Soon all your favorite musicians may have their own currency for fans to purchase music and gain access to special perks.
Hakim Draper, cofounder of Boogie Shack Music Group, believes that Blockchain holds the power to spark the greatest revolution in the music industry since Apple launched the iTunes Music Store in 2001 – which, despite many new opportunities for independent artists, has left the industry still largely controlled by major labels and platforms – and, of course, money.
Boogie Shack has teamed up with Tao Network, a blockchain-based content distribution platform for the music industry, to launch the coin (Symbol XTO) on CCEX and plan to use this bitcoin to create unique cryptocurrency for music artists.
Because our own team at APPCityLife is exploring Blockchain while adding Artificial Intelligence and chatbots to our platform that serves cities, I was pleased to learn how this same technology is beginning to disrupt the music industry.
How did a long-time music executive get the idea to develop cryptocurrency around an artist’s brand? Hakim is son of legendary Jazz musician and composer Ray Draper and grew up surrounded by musicians. It isn’t all that surprising, then, that he launched his own studio which eventually sold to a major label or that his more than twenty years as a successful entertainment and music executive, included serving as the Director of Licensing for Warner Chappell Production Music.
The list of musicians who have personally worked with Hakim to produce music features major stars including Lil Wayne, Birdman, Drake, Kanye West, Chris Rene, Prince Lefty, and Rich Tycoon.
But Hakim’s focus isn’t solely on music. He also spent several years in Silicon Valley working for Fortune 500 companies like Agile Software and Ariba Technologies.
He says it was this blending of tech and music that led Hakim to envision Blockchain as the tool to revolutionize the music industry.