More industries are realizing the advantages that blockchain decentralization represents. While the technology has traditionally been the purview of fintech and financial institutions, the Potentiam project seeks to bring blockchain to the music world. Envisioned by the founders of UK music discovery company Britznbeats, the project will include a complete vertical integration of all aspects of music production and distribution.
The full Potentiam Network will include two complete subsystems – the Potentiam Core module for music creation and distribution, and the Potentiam Classic module for promotion and marketing. The two will be seamlessly integrated to allow cross-promotion and ease of discovery for music lovers.
The Decentralized Alternative to Traditional Record Labels
The greed of traditional record labels is a thing of legend. Songs have been sung and movies have been filmed focused entirely on their shady practices and gouging of artists. The Potentiam blockchain aims to remove some of the power that those traditional labels hold over the individual artist. Starting with their digital production studio suite, artists can form collaborations and use the robust internal features to record and revise their music.
This is then added to their catalog management system for distribution. The platform allows artists to distribute to traditional streaming services, physical media, sync licensing and even arrange public performances. A booking agent module allows venues to search out local artists and arrange live performances from their end.
How Vertical Integration Helps the Artist
This vertical integration of the music creation process allows artists to completely cut out the middlemen usually associated with music production. Everything they need is located within the Potentiam blockchain. The smart contract enabled ERC-20 PTM token drives the internal economy and can be used to purchase licenses from artists. A secondary sub-token, CLT or Clout is used within the Potentiam Classic module to reward content creators for driving promotion and marketing for the artists.
The network also generates lists based on genre, popularity and trending songs to aide artists in gaining exposure for their music. These lists can be used by streaming services and public performance services to create new playlists. Potentiam’s roadmap is ambitious, aggressive and sorely needed in the current music creation environment.
Disclosure: Spotlight Growth was not compensated for the creation of this content. This content was created for informational and entertainment purposes only. Potentiam is currently nearing an ICO, but we are in no way affiliated with this offering or platform. This content does not constitute a recommendation to buy, sell, or participate in the ICO or platform. ICOs are extremely speculative and investors must weigh risks associated before participating. Consult a financial advisor to discuss if ICOs are right for you.
Article By: Adam Stone