Tunedly, a company that made its debut with a decentralized music recording and collaboration network, is now witnessing significant growth in its innovative Masked Music Discovery Platform. The decentralized recording platform comprises a network of studio professionals and musicians, making it easier and more cost-effective for artists to record music.
According to Tunedly, while Rihanna may spend around $50,000 to record a hit song, artists using Tunedly can reduce that cost by over 90%.
Recently, Tunedly has been expanding its Masked Music Discovery Platform, which seeks to level the playing field for songwriters and performers. The platform masks non-musical elements such as the artist’s name and image to eliminate selection bias and provide an unbiased evaluation for lesser-known and unsigned artists.
Objective of Tunedly’s Masked Music Discovery Platform
According to Tunedly’s CEO and co-founder, Chris Erhardt, the objective of the platform is to highlight great songwriting and artists by eliminating the influence of celebrity names and promotional campaigns.
“Existing music discovery services perpetuate existing inequalities in the music industry,” Erhardt explained. “Unsigned artists are disadvantaged because they are not evaluated solely on their music.”
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The platform analyzes listener statistics and streaming patterns, creating opportunities for audience favorites to secure publishing deals with Tunedly in cooperation with Spirit Music Group. Additionally, listeners who discover and rate music on the platform can earn TunedCoins, Tunedly’s native cryptocurrency.
This incentivizes community engagement and has garnered attention from artists, publishers, agents, managers, and more.
How to Participate in Tunedly
To participate, listeners can sign up for Tunedly for free. The platform takes note of their preferred genre, and every listener is given one ‘star’ per day to place on a song they believe has hit potential. Tunedly’s algorithm tracks various usage statistics, including listener metrics like the number of stars given to songs, skips, and average listening duration.
Based on this data, Tunedly’s A&R team can sift through thousands of tracks to determine which songs have the most potential for success.
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Perks for Listening and Participating on the Platform
There are several perks for listeners who participate on the platform. For example, listeners who award their star to a song that goes on to receive a publishing deal will receive that song’s NFT. Furthermore, the first 1,000 listeners who initially awarded their star to the winning song will receive 1 TunedCoin each.
Listeners who own the song’s NFT and TunedCoins are eligible to receive a share of the song’s royalties, facilitated by Tunedly’s TunedCoin project.
The Unique Reward, Support, and Inclusion Model of Tunedly
The more TunedCoins a listener has, the higher their share of Tunedly’s royalties. This blockchain-based reward mechanism promotes user engagement and has been drawing the attention of artists and industry professionals.
Royalty shares are determined by each listener’s TunedCoin holdings. For example, if Tunedly and one other individual are the sole owners of a song’s NFT, and each has 100 TunedCoins, a $1,000 royalty would be split equally, with each receiving $500.
However, if the listener acquires an additional 200 TunedCoins the following month, bringing their total to 300 TunedCoins, while Tunedly’s share remains at 100 TunedCoins, the $1,000 royalty would be split differently. The listener would receive 75% of the royalty ($750), while Tunedly would receive 25% ($250).
Tunedly’s unique reward, support, and inclusion model are designed to bring attention to artists who have the potential to make an impact. As 2023 begins, the company is focused on providing independent musicians and artists with valuable opportunities to reach their audience.