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Business News Digital
Music-specific virtual currency being planned
By Chris Cooke | Published on Thursday 27 February 2014
You know what the music industry needs? Its own virtual currency, that’s what. A musical version of that awfully popular and not at all under pressure this week Bitcoin.
And now it has it. And no, I’m not talking about the trademark-litigation inducing Coinye project. I mean Songcoin, a new venture that aims to provide the music community with a global, transaction-fee-free alternative to real cash. Says Kasian Franks, co-founder of Pimovi, the company behind it: “We’re looking at providing people with a way to not pay transaction fees, not go through international wires, and a way for people to just kind of have something pretty much alternative to a dollar. The value of alternative currency has been proven by Bitcoin”.
Speaking to Evolver FM, Franks added: “If you use Songcoin to purchase a concert ticket, then we can work with ticket vendors to build in discounts so that if you use Songcoin, you’re going to get a cheaper rate, for example. We’re going to start by building a music recommendation system… and if people can use this system to discover music, we can put tip jars next to each artist, and let the artist know that we’ve set up these tip jars, and eventually, Songcoin will take on a nice valuation, so Songcoins will be worth more and more”.
Which sort of makes all this sound a bit like a cross between Bitcoin and Pirate Bay founder Peter Sunde’s Flattr venture I think. And if you think that plan has any chance of working, why not read Evolver FM’s full interview with Franks here? And if you like what you read, maybe leave a few Songcoins behind to show your appreciation.
