Review Corite ($CO) – A project which is backed by fans and artists, can this even be possible?
Project Corite (CO) was created to assist artists in building more beneficial, fair, and transparent career paths. So far, as you know the current music industry is not designed to support an increasing number of potential professional performers, but rather to focus on the most exceptional talent. Today’s artists cultivate their own audiences using a variety of platforms.
What is Corite?
Corite is a blockchain-based music platform powered by fans and artists to finance and promote music through a unique Play to Earn concept that will change the music industry at its core
The project enables independent musicians to fully use their fan base while simultaneously putting their music on all major streaming services such as Spotify, Apple Music, TikTok, and YouTube. Already, tens of thousands of fans and artists use the platform. By rewarding action and engagement, bringing Corite to the blockchain will enable governance, ownership, and new ways to enjoy and live off digital art and music.
What is the project trying to achieve?
Corite CO intends to create a blockchain-powered music platform for a big worldwide audience, with millions of artists and followers. Users do not need to be experts in cryptocurrency and blockchain. We are aiming for those who make music as well as those who enjoy it and are willing to support and invest in it with money and/or time.
The CO platform will engage a far larger audience than has hitherto been seen in the field of blockchain music (which has traditionally been centered on the requirements of the fan or the artist), resulting in a higher chance for revenue for everyone involved.
Since the introduction of music streaming a decade ago, the industry has radically shifted. Today, streaming services such as Spotify and Apple Music are available to billions of listeners worldwide, and streaming is by far the largest revenue source for recorded music.
In 2020, digital music accounted for the lion’s share of global music revenues, with streaming services alone accounting for 62% of the overall haul. According to the International Federation of the Phonographic Industry (IFPI), by the end of 2020, 443 million people would have a paid music streaming subscription. Streaming income has already surpassed digital download sales for the first time.
The global music streaming market is predicted to reach $23 billion in 2021 and to increase by $7 billion between 2021 and 2025, at a CAGR of +15 percent throughout the forecast period. A small handful of global centralized streaming services, including Spotify, Apple Music, and YouTube, drive the market.
Never before have so many artists had the chance to pursue their dreams. Millions of artists have the potential to make a living from their creativity in the rapidly expanding new digital music market, but competition is severe. According to Spotify, over 60,000 songs are released every day, and over 2,700,000 songs have been streamed more than 100,000 times on the platform alone.
Talent and excellent music are still required for success, but they are insufficient to cut through the cacophony. Whether you’re a well-established artist or just starting out, you’ll need to put in the time and money to invest in yourself and your music.
The present music industry is not organized to accommodate this expanding population of potential professional performers, and it currently focuses solely on the very top of the pyramid. To thrive as an artist today, you must first establish your own success before expanding your audience. Alternative finance, fresh revenue streams, and marketing and promotion channels are all in high demand.
The digital music market will continue to expand rapidly in the coming years. As people become more acclimated to paying for content, online streaming on worldwide platforms will be the dominating driver, complemented by new revenue streams from new digital products such as NFTs.
This is evidenced by the increasing use of premium subscription services such as Netflix and Apple Music, as well as a general trend toward cloud-based models and users’ willingness to pay for content without advertisements.
According to Water & Music’s study “NFT market update April 2021,” musicians have sold $70.5 million in NFTs to date. The market is still in its early stages, but it is growing quickly. As the market evolves, more blockchain-based concepts will emerge.
Adding new experiences to an NFT is likely to be required for general acceptance and appeal, and early-stage examples have showed a variety of approaches, ranging from affecting the layers in the music to collaborations between visual and musical artists.
One potential in this new music economy will be to give value to the expanding number of professional independent artists, performers, and content creators. To develop a sustainable career, creative creators must expand and retain their fan base in order to capitalize. They require fresh and innovative ways to fund and advertise their projects.
This opens the door for fan-based platforms to fill this need, allowing artists to harness the power of their fans, capture their social capital, and generate additional revenue streams.
What are unique selling points?
Corite is a digital distributor that competes with TuneCore, United Masters, and Ditto. However, the platform has its own unique features: Corite allows fans to invest directly in their favorite artists and subsequently get a portion of the money paid to artists in future royalties. In this sense, each fan acts as a record label, funding and financially benefiting from potential success. Royalties from Spotify and Apple Music are used to pay cash rewards.
