Spotify VS BEATiFY

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Industry Stake

Continuing from our recent blog post detailing Audius and BEATiFY, two comparable blockchain-based music streaming services, we will now take a deep dive into the existing players in the industry that operate with legacy technology and how they compare to BEATiFY. The contender being featured in this blog post is Spotify, a massive company in the streaming world.

Spotify is the world’s leading streaming service with revenues of 9.2b last year and also trades as SPOT on the NYSE. BEATiFY, alternatively, is a new blockchain-based music streaming service that has the drive to change the future of the streaming industry to give the power back to independent artists. This is a true David and Goliath comparison. Let’s see how each platform stands against various dimensions!

                                                      Spotify                                                                   BEATiFY

Philosophy

Believes that the current state of the music industry is better for the artists than the previous model, which was piracy sites like Utorrent and Napster.

Also believes that the current state of the music industry hasn’t done anything good for the artists and that blockchain will revolutionize content streaming.

How does it work?

Uses legacy web technology to enable music streaming, built on human-managed databases, coupled with intermediary distribution companies who onboard most new Creators.

Uses blockchain technology to enable secure music streaming.   BEATiFY removes the middleman from the music industry and connects fans directly to the artists. It allows the fans to pay directly to the artists. All that an artist has to do is distribute their music tracks through the BEATiFY platform, and the fans will pay to hear the music tracks on the platform.

Who is in control?

Daniel Ek and Martin Lorentzon (30.6% of ordinary shares between them); Tencent Holdings Ltd. (9.1%); and a run of three asset-management specialists: 25.3%

Sony Music Entertainment and Universal Music Group — continue to jointly own between six percent and seven percent of Spotify (Sony around 2.35 percent and Universal around 3.5)

Is continually decentralizing music streaming. BEATiFY gives the power back to the music creators, fans and investors. With BEATiFY music creators have full control over the distribution, monetization, and steaming rights over their music tracks. Revenue is generated in advertising and token appreciation.

Where to buy?

Shares can be purchased on the NYSE through your trading account.

https://coinsbit.io/ or https://sushi.com/ (DEX)

Fair-trade included?

Currently has no fair-trade model to support artists in emerging economies or direct payment per stream.

Supports the fair-trade model to help artists around the globe get paid and increases artist market exposure

Artist payments

Ranging between 0.00318 - 0.00222/stream.

.015/Stream which 5x more

Also incorporates rewards for fan listening – extra credits for liking, sharing, fan rewards, interactions etc.

Growth potential

In 2020, Spotify generated a revenue of over 7.88 billion euros, up from 6.76 billion in the previous year.

$SONG is trading at .017 on coinsbit.io with an unliquidated market cap of $20.4 million while comparables trend averaging to be near $2.00 by 2023 puts the unliquidated market cap near 2.4 billion.

Conclusion

In conclusion, we can see that the emerging blockchain streaming model is far and away better for musicians and their fans. The legacy model is a digital distribution model layered onto a 100 year old publishing model. Blockchain uses the latest technology to secure streaming revenues and allows for streamlining and process automation which lowers the labour cost of administering and managing databases. This alone makes blockchain streaming more enticing, coupled with decentralized token holding, huge market interest, gamification and fan interaction the blockchain model is emerging as the victor. In true David and Goliath style, the little guy comes out on top.