Blockchain-powered music platform Aurovine has launched in India in collaboration with Audiocoin, BlockPool, and Indian company Appliconsultants. The platform aims to leverage the blockchain to foster growth in the Indian music market.
U.K.-based Aurovine is an online music sharing platform that uses the blockchain to ensure both artists and fans get the most out of the music industry. Founded in 2012, the platform seeks to give fans greater access to their favorite acts while guaranteeing that the artists are paid their dues in a fair and transparent manner.
Aurovine’s launch in India was done in conjunction with London-based blockchain solutions company BlockPool. The company specializes in delivering applicable and effective blockchain-based solutions suitable for B2B dealings. It is involved in Arts & Media, Fintech, Brands, Music & Sports applications, amongst others.
BlockPool worked with Indian firm, Appliconsultants to facilitate a smooth entry into the Indian market. Appliconsultants is a business development company that helps businesses expand by leveraging its experience, wide-reaching expertise as well as technological know-how. Speaking of the collaboration, David Blundell, co-founder of BlockPool said: “We’re delighted to be working with Appliconsultants to take our original product to market in India.”
Aurovine’s use of the blockchain ensures that every time a song is listened to, all the people involved in its development are credited with their share of the dues. Since the blockchain is immutable, this leads to a high level of accountability and fairness. Aurovine uses the cryptocurrency Audiocoin on the platform.
Audiocoin is a music cryptocurrency that aims to reward both artists and fans for involvement in the industry. Fans earn coins by simply listening, rating and sharing music while the artists are awarded Audiocoins when fans share their music.
The coin is tradable on several digital currency exchanges such as Cryptopia and Bleutrade and has recently surpassed the one million block milestone. The value of Audiocoin has been showing steady growth in recent weeks. However, its market capitalization is still under $2 million, so it still has a lot of growing to do before it comes one of the more established altcoins.
Aurovine sees the music market in India as a place where the platform can have help foster growth. The platform will give fans the ability to earn coins, and store them in mobile wallets, as well as vote for their favorite artists. Artists can crowdfund their endeavors through smart contracts executed on the platform. These features mean that fans and artists have a closer level of engagement than is currently available in the market.
Hoping to give artists more control over their careers and allow fans to feel closer to the acts, Blundell added: “The platform has already provided artists in the UK with a fairer and more engaging means of hosting their music, and we’re excited to see the Indian market’s response.”