Blockchain and cryptocurrency are two of the hottest topics in the music business now. Choon is a new company looking to use both as a solution to the outdated model of payments, publishing and distribution that is slow, riddled with errors and prone to exploitation. It is a music streaming and digital payments ecosystem that looks to use blockchain to more efficiently run a service that works better for artists. The service has been in the works for some time, but it will officially launch tomorrow, May 1 at 12 p.m. PST.
The launch will set notes back to zero. The daily distribution of 375,000 NOTES per day will begin on May 1st, and will remain at this rate for five years, after which the number will be reduced. New signups for artists will be frozen at the start as they figure out the load on their servers. Artists can sign up for the waiting list.
Most streaming services return 70% of their revenues to labels, though that number has started to fall, and then artists sometimes only get 10% to 15% of the rest of that. Choon returns 80% of their revenue to artists. Choon is flexible and does not require you to use crypto. It also encourages fan participation.