Projects
![]()
No projects found
Investors
New
DAO Treasuries
DATs
Lend / Borrow APRs
Chains
Categories
Spaces
KuCoin x Sonorus
Recorded: Dec. 21, 2023 Duration: 0:20:41Space Recording
Full Transcription
All right.
Thanks, everyone, for joining.
This is our third KuCoin Fireside chat today.
So for those who are joining us again, really appreciate the support and hope you really learned something from this Fireside chat.
Today, we have a deep dive with Sonorous, and we have the co-founder and CMO, Micah, here with us today.
Micah, why don't you start with a high-level intro to your personal background, as well as the project itself, why you founded it, and what problems does it solve?
Right. So can you hear me just checking?
Yes, we can hear you.
All right. So my name is Micah. I'm the co-founder and CMO at Sonorous.
And a bit regarding my background. So before this, I co-founded a recording studio and a record label.
And currently, I'm funneling that passion into Sonorous, which is also a music project.
So the problem we are really fixing for the music market is to introducing a new way for users and artists to interact with music and earn together with music,
rather than the traditional monetization ways of the current music model that's out there, basically.
So, yeah, that's a quick introduction about me and the project.
All right. So can you explain how the Web3 element works within that project?
So why is it so important to build Sonorous from a Web3 perspective, have a token, et cetera?
And how does that enhance the entire experience that you're aiming to build?
Right. So we are a decentralized music voting and discovery platform.
And the way it works is that users can vote on music and the value of that vote increases or decreases by the volume,
meaning that a buy will increase the price of that song and a sell will decrease the price of that song.
So we basically developed a concept we call Trendfy and Trendfy is a way to basically support music and basically appreciate music in a way where you also can earn with it because we operate as a music directory and a music chart.
So users can catch on music trends early and if they are correct about which songs they think are going to do well and they support them early on, they are able to earn with it as well.
All right. And in terms of the progress you guys have made or where you guys are in your roadmap,
can you talk a little bit about your accomplishments so far as well as what innovations should listeners expect in the near future from Sonorous?
Right. So, yeah, we are already live on both the iTunes store and the Apple store.
So we are pretty developed and we have already been live for almost a year now.
So users can already download our app and interact with our product itself.
And for now, for the future, since we already have a pretty far in development, we are looking to turn it more into a social aspect with music.
So basically the social aspect together with the music aspect where users are able to create profiles, interact with each other even further than only voting.
Yeah. So it's going to be really turning into a music and social platform.
Nice. And in terms of, you know, marketing or onboarding plans for popular music sources and musicians, how are you guys thinking about that?
And is it sort of just being decentralized, I think, is in general a double edged sword.
So how are you thinking about, you know, that side of things? Is there friction or how you think about onboarding and user acquisition to the space for those who might not be so familiar with Web3 or decentralization?
Right. So, yeah, as I explained, our platform is pretty unique because it allows anyone and everyone to add music to our directory and music chart.
And this inclusivity is kind of like a game changer, especially for magician as well, because we are introducing a new way for artists to earn from their music moving beyond the traditional streaming revenue model.
And this approach is designed to be fair and beneficial for both the community and the artist.
But this is just really the start. We are actively working on bringing more artists onto the platform.
And it's all about creating a diverse and vibrant ecosystem where established and emerging artists can thrive side by side with the community.
And our team is dedicated to this mission and constantly exploring new ways to make Sonorous even better.
Take, for example, our recent integration with SoundCloud.
This was a huge step forward offering artists more flexibility on how they share their music with the world.
And it's a development that keeps us excited about the future of Sonorous and endless possibilities it holds for reshaping the music industry on Web3.
And in terms of, you know, IP rights, I think that's a very sensitive topic within both Web3, but also specifically within the music industry.
So how are you sort of thinking about IP rights and how do you how do you guys tackle IP rights?
Right, right. So yeah, we get this question a lot and I try to explain this the best I can.
So at its core, Sonorous operates not on the direct monetization of music, but on the value added by user engagement.
So you can compare this to kind of like the platforms like IMDB, but then for music, instead of making money directly from the songs,
it's all about how much people engage with and support them, just like IMDB, where movies get ratings and reviews on Sonorous songs get support and votes from users.
But the cool part is that users get rewarded for their support. So while platforms might just place the song, Sonorous is more about what people think of it and how much they back it up.
So the key distinction here is that users are rewarded based on the voting system and not directly from the music itself.
So you can, as I said, compare this to platforms like IMDB or Rotten Tomatoes, even where the revenue stream doesn't stem directly from copyrighted content,
but from the added value users bring to the platform by promoting or supporting the song.
I see. So that's a fundamental shift in a lot of compared to a lot of competitors, I assume, in that space.
Absolutely.
Yeah. So my next question is more about the SNS token itself.
So can you just dive deeper into the entire ecosystem, the tokenomics?
Will people be voting using SNS and, you know, how that sort of ties into the entire user experience of Sonorous?
Right. So voting is one of the key aspects.
So firstly, SNS is primarily a governance token.
This means that holding SNS gives you voting power in future decisions that shape Sonorous.
And it's a way for our community to have a direct say in our journey and our evolution.
But that's not all.
We're also already released our staking feature to our node holders and our SNS holders.
By staking SNS, you will be able to earn additional tokens and a share of the revenue as well.
So regarding using SNS for voting on music within the Sonorous app.
As of now, there are no current voting benefits, but we're definitely exploring this option.
And we're always listening to our community and evolving our features.
So it's something that could be considered in the future.
