Sine is the worlds’ first cryptocurrency based music streaming app that that pays listeners for music discoveries. It has been designed to solve some of the most glaring problems encountered by the listeners as well as musicians while using the currently available music streaming services. The company’s goal is to disrupt the music streaming industry by paying users for content selection, creating the biggest and most active music community in the world.
At present, streaming generates over 50% of the revenue of the entire record industry and has 112 million users of paid music streaming subscriptions with over $4 billion in revenue. However, there’s still a problem with free accounts, for example, only 30% of Spotify users are paying subscribers. The existing pricing models lack flexibility as there are no other options between plans for overall cost and free account.
Sine rewards users with its own Ethereum-based cryptocurrency, Sine tokens, for being the first to discover future hits with ‘likes’ and making popular playlists. Listeners can pay for premium subscription with them, lowering its cost or even making it free. Extra tokens will be tradable to fiat currencies on major crypto-exchanges.
On the other hand, Sine will also benefit the musicians and music labels by creating flexible tariffs that will increase the percentage of paying users on the service. Promotion of new music will become faster and more effective because the users will motivated to search them proactively. This is extremely likely to cut down their promotion costs and increase the final profit margin for them.
“If we want to make a great music service for artists we should start with the best service for the listeners. Highly engaged audience makes Sine a perfect platform for the musicians to present their new works,” says Sergey Mayamsin, the CEO and co-founder of Sine. “Flexible subscription plans will bring bigger revenue from streaming and we’re sure creators will love instant payouts based on smart contracts and build-in track promotion tools.