Peter is a musician and web developer. He has worked with all types of musicians – from struggling artists to platinum-selling superstars.
After using almost every music platform available on the web (and also after several epiphanies), he came up with a game-changing idea to disrupt the entire music industry – and that idea, uses Blockchain.
In this episode, we discuss how Peter’s company, Resonate, is disrupting the music industry, why he chose a co-op ownership model, why “Stream-to-Own” is the best music distribution model, and why Peter has no love for Bitcoin.
SHOW NOTES[00:59] – Who is Peter Harris? Introduction and overview [03:34] – Peter’s introduction to Ethereum and Blockchain [03:58] – How Napster got him thinking about a new music distribution model in 1999 [07:32] – How traditional music platforms stack up when compared to Resonate’s co-op ownership model and “Stream-to-Own” distribution model [13:18] – How Stream-to-Own works [20:25] – How much artists are making under this new model [24:35] – How Peter uses Blockchain to enable transparency and allow artists to see exactly what’s “played and paid” [26:15] – Why he won’t have anything to do with Bitcoin [27:04] – How BigchainDB is allowing Resonate to realize their vision [31:20] – The evolution of Blockchain, and how that will impact Resonate over time [35:36] – Industries Peter believes are ripe for disruption by Blockchain [36:31] – His take on “killer apps” (or lack thereof) in the Blockchain/Cryptocurrency space [40:37] – Peter’s advice to Blockchain entrepreneurs and firms [46:03] – Has the term “Blockchain” been overhyped? [47:43] – What are the numbers from the Resonate beta release? [48:58] – What Peter is most excited about right now in the Blockchain space [50:05] – His final advice to startups and firms looking to innovate with Blockchain [55:51] – How to get in touch with Peter [56:29] – Conclusion
-The music industry is broken and a new business model where both artists and fans benefit is needed
-One way to do that is via co-op ownership (1 member, 1 share, 1 vote) combined with a Stream-to-Own distribution model
-Transparency is also needed. Artists need to know exactly how much of their music is being played and subsequently how much they should be getting paid
-Blockchain enables that transparency
-Blockchain is still in its infancy. Over time, other parts of Resonate’s business model will be put on a Blockchain
-If you are a proponent of decentralized technology, you should also be a proponent of decentralized business models
-If you are a startup, be careful about who funds your venture