This page is intended to provide an overview of the bittunes project, primarily based on the way the system will function for Artists and Fans. However, if you would like to know more about the history of the project follow the link. ~ OK, firstly in our proposed system there are three kinds of users, a) Copyright owners (bands, songwriters etc) We call these ‘Music Makers’ and b) Fans (distributors) We call these ‘Music Movers’ and lastly the Service Providers to the music industry, we call these ‘Music Managers’.
Also, Bittunes has been intended to be an ‘Independent Digital Music Market’, which means that we place special focus on the rights truly independent bands and songwriters which provide their music to bittunes, typically these Artists own the copyright of the music they seed into the network. However we do not exclude music by Artists that are represented by Companies that are part of the established music ecosystem. We are currently working to formulate ways where we can accommodate the complex rights structures that exist within the established music ecosystem into Bittunes without compromising our core values, and the best interests of Artists.
Earning, in %’s of Bitcoin by co-distributing independent music
The platform will allow ‘music makers’ to automatically receive royalties in Bitcoin or other digital currency, whenever and wherever a music sale takes place, (and because this is a potentially global P2P network, that is significant). Royalties will also be shared with ‘music movers’ in proportion to the percentage of digital data they contributed to the upload to the new purchaser of the music track. Technically, as soon as the new buyer of the music track has purchased the song, they themselves become a music mover for that song, and will start generating revenue from that song, whenever they contribute to another upload of that song to a new buyer.
Payments will be denominated in $US, but earnings and system in BTC
Note, this means that music fans can effectively become the new distribution channel for independent music, and instead of a music purchase being a ‘sunk-cost’, it in fact becomes an immediate investment, and the more music you buy, (if that music is in demand) the more money you will make. We will also provide you with some very cool ways to know which music is in demand, so that your music purchases will earn you the highest returns.
1st Principle: Only authorized bittunes songs can be traded on the bittunes network.
2nd Principle: Music to be traded must be uploaded by copyright holder or approved representative.
3rd Principle: Artists ‘Music Makers’ will get a fair royalty with the potential to make a good living, hopefully.
4th Principle: The Fans ‘Music Movers’ will also make money by uploading music to new buyers.