Corite initially rates songs based on streaming history and expectations before announcing the amount artists wish to raise for their creative output, and then sets the percentage of streaming royalty that investors will eventually get.
The concept allows fans to be financially motivated by investors, which increases the track’s prospects of success. The Corite platform employs a series of gamification-based features to accelerate the process and make everything more efficient and enjoyable for the user, hence enhancing the effectiveness of network marketing.
Corite’s platform hosts over 150 campaigns and millions of streams. Collaborations with artists include Danny Saucedo, Sabina Ddumba, Kid Travis, and King Charles.
The founders think that independent artists will drive the new music industry, and with Corite’s help, musicians will be able to express their originality and reach the music market without the assistance of established record labels. Furthermore, the site not only finances fans, but also distributes songs on Spotify, Apple Music, and YouTube.
CO Product matrix
The project will take place in stages, with the existing Corite platform being used to bridge the gap between the old and new setups. As a result, we will not only attract the existing crypto audience, but also the mass market of artists and admirers.
The crowdfunding service will stay on the current Corite platform in the initial phase but will be supplemented with new blockchain features such as a Play to Earn model, which will allow artists to increase fan interaction even further.
The CO platform is from the onset built around four core concepts and the platform token $CO:
- Play to Earn for music
- Corite Originals
- Blockchain-based crowdfunding
- Social tokens
Play to Earn for music
The Play to Earn business model is one of the most recent innovations in the gaming industry. The business strategy supports the concept of an open economy and offers financial rewards to all players who provide value to the game’s world. We feel that this model will be an excellent method to strengthen the link between artists and their followers.
As has always been the case in music, a strong sense of community participation remains a feature of the Cryptocurrency field. The music industry is perhaps one of the most suited businesses for a decentralized economy, as it is operated by musicians and supported by fans.
Within the Corite ecosystem, fans and artists can be rewarded financially with the Corite token $CO and non-financially with badges (non-transferable tokens), as well as content and experiences (including NFTs), for providing value to the platform, community, and music it seeks to promote.
Fans can participate in missions to locate and promote artists and music, as well as play an active role in the artist’s career decisions. Artists can also set stake levels, utilities, and incentives for those who engage or are the most successful for their followers. Some challenges are generated automatically when certain
Fan participation is incentivized on three levels:
- Revenue share from backing and other forms of owners
- Fan missions set up by the artists and the platform
- Access to exclusive and fun content and rewards both offline and online
Fan Power points
Fans will be able to progress and receive rewards as they engage in artist objectives and support music in the same way that gamers can with experience points (XPs). The Corite Fan Power system is built around “song shares” and “Fan Power tokens,” which decide your rewards and perks.
All campaign funders earn song shares in proportion to the amount invested in a specific artist. These shares not only entitle backers to a part of revenues once the song is launched on music streaming sites like Spotify, but they also function as a building element in the Corite Play to Earn system.
Because a music share includes metadata that identifies the recording, the producers, and commercial agreements, it also shows each owner’s contribution to that artist, which serves as a social token in part. Artists can compensate song shareholders based on particular tracks or across their whole discography. Song shares can be bundled based on metadata, allowing holders of “Atlanta Rap” song shares, for example, to be compensated collectively by several artists.
Fans can earn “Fan Power” tokens by participating in activities that assist artists in breaking through the marketing noise and engaging with the community. It might be anything from sharing a campaign on your social media account to making a playlist and voting for your favorite songs to reviewing an album.
The Fan Power will be assessed on both an individual fan and an artist level and will be kept on the blockchain.
Examples of activities that will generate points:
- Number of artists supported
- Number of NFTs purchased or earned
- Completed fan missions
- Following artists on Spotify and other services
- Sharing music on social media
- Creating and sharing playlists
- Numbers of songs reviewed
At the start, current platform users will be rewarded with Fan Power tokens based on their previous activity. This will primarily be related to having previously backed a release. These tokens will be distributed over time as more people login or create wallets.
Only active backers will be eligible for income sharing above and beyond the repayment amount. As a result, in addition to any fan missions generated by the artists themselves, each fan campaign on Corite will include a set number of activities that are predefined as qualifying acts. These predefined actions may vary depending on what the community selects, but they will normally be:
- Follow the artist on streaming services and social media
- Share the track after release
- Follow a playlist where the artist is featured
For these types of activities, a certain number of Fan Power points are rewarded each week. The amount each user receives is decided by the number of activities taken during the period and the overall number of actions taken by all users. Each action will be assigned a separate weight. One of the MVP’s main components is the balancing of weights and activities.
