Beatfarm Digital and Elastos Collaborate on Music-focused Web3 Platform

Beatfarm Digital (“Beatfarm”) and Elastos today unveiled a collaboration to deliver ‘positive disruption’ to the music business based on new inscription technology and Blockchain-based music consumption models.

The music creation and performance industry is notoriously inefficient when it comes to matching artists with potential collaborators and – even more so – when remunerating and protecting the rights of creators themselves. Research from industry research firm MIDIA suggests that 1% of artists make a staggering 77% revenue related to recorded music sales; a trend that is actually becoming more regressive over time.  According to research published in 2019 in The Journal of Business Research, in 1982, 5% of the top-earning artists accounted for 62% of concert revenues globally; by 2003 that proportion had risen to 84%.

A shift that has only been exacerbated by the emergence of new formats and technology; by the turn of the century, while 1% musicians accounted for 75% of ‘traditional’ formats such a CD revenues, they earned an even higher proportion – 79% – of subscription and streaming revenue.  Elastos’ partnership with Beatfarm represents a welcome alternative to this trend; with technology helping to put musicians and artists in control of their work, who they work with and how the resulting work is monetized.

Through the collaboration, artists will have direct and secure access to all aspects of the music ecosystem – from composition and production, to merchandising and promotion as well as genuine ‘superfans’ –complete with a direct transaction mechanism based on Elastos’ recently launched BeL2 technology, enabling them to establish Smart Contracts on their own terms and remunerated direct in Bitcoin.  The resulting contracts – eScriptions – are secured and assured through Bitcoin and can themselves be traded through a decentralized marketplace.

“The Elastos chain is an ideal platform for providing artists the tools and resources to control the monetization of their content and develop groundbreaking ways to connect with their fans in ways which the industry hasn’t seen before”, said Beatfarm’s Co-Founder, Alex Panos.

“Our collaboration with Beatfarm reflects everything that Elastos is about and what BeL2 can deliver.  Now artists and creators will not only have direct access to unlimited collaborators and resources, they’ll be able to partner with them on their terms, retaining full control and ownership of their work.  This is the very promise of the SmartWeb in action,” says Jonathan Hargreaves, Global Head of Business Development & ESG.

About Beatfarm

Beatfarm is a Web3 platform focused on the music industry whose mission is to provide artists the tools and resources to control the monetization of their content and develop new sources of revenue through direct collaboration with fans.

Developed by music industry veterans, Beatfarm aims to become the priority destination for direct artist monetization and enhanced artist to fan engagement.  Follow @beatfarm_io on X

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