt Hall, Choon is set to be launched next year. While it is considered a music startup, it also has a clear component in financial technology since it aims to try solving many of the issues many artists have right now with streaming services utilizing cryptocurrency-based solutions.
Choon will be built on the Ethereum blockchain, something Emery says he has been enthusiastic about since 2013. In addition, the service will have its own payment token called âNOTESâ and a feature called âSmart Record Contracts,â which would presumably help create more effective contracts and, according to Choon, replace many of the procedures for licensing and contracting at present.
Choon promises to distribute half of the total overall NOTES token supply directly to artists over the next five years through a system called streaming for mining, plus an ambitious 80% returns for artists from streaming packages revenues, higher than the standard 70%, which has been decreasing as per recent negotiations with major labels by companies such as Spotify. While it may be seen as a concern, many contend that the real problem lies in where the money is going. Labels, distributors, publishers, artists are splitting up majority of the revenues, while the writers, engineers and producers get the scraps . Also many of the contracts are so opaque and complicated it is hard to know if one is being paid fairly.
We sat down with co-founder Bjorn Niclas to learn more about Choon and its Beta launch.
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