Music as a game
The Corite CO platform will design fan missions and prizes as part of the music universe when designing our Play to Earn concept.
Recording, audio production, and mixing are typically reserved for artists, musicians, music engineers, and producers. Corite invites all backers to pre-listen to music that they financed before it is released.
Artists can organize one-on-one voting in which fans can pick which cover art or version of a song is the best. Fans could also give input by reviewing songs, albums, and NFTs, earning fan power points as they play.
Festivals are always buzzing with energy, new faces, and fantastic music. The music festival is the largest and one of the most exciting events in the music world, a place for encounters and cultural integration.
Corite Festival is where all of the live events take place. Fans will be able to listen to live stream sessions hosted by artists or attend release parties where they may share, invest, tip, and participate with the community and artists at a Corite Festival.
The backstage area is a beautiful spot that is only accessible to those who have been properly invited. That’s why fans are constantly eager to sneak backstage and meet their favorite musicians, take a selfie, or get an autograph.
Artists will host AMAs and VIP sessions for chosen fans in the Corite Backstage area. This is a location where backers can acquire digital selfies and participate in engaging activities to promote the upcoming release.
The marketplace is where you can buy and sell NFTs such as Corite Originals or digital items. Fans will be able to create and sell their own NFTs based on the assets provided by the artists and the platform via the fan art NFT creator.
As a fan or backer, you may also demonstrate your abilities as a hit spotter and promoter by establishing or joining community clubs. You work with others in the clubs to arrange hit spotter competitions, find new music for campaigns, host listening sessions, artist AMAs, and live broadcasts. Corite and the artists will auction off limited edition club NFTs of varying capacity and aesthetics. Fans can submit artists to be showcased to the club community, earning them exclusive benefits.
They aim to launch the MVP (Minimum Viable Product) of the Corite CO platform in Q4 2021 with the introduction of the $CO token happening in the same period.
- Token Name: Corite
- Ticker: CO
- Blockchain: Ethereum, Binance Smart Chain
- Token Standard: ERC-20, BEP-20
- Contract: TBA
- Token Type: TBA
- Total Supply: TBA
- Circulating Supply: TBA
Seed Round (Coming Soon)
- Seed Price: $0.022
- Hard Cap: $2,200,000
- Lock-up: 10% Released at the Token Generation Event, with a 3-month cliff, then linear release over 12 months (15 months total)
- Tokens For Sale: 100,000,000
Private Round (Coming Soon)
- Private Price: $0.03
- Hard Cap: $3,900,000
- Lock-up: 10% Released at the Token Generation Event, with a 3-month cliff, then linear release over 12 months (15 months total)
- Tokens For Sale: 130,000,000
IDO (Coming Soon)
- IDO Price: $0.035
- Hard Cap: $100,000
- Lock-up: No lock-up
- Tokens for Sale: 2,900,000
Token Release Schedule
Token Use Case
The $CO token is designed to power the CO platform and will be utilized by a number of parties with varying objectives.
As a single platform currency, $CO will create the largest potential liquidity pool for the CO platform, as well as a coin with genuine application and usage, related to real-world benefits such as getting your song on Spotify and being rewarded for fan involvement.
By owning $CO tokens, users will be able to:
- Purchase Corite Originals NFTs
- Participate in blockchain crowdfunding
- Get access to VIP experiences, based on the number of tokens held
- User incentives and rewards
- Create social tokens
- Enjoy early access to crowdfunding campaigns
- Decentralized governance
How to own the token?
Despite the fact that a blockchain-based platform is being developed, it has yet to be listed on any major exchange. There is no confirmed information about the token’s upcoming ICO (Initial Coin Offering) as of August 2021.
Markets and Community
Backers are Corite CO users that enjoy music and want to support their favorite artists and tracks. They recognize that supporters join the CO world to have fun, support music, and be a part of a wider music community.
They will benefit from all of the platform’s fun experiences and will be incentivized to back and promote artists in crowdfunding campaigns, build unique music portfolios, purchase Corite Originals, enjoy VIP experiences, and obtain artist tokens in order to gain more Fan Power points and earn NFTs and rewards as part of the play-to-earn model.
