A New Streaming Platform May Cost Media Giants Billions by Rewarding Users for Streaming Their Favorite Content
Sunday, July 7, 2019 8:00 AM
SEATTLE, WA / ACCESSWIRE / July 7, 2019 / Why pay to listen to music when a new breed of streaming is rewarding its users
Inefficient Streaming Platforms
Over the past few years, streaming platforms have become a dime a dozen with new entrants flooding the marketplace like Apple Music (2015) and Jay-Z’s very own Tidal (2016). Unfortunately, though, the premium versions of these services can cost anywhere from $10 to an insane $29.99 a month, a charge which effectively narrows their potential audience from the billions around the globe who want to listen to music, to millions who are actually able to pay.
Where They Went Wrong
Obviously providing a streaming service to people does cost money as royalties need to be paid to the artists who created the music, so consumers do need to provide value in some way, however, the way music giants monetize today is not efficient. For example, Spotify posts massive quarterly losses due to their inability to effectively monetize the hundreds of millions of users they host on their platform. While Spotify does have ads that are pushed in front of its users, Spotify has almost always operated deep in the red with over $450 million in operating losses at the beginning of 2018.
What’s the Solution?
Clearly, the key to ultimate success in this streaming industry is to find a way to not restrict access to the billions around the world unable to pay a subscription while still monetizing the platform effectively enough to cover operating costs like royalties and more. Incredibly enough, it seems that one company has not only found a solution to this problem but solved it so effectively they can pay their users to listen to music and not the other way around.
Enter Current, Current allows you to listen to your favorite music across 100,000+ stations from around the globe. Current’s platform is not only completely free, but also allows users to earn up to a staggering $600 in value per year with points that can be redeemed for gift cards, consumer electronics, and (coming very soon) cryptocurrency. Current offers users a number of ways to earn rewards. In addition to listening to their favorite music, users can earn points by viewing qualified videos, performing microtasks, completing short surveys, and voluntarily sharing basic personal information.
A new era of business
So how do they do it? Current discovered that the key to building a sustainable and accessible platform within the streaming industry lay within the data that their users created by using the platform. By effectively monetizing basic data about their users like what type of music they listen to or how old they are, Current managed to completely flip the industry on its head.
Being able to reward their users for their time and data obviously requires some pretty tight security, as they are storing what could potentially be sensitive information. In order to do this, Current is building their own system based on blockchain technology with their native token, “$CRNC”.
Building a system in this way allows Current to operate at high efficiency with such cutting edge technology while providing the security its users need. At the same time, this system will allow those with proper authorization such as brands and advertisers to easily access necessary data when they need to.
How to Get Current?
The popular app, Current is available on the Apple App Store and Google Play Store. Once you download and sign up (it’s easy), you gain access to over 100,000 stations from around the world available at your fingertips. Pro Tip: check out the home screen for their top station.
Users redeem the points they earn (worth $600 a year) for gift cards from a wide range of stores, shopping sites, and entertainment providers including Amazon, Best Buy, Uber, Google Play, iTunes, Target, Walmart, Starbucks, and many others. Users can also redeem points for electronic goods such as headphones, smart watches, speakers, and other accessories.
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Company: Press Works
SOURCE: Press Works