Innovations Item Code: IN-2024-2100446
Sector: AI/IoT/Technology
Description:
Our project is called Euterpe, named after the goddess of music. Euterpe's innovation can be summarised into the following main features including but not limited to:
Independent music artists have the opportunity to tokenize their identity as an ERC-20 token, the value of the token is influenced by the potential success and success of the artists using several metrics aggregated by the Euterpe Oracle. The artist is the sole owner of the token, but there is a possibility of the Euterpe platform holding a position, there is also the opportunity for managed tokens and managed services to ensure abstraction and seamless user experience for non-crypto natives, the token can be bought and sold by fans on the free market, as well as the artist, and becomes a source of funding for their music projects removing the dependence on record labels for financing.
We introduce the concept of Harmonies as a way to encapsulate different types of rewards that fans can access from their favourite artists, represented by smart contracts, legal agreements or both using NFTs. Harmonies include several types of rewards from donations badges, to earning yield from holding a particular artist's token, to sharing revenue from royalties, ticket sales, streaming, merch sales, music rights, to engaging in project-wide governance of specific albums or singles and more. It is a robust system for facilitating engagement between artists and their fans that ultimately leads to funding.
Plumes is the platform's dedicated AI agent that the automates the modalities of running a music business from discovery to production to distribution. Plumes handles several tasks like artist discovery and data gathering, she enforces fair spotlighting on the Euterpe platform ensuring all artists get a fair chance to be spotlighted regardless of popularity. Fans can engage Plumes in chat to learn more about artists, their token and harmonies.
By decentralizing the streaming platform and connecting it to the Harmonies ecosystem, artists regain control over their music and fan relationships. They set the rules, decide how their music is distributed, and receive fair compensation for their work or share revenue with fans. This decentralized approach ensures that the interests of artists and fans are prioritized, rather than those of record labels or other self-interested entities.
Through Managed Services and Decentralized Record Labels (DRLs), we're exploring a new paradigm for music production and collaboration. Our managed services provide artists with access to expert professionals, such as producers, engineers, and marketers, while DRLs enable artists to collaborate with other creatives and industry experts in a transparent and equitable way. By abstracting away the technical and logistical complexities, we empower artists to focus on what they do best – creating music that inspires and connects us all.
The overall aim of Euterpe is to fund independent artists through fans and community, thereby removing the need for traditional record labels and freeing artists from toxic contracts and exploitative industry practices.
Stage of Innovation: Proof of Concept (You have created something to show the innovation can work)
Problem:
As a music lover and musician, I believe each creative work is piece of the artist's soul and shouldn't be exploited for financial gain by entities driven solely by self-interest. While this might sound idealistic, what if artists could earn a decent living without having to become extremely popular and still retain ownership of their creative right.
It's seems that the norm in our society is for an artist is to first give away all of their creative work to be consumed for free, in hopes of gaining popularity and relinquish all ownership of rights before ever having a chance to earn a simple living because they have to get signed. Only having surrendered these rights are they "considered" for support—which can be biased towards industry-favoured artists.
Streaming platforms perpetuate this type of consumerism. For example, it would be very impractical to say that I pay 10 dollars every month and I go to any restaurant to eat all and anything I like. This defies basic economics, making it hard for this platforms to scale and even harder for small artist to earn basic living despite creating art from the depth of their souls to soothe others, yet we have been taught to accept this as the norm in our society.
That's why We're building Euterpe – to create an ethical ecosystem for rising and independent artists. We believe artists should retain full ownership and control of their work, earning a basic living without toxic record label contracts. Euterpe provides direct a way for fans to enjoy and fund the music they love, while ensuring artists receive fair compensation for their creative endeavors. Through Euterpe, we're cultivating a community that values the artistry and dignity of creators, and fosters a more sustainable and equitable music industry for all
Unique Selling Point: The music industry has long been plagued by a systemic issue: the reliance on record labels and the resulting exploitative practices that prey on artists. These labels often prioritize profits over people, trapping artists in unfair contracts, taking a large share of their earnings, and limiting their creative control. This has led to a power imbalance, where artists are left vulnerable and fans are disconnected from the music they love. Euterpe is a revolutionary solution that tackles this problem head-on. By harnessing the power of Web3 technology, we create a decentralized, community-driven platform that empowers artists to break free from the shackles of exploitative record labels. Our platform enables artists to connect directly with their fans, share their music and experiences, and secure funding through a fair and transparent revenue model. With Euterpe, artists are no longer at the mercy of record labels. They have full control over their work, can retain a larger share of their earnings, and are free to create music that is true to themselves. Our platform also prioritizes fan engagement, offering a range of rewards and benefits that foster a deeper connection between artists and their supporters. By addressing the root cause of the problem, Euterpe creates a more equitable and sustainable music ecosystem. Our platform empowers artists to succeed on their own terms, rewards fans for their support, and revolutionizes the way we experience music. Join us in building a better future for music, where creativity and community thrive.