FENIX’s revolutionary blockchain platform, the FENIX platform, has been designed with the intent of creating multiple new income sources for musicians on a global scale by offering them easier access to the US $27 billion music merchandise and ticketing industries.
Singapore, 2018 (OkayKrypto) The FENIX Platform is an ecosystem that aims to solve some of the most significant problems encountered by most musicians and their fans. With the FENIX Application, several layers, like the middlemen, between music artists and their fans will be removed thanks to blockchain technology. This enables more direct interactions to take place between the two parties which will ensure that musicians are paid more fairly for their art as middlemen like record labels, distributors, venues, promoters and management, take more than 87% of an artist’s revenue.
The FENIX Platform will also be the first platform to combine the sales of music and the merchandise of musicians into one online store for music fans from all over the globe. Musicians can, therefore, leverage on the platform’s benefits of direct selling and buying to monumentally increase the share of the profits they earn from their music as according to reports from 2017, the music merchandise market was worth a whopping US $3.1 billion.
The issue with the music industry today is that out of an estimated 8 million bands present in the world today, less than 2% have record deals and have to be overly reliant on the streaming business model to make a living from their craft which pays them insufficiently. Reports early this year indicated that the largest streaming music services, Spotify and YouTube only paid artists a meagre $0.00397 and $0.00074 per stream respectively. FENIX seeks to solve this problem with their ecosystem.
The FENIX Platform will serve as a unification point that presents fans with all of a band’s music, music videos, social media offerings, tour information, merchandise, ticketing and other things that musicians would like to share with their fans. Musicians will be able to engage in direct selling, provide fans with privileged access to their shows like meet-and-greet sessions and also sell limited edition merchandise. Fans can interact with like-minded fans through this platform as well. As such, the application will serve as the sole source fans need to use to know everything about their favourite artists.
The currency that will be utilised in the FENIX ecosystem will be the FENIX.CASH tokens. These tokens will be provided to all bands that want to receive them without any obligations and will be how bands will get paid by their fans and blockchain allows this to occur quickly and securely. The FENIX platform has multiple rewards programs built in for musicians and fans to earn points that are convertible into FENIX.CASH tokens which can be used to purchase products and experiences from bands.
Blockchain technology allows for the creation of a decentralised relationship between musicians and fans, strengthening their connection which allows musicians to know what their fans desire so that they can deliver them and earn a better living. FENIX will receive a tiny percentage of transactions that occur between musicians and their fans which could be about 3% for merchandise, 10% for ticketing and a share of advertising revenue associated with streaming music or bundled promotions.
The FENIX platform ensures that artists have a choice – they do not have to give away a lion’s share of their earnings to middlemen. It also eases the way they distribute their physical products, experiences and access to various events.
To download FENIX’s Whitepaper and for more information: https://www.fenix.cash/
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