Altostream: Creating equal opportunity for artists, subscribers across the globe
There is no doubt that Music streaming services are currently being run by corporate giants, thus forcing new entrants through a mammoth task of gaining visibility.
At a time when everyone is finding it challenging to make way through these difficult times along with the advent of COVID-19 currently raving across the World, it is so inspiring how people everywhere have adapted.
Technology has become a solace to many, subsequently reducing human interface. This development is also giving rise to subscriptions of various kinds both for entertainment, meetings, amongst others.
Currently, streaming services have come to stay, as individuals due to limited storage space on their devices, challenges of human interface, abducted this technology.
Some of the music streaming services available, including Spotify, Apple, Amazon, Boomplay, Google Play amongst others.
As a means to solve the problem of piracy in the industry, streaming platforms was birthed, and now, there are indications that streaming platforms are now the new pirates.
Also, the fact that new artists have to wait years to see a profit on their investment and that isn’t fair. This is what motivated the emergence of Altostream, according to the Founder of Altostream, Olusegun Komolafe.
Komolafe noted that the company feel it is its responsibility to innovate by building products that would keep people entertained while still providing monetary value to encourage them.
In his words, “Today we’re focusing on some new products that would revolutionize the entertainment industry and media. You know that feeling of excitement you get when you find out about something amazing and you need to tell everyone? That’s how I feel right now.
“Altostream is an amazing, out-of-this-world music streaming app that’s built on the blockchain. Now I know what you’re thinking, “what’s so great about another music streaming app, don’t we already have a lot of those?” The answer is yes.
“But, Altostream isn’t just another streaming platform, it’s a product that would change lives and improve the quality of content we listen to. Yes, I know we all love our various streaming apps but we have to admit that they come with their own problems.
“The music streaming platforms we use now, extract value from Creators (musicians/artists) through exploitative contracts. By using algorithms to source playlists, they replace curators (DJs, music journalists).
“This undermines the ability to form music Communities where dynamic interaction, co-creation, and celebration of cultural connections occur.
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“Altostream allows you to make money by tokenizing listening. This lets artists, curators, and listeners earn money directly from creating, sharing, and streaming while allowing artists to upload musical content at their own pace.
While analysing the company’s $ALTO tokens creators for sharing their music on the platform, Head of product design and research, Gideon Oladimeji stated that the $ALTO token creates an entire musical economic platform where the only limit to the Community’s generativity is imagination.
“For the first time in history, you’re getting paid to listen to music! Crazy right? If you become a curator, by investing your Alto tokens in your favourite artist or your favourite song, and that song increases in popularity, you get a fair percentage of the $ALTO earnings.
“These token earnings can be sold back to Altostream after a while, at whatever current value the Alto token has acquired. Music community members could also be paid by creators or curators in $ALTO to engage in promotional activity.
“Altostream brings back what we love about music, a true sense of community. By taking away the middle man that current streaming apps serve as there is a closer bond between artists and fans.
“With Altostream, users can pay directly to the creators of their favourite songs using blockchain technology; thus, creating a system where we empower each other.
“For Africa, and our music, this is a big deal. We’re being allowed to personally make sure afrobeat is on the charts. Because altostream isn’t subject to an algorithm that’s unfair to newcomers, you can take your underground favourite and turn them into an international sensation.
“Therefore, pushing Afrobeat and Africa, to the world. Altostream makes sure everyone gets fairly compensated. All Alto stakeholders would be rewarded 10% of all donations and paid subscriptions as voting rewards for their contribution to the blockchain governance.
“Now let’s talk about cost. For listeners, Altostream offers you high-definition, ad-free music without limits for just $5.99 per month, that’s less than half of the current Spotify charges.
“And unlike other music streaming platforms, there isn’t a tax placed on creators’ initial income. The Altostream platform would not take any cut from direct payments between listeners and musicians, so as a creator, your money is your own.”