In the meantime, there will definitely be in-app rewards in SNS that will be released very soon.
So I suggest everybody to stay updated on our socials.
Once this is released, users will also be able to be rewarded in SNS for in-app activities.
Nice.
And in terms of, you know, the Sonorous ecosystem, can you just double click on what you think the most important or interesting part is in that ecosystem?
And how will you strengthen that point in 2024 and beyond?
Right.
So one of the most exciting aspects of Sonorous is how it empowers both fans and artists in a way that's quite distinct from other web stream music projects.
Our platform is designed for large scale fan adoption and music discovery.
Unlike platforms that focus primarily on music NFTs, we emphasize active participation in music charts.
So users engage with music trends through our voting system where they are involved directly and influence the music landscape.
And this approach allows fans to be part of the music journeys and success rather than just be a passive listener.
Yeah.
So we have big plans to add more social aspects in 2024.
And we really want Sonorous to become this international global hub for artists, big, small or wherever they come from.
We really want us to become, yeah, a very global music hub.
All right.
And just final question.
And then if you don't mind, we can get some audience members up here to ask a few questions because we're a bit earlier.
Sure.
Yeah.
So what is your goal?
You know, I want to zoom out and ask just what your goal is in the long term as a co-founder in particular.
Like how do you, what would you be, I guess, happy with five years down the line?
Where do you see Sonorous going?
Right.
That's a good question.
So the ultimate vision for Sonorous is to become the IMDB of music in the Web3 space, creating
a platform that is universally accessible and rewarding for both users and artists.
And our goal is to establish a comprehensive user driven music directory where every interaction from discovery to appreciation is valued and contributes to the broader music ecosystem.
So in this vision, Sonorous aims to be more than just a music directory and database.
It's about being this dynamic global hub where fans and artists converge, interact and grow together by leveraging blockchain technology.
We are not only ensuring the transparency and fairness, but also pioneering a new model of music appreciation and valuation.
So for users, Sonorous is a space where their passion for music is recognized and rewarded and where they are not just a passive listener, but their engagement,
whether it's through voting, nominating songs or participating in community discussion directly influences music trends and charts.
And for the other side, the artists and musicians, Sonorous offers a platform free from the traditional industry constraints.
And it's a place where they can showcase their work to a global audience and receive immediate, transparent feedback and support.
And this democratized approach opens up new avenues for recognition and earnings independent, as I said before, of traditional music industry gatekeeping and the complex revenue models behind this.
So the ultimate goal is to create an ecosystem that nurtures and celebrates the connection between music and its enthusiasts.
Awesome. And yeah, so first up, we have Alex here with us from the audience.
Mika, if you don't mind, Alex, please unmute yourself and ask your question for Mika.
Okay, my question is, could you elaborate on how Sonorous support emerging artists and facilitate their connection with fans through the platform?
And could you elaborate on how artists can leverage Sonorous to ensure fair compensation for their music while retaining control over their content?
Right. So good question. So we allow users and artists to upload songs.
And when they upload songs, we call this a nomination of a specific song so they can upload songs they have already released before.
And they can earn with their music in a new model. So users that nominate songs and artists that nominate songs, they earn a revenue share of the music for each vote that is casted on their music.
So currently, it's a fixed rate. But in the future, we want to give artists the flexibility to set their own monetization rate for the music voting on the platform.
So yeah, I hope that answers your question.
That was actually a great question. So I appreciate you guys coming up with these good, super high quality questions.
Next up, we have Charlie Christmas. Charlie, go ahead.
Yeah, thank you. Could you elaborate on the governance model of Sonorous and how decisions are made within the Netra?
Sorry, can you repeat that?
Yeah, he's asking about the governance model within Sonorous.
Right. So basically, SNS holders will be able to vote on specific decisions in the future of the project, meaning that we want to have the community involved in shaping the future of Sonorous.
So that's why the governance tokens is mainly for users to be part of Sonorous, but also earn with us.
Okay, and then last, last audience member is King. King, go ahead.
I think we have some issues with his mic. So I chose another audience member up. Abraham, please go ahead.
Hello, am I on mute, sir?
Yes, sir, you are.
Okay, what steps does Sonorous take to ensure inclusivity and accessibility for a global user base?
Right, so yeah. Good question as well.
So basically, how we see Sonorous is to become also a gateway for users from Web 2 to Web 3 because of the love for music.
And we actually localize our content and community in many regions because we want the platform to be accessible and all the information about Sonorous to be accessible to users all around the globe so that we can create this universal global music hub.
So yeah, this is a very important aspect for our platform, but also music in general, that everybody can be involved, that wants to be involved, to express and share the love for music.
I think, Mika, that's an amazing way to just wrap things up. But before we end the spaces, I'd just like to ask again, you know, if you think there's anything else you'd like to announce or you think the listeners would benefit from anything else before we end the spaces?
I think now's a good time, or if not, where they can find out more information about your project as well as yourself.
Absolutely. So I definitely suggest all of you guys to come over to our Twitter and our Discord. This is our main communication platforms, and this is where you will find the most information.
And I definitely suggest everybody to stay tuned for what's next because there will be some earning opportunities inside the app to get your hands on some SNS tokens on a daily basis that will be releasing very soon.
So yeah, come over, say hi and join Sonorous and share the love for music. Thank you for having me here today, Ryan. And yeah.
Thank you so much, guys. All right. Bye bye. Have a great weekend and happy holidays.
Bye bye.
Host
KuCoin
from
KuCoin Token