To access and utilize the majority of platform features, backers will need to own CO tokens. Those that hold and stake their CO tokens will be rewarded with a variety of financial and non-financial tools in exchange.
They will be able to participate in the decentralized autonomous community (DAO) and vote on issues such as artist verification, NFT approval, platform moderation, and other critical decisions affecting the platform and its future.
About (work-life): Mattias Tengblad has previously worked at Universal Music Group, MTG, Viaplay, and Pop House Sweden. At Universal Music Group, Mattias launched the music distribution service Spinnup and the global playlist network Digster.
For him, Corite is about helping more artists to achieve their dreams using the power of the people who care the most, their fans. Every time you realize that you actually made a difference and helped an artist one step on the road, no matter how small, it’s fantastic.
About (work-life): Emil has been working with tech as a creative for over 25 years. He has worked as a Creative Director for Universal Music Group, Nordic media giant MTG, digital agencies, and tv production companies as well as co-founding a few companies of his own.
Whether Corite succeeds or not it will always be a result of working with the smart and amazing people in the team, including our artists. This makes the stakes super high, but so are the rewards!
According to many different sources of information, investors in Corite include the music industry and crypto companies, such as Coinco, Coin98, Kucoin, Kyros Ventures, Exnetworkcapital, Bella Finance, 1001 Capital, Hilbert Capital, and others.
There are some projects that also use blockchain in Music to reshape a changing industry. Here are some of the projects:
Vezt operates a music rights marketplace that allows music fans to fund the artists, songwriters and producers they love more directly, and in exchange, fans can receive royalties earned from their favorite recordings.
The platform accomplishes this by collecting royalties from performing rights organizations, publishers and record labels on behalf of fans and then tracks them using proprietary blockchain technology.
Vezt’s digital marketplace allows artists and songwriters to share a percentage of a song’s royalties for royalty-based financing through an Initial Song Offering (ISO.)
The ISO includes the date and time in which the royalty rights will be made available to the public, bringing awareness, demand and opportunity to the artist as well as each individual ISO.
Mycelia is a collective of artists, musicians and music lovers looking to empower creatives in the music industry. The music ecosystem is looking into blockchain for several applications.
Mycelia primarily wants to run an entire database on blockchain to ensure that artists are paid fairly and acknowledged quickly. The company’s Creative Passport contains full information about a song, including ID’s, acknowledgements, business partners and payment mechanisms, so all contributors are treated fairly.
eMusic is a blockchain-based music distribution and royalty management platform that rewards both artists and fans.
EMusic’s decentralized music platform features instant royalty payouts, a rights management and tracking database, fan-to-artist crowdfunding and back-catalog monetization for copyright holders. EMusic also rewards fans by offering exclusive artist content, promotional incentives and cheaper prices relative to other streaming sites.
Corite successfully raised $2.2 million in Pre-sale Round
Corite, a fan-funding platform launched in Sweden by Universal Music Sweden veterans Mattias Tengblad (CEO) and Emil Angervall (COO), plans to launch a new blockchain-based platform.
The announcement comes after the business successfully completed a US $2.2 million pre-sale for the utility token $CO, which will function as the platform’s native currency.
According to a press release, the network will allow $CO token holders to participate in blockchain fan funding and promotion, as well as have early access to invest in music projects and earn rewards for “contributing and participating in the governance of the Corite ecosystem.
Corite is launching its first digital retail line for US artist Emery Kelly. Merch is more than just a t-shirt or a poster when it is not bound by physical constraints. These Emotions glasses can be displayed in profile photographs wherever you reside online, as well as on Corite’s blockchain platform, which will be released in its first version soon.
Corite and ChromaWay, two significant leaders in the music and blockchain industries, collaborated to create CO. Corite is a Stockholm-based music technology firm with a novel business strategy that allows fans to support their favorite songs while sharing royalty money from all major streaming platforms.
ChromaWay, named Sweden’s Fastest Growing Tech Company 2020, is providing relational blockchain technology to the CO platform. CO leverages Chromia platform, which enables advanced blockchain and DeFi functionalities.
The platform has its own distinct features: Corite allows fans to actively invest in their favorite musicians and receive a percentage of the money paid to artists in future royalties.
In this way, each fan takes on the role of a record label, sponsoring and earning from the band’s success. Royalties from Apple Music and Spotify are used to pay cash rewards.
Find out more about Corite:
If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.