Veteran music executive Don Grierson, credited with discoveries such as Celine Dion, Tina Turner and Duran Duran, talked about his upcoming blockchain venture, Younk, at the NEXT BLOCK conference in Kiev, Ukraine today.
Sharing the project’s vision and goals during an ICO pitching session at the event, Don cited the challenges faced by the music industry with the advent of the internet, which led to a sharp decline in revenues due to piracy and illegal streaming.
With time, however, the industry has recovered, especially since the use of legitimate online music streaming services has increased. Now, given the new opportunities presented by blockchain technology, Don believes the community can play a much bigger role and say in what music gets produced and distributed.
Younk essentially seeks to decentralize music production and give power to the community, as opposed to the big labels, which currently dominate the music industry.
Andrey Dakhovskyy, the co-founder and CEO of Younk also took the stage to explain the project’s vision, where talented artists would not be at the mercy of a few executives working at major labels.
“We are trying to modernize the music industry and we are going to do it with the help of the community, we are a combination of what we had before [experts and specialist] and the community. Younk is a universe where the community can choose a potential hit, vote for it and own the future created product.”
The NEXT BLOCK Conference 2018 ended earlier today, after an action-packed agenda, with panel discussions ranging from the future of ICOs to regulatory hurdles and the challenges of marketing blockchain ventures.
Notable speakers at the event included Bobby Lee, Simon Cocking, Pavel Kravchenko and Nimrod May along with several other leaders and influencers from the blockchain space. In case you missed the live event, you can watch the recorded stream here.