Ujo as a Platform for Music Revamping - An Innovation Review

The Ujo Platform

At Ujo, as musicians ourselves and fans of music, we believe the world will be a richer place when we can support the musicians in their craft. For us, it has lead to one overarching goal: making musicians more money. By doing so, musicians will be able to support themselves, bring forth new music to the world, and we, the fans, will be culturally richer for it. We want to liberate music.

The Ujo Platform eliminates all the drawback from the previous industry paradigm and gives all the power in the hands of the people responsible for creating​ the Industry - The Creators. The Artists.

Ujo gives Independence back to the artists, allows them to be Digital Masters of their own content, assures​ immediate royalty payments and ensures complete transparency​. All of this is possible due to the Smart Contract Ecosystem,​ that simplifies all the backend technical processes, allowing creators to use it without any technical expertise.

A Look through the Lens​ of Innovation

As an innovative application for decentralized, peer-to-peer artistic growth, the UJO platform can be linked to the 5Ps of Innovation as it establishes itself to be a game-changer in the music industry, promising to remedy all the loopholes and drawbacks of the traditional music industry standards. Artists are promised to be given first preference and complete control of the content they make, instead of handing it over to large market players who exploit the artist and the system to profit the most out of the deal.

Musicians in the current system are the major content creators and innovators but are also the biggest losers, when it comes to being recognized for their creation. Large market players such as the record label and production houses intervene between the artist and the end consumer to make the most out of the deal. Almost always, artists are left out of all the remuneration processes and the major concentration is given to maximizing the profits for the intermediaries. It has been observed for decades that the content creators are the final destination for remuneration, usually forced to accept peanuts to the dollar. In the name of production, platform, marketing, and advertisement costs, the record labels pull towards themselves, a major part of the profits received, even though it was the artist that was responsible was the end product.

The UJO platform, with all its decentralized capabilities and end-to-end market connections, promises to put the artist on the top of the chain, rather than the bottom, which could possibly become an incubator for the production of improved content for the public. With all the responsibilities transferred from the middlemen to the creator, customization of the platform becomes possible where artists can tailor the platform as per their needs.

Ujo and 5Ps

Product

The platform offers decentralized, distributed file storage of the content provided by the creators, so as to avoid manipulation to the original licensed product. The artist is able to make the most of their content by being able to specify all the relevant details such as the payment of royalties, the creation of the content, inspiration, and other important details and have full say in licensing content to potential private or commercial use. All the above processes are taken up by smart contracts that are specific to the UJO platform and allow for continuous and real-time changes. With UJO, it is possible for the artist to be in complete control of the licensing option, such as the price of the downloads, streams, and syncs. The artist can even take over the control of the rate at which the payments are made, either instantaneous or periodical.

Process

The process innovation of the UJO platform is the most revolutionary of all, as it establishes a smooth flow of information and value, where the artist is on top of the value chain and responsible for all the content value. An artist who spends months or even years to develop their content are exploited by the traditional music industry process, where they would be the last to receive their pay, after paying out all the other intermediaries involved in the supply of the content such as the production company, record label, marketing campaigners, et al.

This process enables automated payments to rights holders based on licenses the artist design themselves in an easy-to-use interface. It can be extended to incorporate a wide range of additional functions, such as programmatic contracts, variable pricing, payment routing.

Positioning

The positioning of the UJO application is severely critical as it threatens a multi-billion dollar industry to overnight destruction. It positions itself as an upgrade to the traditional industry standards that are outdated, tedious and pay no attention to the artists and content creators. The UJO application is a platform that promises to be an intermediary remover by which the music is coded into the ledger as belonging to the musician, and any purchases are handled automatically. Not only is the record of publication there for all to see, but it also has the potential to help connect musicians to their audience directly, this means that there’s a global record of an artist’s works. This record also includes information on how to pay the artist through a smart contract. This positions UJO as the one-stop shop for both the user and the artist to collaborate with the application is maximizing their output and/or utility. It even open up the possibility of peer-to-peer advertising.

Paradigm

A whole new paradigm of innovation could follow as UJO scales to bigger heights. A new and efficient business model is introduced with only just two ends and no hassles in between. The UJO model compensates the content creator fully leaving no room for exploitation. The artist can take up all the responsibilities that traditional organizations commit to, such as marketing, production, fine-tuning etc, or even delegate these process with the promise to include their work on the smart contract for remuneration purposes. New businesses could spring up that are centered around improving the content of the artist and help in making the content widely familiar.

Platform

The drawback of the traditional structure of the music industry is that they heavily center on their inability to recognize the huge amount of time and contributions made by the content creators and helping their growth. The industry is heavily monopolized by third-party instigators that stand in the way of content delivery between the extremes (the artist and the consumer). Prices are marked up to cover the intermediary costs, which indirectly leads to the illegal and pirated distribution of the content, carried on by parties that cannot cover the costs to purchase the products.

The UJO platform allows for a means to satisfy both the artist and the end-user by taking both their problems and solving it through Blockchain arbitration. On the artist’s side, the platform promises to be transparent and accountable, wherein the artists get to make all the decisions such as the prices of the content, the payment of royalties, licensing the copyrights, managing digital rights etc. All transactions are readily fulfilled and remuneration reached almost instantly, thereby making sure that the artist is not left out, and in the long run, allows for better quality content being published on the platform.

For the end-user, all hassles and drawbacks with the previous standards are removed as the user can customize her needs, for instance, paying only for the streaming services, or downloading the content, or licensing the content for personal or commercial use. All facilities are readily available and there is no need to go through the tedious traditional processes.

• SB

Sources:

1. Ujo and Capitol Records Bring Blockchain Innovation to Music
2. Ujo Platform - Reddit
3. A Beginner’s Guide to Music and Blockchain: Why it Matters for Musicians

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