CyberFM is Levelling the Playing Field for New and ArtistsAs anyone familiar with the music industry knows, there are royalty payment systems enforced in most countries through government regulation. The reason for this is to ensure that musicians and artists are compensated for the use of their performances. Benefitting from these royalty regimes requires being a member of a recognised rights performance organisation (for example, SOCAN in Canada and SoundExchange in the United States, which collects online broadcast payments through a membership system for multiple performance rights organizations). As a way to offset the costs associated with these payments to artists, large online radio networks that broadcast music have monetized content using subscription systems, membership perks and traditional broadcast advertising.
Cyber-FM challenges this model of online radio in a number of ways. First, Cyber-FM Radio has been a leader for the past 10 years in providing listeners access to music that is not normally available on mainstream radio at no charge. Now, it is working with Mainstream for the Underground (MFTU) to add a new system in which everyone (listeners and artists) are rewarded with tokens for each song they listen to. MFTU uses an open-source online royalty payment model that functions worldwide through a distributed ledger (blockchain) system. To operate globally while also negotiating varying government regulations, the system uses a dual token ecosystem involving the CYFM token and the MFTU token. Both tokens are built on the ETH blockchain, which can be used to create a universal payment system that enables royalties to be collected and paid throughout all countries.
The CYFM token represents a regulatory compliant cryptocurrency for artists that are currently registered locally in their home countries. It will be used for payment to government regulation agencies worldwide. This means is that the CYFM tokens will not be totally decentralized as it will have to conform to regulatory requirement in different countries. The MFTU token is similar to CYFM, but it is architecturally decentralized and as such represents the only truly internationally accepted, transparent, fair, legal and cryptographic performance rights royalty system for independent artists. Any artist can register with MFTU, have their music broadcast on Cyber-FM and receive royalty payments in MFTU tokens regardless of individual membership to the performance rights organization in their home country. Fans and listeners alike can use either token in stores for merchandise, song downloads, and “tipping” directly paid to the artist (this is separate from MFTU artist royalties).
In Conclusion, Cyber-FM has an established record of bringing independent music to listeners and promoting artists through user outreach. Its new plan with Mainstream for the Underground is exciting because it provides a way of protecting artist's rights and payments across the globe while they maintain current copyright registrations locally. At the same, it gives a way for artists who are not officially registered the chance to have their music broadcast on CYBER-FM and be paid royalties through MFTU tokens. This means the ecosystem can effectively function in the current context of government regulation of copyright and royalties, while also helping to usher in a new era of decentralised and global royalty payment processes.
More information:
https://www.cyber-fm.com/https://www.mftu.net/#CyberFM #Investment #Cryptocurrency #DistributedLedger #RadioOnline #CYFM
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Topic: Project Review: CyberFM is Levelling the Playing Field for New Artists (Read 2972 times)