Bitsong, undervalued Spotify rival you should watch

The music industry is a multi-billion business, according to The Recording Industry Association of America (RIAA)from the USA alone in 2020 music streaming industry revenue grew 9.2% to $12.2 billion. The revenues come from a variety of services, like paid subscription services, ad-supported on-demand platforms, and digital radio.

In the third quarter of 2020, Spotify generated revenue of over 1.98 billion euros, up from 1.73 billion in the corresponding quarter of the preceding fiscal period. Spotify since Q1 2016 showing growth in revenue every quarter, this a strong reason for me to investing in the music industry platform.

After doing deep research about potential music platforms I choose Bitsong.io to invest, Bitsong is a decentralized/blockchain music streaming platform built using the Cosmos-SDK. Since Bitsong is a decentralized platform using Cosmos SDK, it means the music owner can claim digital identity and receive incentive straight forward on Bitsong platform, native coin named BTSG will be used to pay the music owner in which the fans streams the artists’ music, and in the future can be used for staking

Bitsong already has a working product, you can start streaming from your favorite radio station at Bitsong Platform, it’s still in beta version, but many music producers already partnered with bitsong to launch their music on bitsong platform, we can see waves of new music coming to bitsong maybe after mainnet. Mainnet is a term for a digital coin that have their own blockchain, Bitsong mainnet planned to launch on 26 March 2021.

Later on, the mainnet users can use the platform for :

1. Bank — Transfers
2. Staking
3. Governance

Bitsong’s BTSG is already traded on Uniswap, and many Decentralized Exchanger will support Bitsong’s BTSG after mainnet launch, BTSG today price (1st March 2021) is $0.0405, in my opinion, BTSG price is so undervalued, BTSG total supply is 116,420,850 BTSG, its only about around 5 millions capitalization, compared with Spotify stock price today (308.99$). I believe with good marketing and development Bitsong can attract many music streamers to the platform, especially music streamers who know about blockchain and decentralized assets.

I’ve already tried and done my own research on the staking function, the potential reward from staking is about 30% a year. This is my wallet for testing the staking function, for 10 days staking 600 BTSG I’ve got 8.46 BTSG as a staking reward, so holding BTSG for the long term is good too for making passive income.

Overall I believe the Bitsong team will deliver many good features in the future, and for BTSG, I believe it can easily x100 from today’s price. I’m not asking you to buy this coin, but at least take a look at their business plan and the project.

Thank you.

Resources

  1. https://www.statista.com/statistics/813828/spotify-revenue-quarterly/
  2. https://variety.com/2021/music/news/riaa-report-2020-music-revenues-streaming-growth-1234916463/
  3. https://bitsongofficial.medium.com/
  4. https://www.marketwatch.com/
  5. https://etherscan.io/token/0x05079687d35b93538cbd59fe5596380cae9054a9

Originally published at https://www.publish0x.com.

Cryptocurrency Writer