Project Name: Feedbands
FPR Id: 0079
Start Date: 08/06/2018
Hashtag: #feedbands
Name of BCF Gitter community room: #proj-feedbands
Stakeholders: Feedbands, independent musicians around the globe, Bitcoin Cash
Project Summary: Distribute cryptocurrency to musicians around the world by paying a fair rate per-play for music streaming.
Feedbands is a five year old music streaming service that streams only independent artists. We believe music streaming is a compelling way to distribute cryptocurrency while solving one of the biggest pain points in the music streaming industry: abysmal streaming payment rates. Similar to an airdrop, distributing a small amount of crypto to musicians every time a song of theirs is played is not only a powerful use case for the entire crypto industry, it allows entry into the space in a form of earning and not investment, which the space needs.
We have been developing our system to distribute cryptocurrency in real time on a per-stream basis to our musicians. We recently ran a test working with over 100 artists who stream an average of 100 songs per day. We were able to successfully execute 10,000 micro payments per day on-chain with Dash (June 4-6 2018) and now are reaching out to other top cryptocurrencies to try to secure funding to pay our artists in real time every time a song of theirs is played.
We have two levels of partnership available: exclusive partnership, which would require a larger commitment including a distribution pool and advertising budget, or non-exclusive, which will allow us to distribute any amount of bitcoin cash you desire to be distributed while still allowing us to work with other cryptocurrencies to ensure that our artists are earning a full 10 cents in crypto for every song play.
Resources: Our system and software is already built, running, tested and working. We demonstrated it successfully on the Dash network most recently on June 4-6. Our payments are in the blocks and every recipient address can be pasted in the search bar on our website to reveal the artist it went to. In this way, every streaming payment is publicly verifiable.
Now, we simply need to secure the crypto to begin distributing to our artists. At the moment, we have no exclusive agreement in place and are simply shopping around our unique distribution platform. We are open to exclusive and non-exclusive partnerships.
Budget: An exclusive partnership with Bitcoin Cash would require $200,000 per month, with the following breakdown:
$150,000 allocated directly to the distribution pool. Every last BCH in this pool will be distributed in a publicly verifiable way.
$50,000 per month for advertising and development expenses. Crypto may not be able to advertise on facebook, but a music streaming platform that pays 10c a stream is.
Timeline: We are hoping to begin our first wave of crypto distribution July 1 2018 but really we will turn it on as soon as we secure the level of funding necessary to start paying our artists in crypto for every stream.
Goals: Our goal is to distribute cryptocurrency to the artists streaming on our platform every time a song of theirs is played and in so doing create an entry point into crypto for artists around the world. The world needs more ways for people to earn crypto outside of purchasing it as an investment. At our current volumes that would require $30,000 per month in total crypto distribution, but we also want to welcome many more artists into the program, and eventually create a service that any artist can sign up for and begin earning some crypto.
Other: Feel free to reach me at [email protected] if BCH is interested in distributing via Feedbands.