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What is the Million Song Mixtape? The Mixtape is a curated cross section of musical tracks available today. Special attention will be given to independent, unsigned, experimental, and non-Western genres and art forms.
What is ABC? ABC stands for Attention Based Currency (ABC). ABC is currency powered by music. Every time you listen, the musician gets a share of the currency generated. It is designed as a way to strengthen the independent music community, reward fans, and attract new listeners. Further information is available at attentionbasedcurrency.com.
How does this benefit musicians? For tracks played on the Million Song Mixtape, musicians always get half of the currency generated. Compare this to the conventional royalty systems, where artists get typically less than one percent of royalties for online streaming revenue.
Will my rights as an artist be protected? Yes, the goal for the Mixtape is specifically to benefit the artist. The licenses provided give participating hosts the right to play your music only in the specific context, for the specific duration, of this initiative. Your right to sell, share, upload, or download your music elsewhere is in no way limited. Terms are identical to or more favorable than existing indie music streaming services such as Bandcamp or Soundcloud.
How much will I earn? Musicians get half of all currency generated.
Is ABC like Bitcoin? The initial launch of the Mixtape will mine a coin known as Monero (XMR). We chose Monero because:
How do you protect user privacy? User privacy is very important to us. Because we do not depend on advertising for revenue, we do not need to sell or share user information with advertisers or other third parties. Listeners have the option listen anonymously. For further information on user privacy, including privacy policy, please see our Terms of Use.
Do you include advertising? No. All our revenue comes from client-side mining. Visit https://fivespaces.me to learn more about this technology and try a demo.
Is cryptocurrency taxable? Tax law is still evolving, but based on most current interpretations of federal tax rulings, virtual currency is treated as property. http://www.irs.gov/pub/irs-drop/n-14-21.pdf Please be advised that tax reporting requirements apply for payments and transactions involving more than $600 worth of coin, just as they do for transactions involving barter or cash income.
How are payments made? Payments are made electronically, in coin. A minimum amount of earnings is required in order to cover transaction fees. We will include detailed instructions for setting up your online XMR wallet at time of launch.
What about the music on your site now? The player includes a preview of music from the Million Song Mixtape. It is not being set up to generate revenue.
Can I sell music from the site? We will include links allowing users to purchase music from your own site or your record label’s site.
Why build a currency based on music? Music is universal. Nearly everyone listens to some form of music. We chose to build a currency where everyone has the opportunity to participate.
When will the Mixtape launch? January 2019.
Will the Mixtape only contain music? It will also contain audio books, podcasts, and spoken word.
How do I get started? We are currently accepting artist submissions for testing and for the actual Million Song Mixtape release. Inclusion on the mix is not guaranteed. Please visit our website at www.millionsongmixtape.com to register and upload songs. We also accept physical media (Vinyl, CDs, cassettes) sent to our mailing address: Million Song Mixtape, PO Box 853, Greenfield, MA 01062.
Can record labels participate? Yes! Contribute songs, playlists, or full albums/EPs; then link to the Mixtape from your website, blog or social media. Affiliate partners earn from 10 to 40% of the currency mined each session.
The associated websites and music services are hosted by Yes Exactly, Inc., a Massachusetts startup dedicated to economically empowering small groups and independent businesses, in partnership with Five Spaces, LLC. Visit attentionbasedcurrency.com for further information.