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Songcoin: A Digital Currency for the Music Industry…

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Bitcoin spin-offs are generally a big joke. Dogecoin and Coinye were never meant to be serious currencies, they were just created by people who wanted to have a laugh. Now there’s a new digital currency that has very real goals and applications, but achieving these goals won’t be easy…

Meet Songcoin, a currency meant to improve financial transactions in the music industry.

Kasian Franks, the co-founder and CTO of Pimovi (the company behind Songcoin), gave evolver.fm the details in an interview.

Franks says the goal is to lower fees incurred in international transactions. Franks also says Songcoin will be used for promotions and tips for artists:

“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. It’s like using a specialized credit card that gives you mileage or discounts on certain things. 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”

Songcoin will launch in about a week. At first, Pimovi will give away Songcoins to get them into circulation.  As part of that initial rollout, Songcoin plans to have artists accept the coins as tips, after which they expect the currency to take on real value.

This plan involves a lot of chance, especially since digital currency isn’t very straightforward or predictable.  Songcoin could take off, or it could be a complete flop.

 

Image by mikecogh, licensed under Creative Commons Attribution 2.0 Generic (CC BY 2.0).

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Comments (5)
  1. Erik P

    In other words, you could just use bitcoin for the same results.


    Reply
  2. FarePlay

    Can we expect Pandora to adopt this as they’re new payout structure or will they opt for bottle caps?


    Reply
  3. Faza (TCM)

    “They plan on artists accepting the coins as tips”

    And our motivation is… what, exactly? Making another bunch of digital a-holes rich? Sorry, we’ve been doing this for fifteen years now and the quota is exhausted.


    Reply
    1. Nina Ulloa

      those digital a-holes creating their soundclouds and bandcamps and facebooks


      Reply
  4. Janet F

    Pretty soon you will be able to perform and earn airmiles to take you to play gigs where you earn discounts at big box stores! Not sure how you will cash those in for things like car payments – but it’s just music, so if you want to earn something, get a real job (like with a tech company that sells memberships which allow access to music for free, because they have fractioned down the few-pennies-per-use-royalty-rates to FRACTIONS-of-cents-royalty-rates). Everyone knows music has no real value now – sort of like Congress. (Laws are ignored if they are unreasonable to convenience or earnings of corporate entities.) Really, you will never recoup music investments in this new scenario.


    Reply

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