One of the developing Dapps on EOS which I am waiting for is Emanate. Emanate is the next generation P2P platform for all the stake holders of songs and music including music lovers, existing industry and creators, etc. It covers not only all professional but also amateurs as well.
THE existing Music Industry
In the past, music industry is dominated by several big industry players. It is almost impossible for singers or composers let their potential audience aware of their existence. With the help of internet, applications like YouTube, FB, Spotify and Apple can be utilized by them but centralization nature of the industry still extract most of the value of the system on the hands of those platforms.
In other words, thought the Music industry has faced radical change since the rise of the internet. This rapid change has only moved the power from MNC music companies to another large centralized structure, i.e. internet platforms. Inefficiencies of the old system have been improved through economy of scale but the real problems are still over there.
• Unfair payment distribution among different value producers inside the value chain. Creation is not being encouraged in proportion to the effort being paid.
• Payment processes is not efficient enough
• Platforms have great say inside the value chain which may hinder the overall development of the industry as a whole.
• Potential censorship from the platforms which may hinder the entry of new artists into the market
Decentralization of music industry
Blockchain technology is going to re-define banking an finance industry and it is believe that it can also re-define other industries as well. We will be happy if Blockchain can re-define music industry as well.
If Emanate or others DApps can succeed, all the value created inside the existing value chain can be unlocked, exchanged and monetized in a more free manner. The situation of the music industry at the moment hopefully will be further decentralized and bigger portion of the value can be driven to the hands of all performers and creators of the music services and users from existing platforms and music records companies, etc. Of course, it will be perfect if there are several EOS based music service exchange platforms for consumers but I believe that Emanate is definitely one of the Dapps that is worthwhile for my long term investment.
White paper of Emanate: