A little over a month ago the world witnessed an unprecedented event – the Open Beta launch of the first community-based music label – Younk.com. The new platform connects artists, community, and music experts and aims to make the music industry more accessible and equitable for both artists and music enthusiasts. Younk, a decentralized community music platform using blockchain technology, is open to everyone, everywhere.
Younk’s mission is to establish the first community music label where artists gain recognition and support directly from the community in exchange for bonuses.
According to its founder, Andrey Dahkovskyy, Younk’s foremost goal is to modernize the music industry by facilitating direct artist access to the public. This ensures better compensation and community involvement in the funding of up-and-coming artists. Music fans also benefit through a unique opportunity to support their favorite artists and become co-producers of the artist’s tracks and earn YNK Bucks – internal currency of Younk ecosystem. YNK is an instrument that may be used to fund a Hit, get bonuses and purchase merchandise, services and goods on the Younk platform.
Don Grierson, the legendary music industry executive and Younk co-founder shared the platform’s vision as an accessible global marketplace where artists and HitHunting music enthusiasts can connect and support each other while mutually benefiting from the synergy and compounded contribution of the community – whether from a creative point or business wise. “We are entering a new era of making a Hit,” said Mr. Grierson, “the Younk platform is here to make it happen. In almost no time you will be able to listen to a tune that has been supported and directly funded by a community – by active listeners and those who want to make a change in the music industry. Our platform is open to Artists from all over the world, even if they’re not professional musicians. Everyone has a chance now to upload his or her original tune onto the platform and compete with other artists for community support and, further down the road, for their own place on some of the top music charts in the world.”
Unlike regular crowdfunding, which is called Hit Funding in Younk terminology, the new platform gives artists an opportunity to receive first-hand guidance from the professional music experts. It also provides the music fan community the option to be actively involved in creating music charts, to vote, and become co-producers of the the tracks they fund which may become Hits later. All of this helps us all make better music together.
The platform is designed to be user friendly. The process looks like this: an artist uploads a track; the community listens and votes, three tracks go to Hit Funding (two most voted on by the community and one selected by the experts) where YNK Bucks are used to support the community’s favorite tracks. The ones that reach a certain amount of YNK Bucks – soft cap – are then professionally produced by music industry experts. Once the final creative product is
released it gets promoted on approximately 150 digital music platforms. When a track generates revenue, artists receive royalty share in real money equivalent and the track supporters in YNK Bucks equivalent.
By employing innovative technology, Younk provides advanced features and allows for the transparent and decentralized distribution of royalty shares to artists through blockchain’s smart contracts.
“So far, Younk has 5 tracks in the production stage,” said Andrey Dakhovskyy, “ Every day we receive positive feedback from people in the music industry and beyond. This means we’re on the right track. Our platform opens up endless opportunities for both artists and fans – they can create better music together and this is awesome! Welcome to the universe of Younk!”