BlockTalks x Corite AMA Transcript!
We recently hosted an AMA with Corite, on April 13th at 12PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Sophie Wallmark, Fan Campaign Manager & Emelie Olsson, Co-Founder, Director of Artist Relation at Corite. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce Corite to our community in layman’s terms?
Ans — What if you could get paid every time your favorite artist is being streamed? With Corite you can. We are building a world ruled by independent artists backed by fans. We are not a traditional music label, we are challenging the major labels by moving the power to the artists and the fans. We have no A&R (the department responsible for finding talents on the traditional labels), no tricky deals, and no shady fine print.
Historically, artists needed a label to put their music out there, for marketing, for the recording, and all the steps along the way. Thanks to digitalization, artists now can do most things on their own without even leaving the house.
Fans have always been the most important for a successful artist. Now they get the opportunity to share the success as well. 🌟
Q2. What are the advantages of Corite to the other alternatives in the Blockchain field?
Ans — Our fiat platform was launched in 2019, which we have been able to learn a lot from, not being a crypto platform from the beginning.
We have learned what artists and fans find most valuable, built a solid and super talented team, and we are growing each day.
Our Fan Campaigns raise funds for artists every day, making it possible for them to realize their dreams. We have released thousands of songs and helped many artists and backers to join forces in fun and engaging projects.
We did a successful NFT digital merch sale, which was presented at Times Square. Thanks to it we raised $200k for the release and promotion of Emery Kelly, an American independent artist and former actor featured in shows on Netflix and Disney Channel.
Q3. What are the major milestones Corite achieved so far & what are in the future pipeline?
Ans — In 2020 we partnered up with Hitco Entertainment (founded by the legendary L.A Reid who has worked with superstars such as Justin Bieber, Witney Houston, Michael Jackson, to name a few, to expand into the US. We have been featured in Rolling Stones and as earlier mentioned, listed among the hottest music tech startups to look out for.
This year we partnered up with 4000 studios, a collective of well-known hit producers who have built a studio complex in Brisbane, Australia where we have two Corite branded music studios where top-tier musicians and artists from all over the world will record their music.
Other than milestones such as the sale of Emotions NFT as mentioned in previous answers, we have plenty of victories celebrated within the team. We also have three huge announcements coming up to look out for in the near coming weeks! We are listed among the topmost promising projects of 2022 in the music tech sphere, and among the top upcoming IEO/IDO, and top NFT projects of 2022. 😎
Questions Asked on Twitter for Corite Team!!
Q1. Recently creator economy booming traditionally VCs are investing into YouTubers, Corite sounds similar tech. What are the plans to take this to next level that can make it a investment instrument for normal people?
Ans — For example. You can enter the Corite platform and have a listen to the artists placed there. If you like someone’s upcoming release, you can invest the music and get paid when it’s being streamed. If it passes the goal, it means you earn more than you’ve invested.
Shortly you will have the possibility to buy and use NFTs in our app. We are also introducing a unique play-to-earn model.
Just as the running app STEPN rewards a healthy running behavior in a fun “run to earn” model, our music play to earn model will reward users when they play ”the game” and play the music they love, building value for the artist, themselves and the platform as they engage.
Q2. When you collect revenues from streaming platforms, how do you decide backers what percentage of the song they should generate revenue for? What values are the percentages here determined by, and can supporters earn more by contributing more?
Ans — Setting a reasonable and realistic fan campaign goal is essential to a successful fan campaign. It’s important to set a fair goal for the backers, even if backers mostly back a fan campaign with their hearts and not their wallets.
Note that you are only sharing your revenues with your backers for one year, meaning the appreciated goal counts for that one year only.
The song value is based on expected streams looking at previous data, such as streaming history and social following. The artist makes this estimate when creating a fan campaign, but the streams needed to reach the goal is shown on the fan campaign presentation for you to evaluate. Corite also shares other data such as social following and a comparison to other songs out there.
Naturally, a low goal is easier to reach and a large social following can translate into more listening. But remember, we can never guarantee how many streams a song will get. Investing in a work of art always comes with a risk and you are responsible for making the decision.
Q3. By designing Corite with a Play to Earn model, the Corite CO platform structures missions and rewards for fans as part of the music world. But how do your festivals, backstage, clubs and studios work? Is Corite thinking of joining a more metaversal world in the future?
Ans — On the CO platform, fans will be able to earn, win, and receive rewards and fan power. In the future, we plan to organize
festivals and events in the metaverses. The plan is that tickets will be available on our platform.
Q4. I read that Corite CO aim to become a music platform for a large global audience with millions of artists and fans, however, vast majority of artist and music lovers don’t really understand blockchain. May I know how you intend to bridge the gap for such people or users don’t need to have an in-depth knowledge of crypto and blockchain before they could start making use of the platform?
Ans — The Corite platform is user-friendly and simple to understand. You don’t need to know how blockchain works to start a fan campaign or back your favorite artist. It’s like driving a car. You don’t have to know how the engine works, right? :D It’s the same here!
Questions Asked by our BlockTalks Community Members during live Session to Corite Team!!
Q1. I see artists on Corite have various fundraising goals. Is this target determined by Corite or artists? Why some thousands of dollars and some two hundred dollars? Also, what happens after these goals are met?
Ans — Good question. That’s correct! We have since launch been experimenting with how to set the valuation and goal. We need to take into consideration set realistic valuations for the artists and the backers. We guide the artists to set their valuation accordingly to their previous streaming history. When the artist receives the funds after the fan campaign is closed, we release the song on the release date that they’ve chosen. Then we start collecting the revenues from the streaming platforms and pay the backers based on how many percentages of the song they should receive revenue for. If the streaming goal is reached, everything from that is profit for the backers. We are more than happy to receive feedback on this! 🎶
Q2. I Read that Corite Offers TikTok Ads For Artists, Can You Please tell how TikTok Artists can be Benefited from this?
Ans — We do!
TikTok has not only become the go-to platform for people across generations to discover new music, but it’s also one of the very few ways to go viral and to get your music out there. But still, you need some strategy, consistency, and unique content to make yourself the CEO of views. To help with that we offer ✨ TikTok ads ✨ to give your music the boost it deserves.
TikTok Spark Ads let us push posts from the artist’s own profile. In this way, the artist can post from their own account, exactly the way they want it!
Want to run ads on TikTok for your next release? Submit your fan campaign or release, and write “TIKTOK ADS” in the message to moderators and someone will reach out to you within 24 hours to walk you through the process.
If you want to run ads for a song that isn’t distributed by Corite, please contact the support and we will have a look at how we can help you. :)
Q3. Does Corite supports artists even they have less popularity? and How does Corite evaluate the copyright and legitimacy of a product/creation submitted?
Ans — For sure. Corite is for all artists no matter if they are small or big. But the size of the artist will affect the size of the funding and streaming goal. You can use Corite if you’re a new artist, up and coming one or established one — we have worked with everyone!
In terms of copyright we use our ears and tools such as shazaam :)
Q4. what is the type of your project business model?
Ans — We charged 5% of streaming revenues and 5% of the raised funds in the fan campaign. �
Q5. Can you share your social media links so we can keep ourselves updated ?
Ans — Twitter: https://twitter.com/Coritecom
Telegram: https://t.me/corite
Website: https://corite.com/
Instagram: https://instagram.com/corite/
See you on our socials ;)
Q6. You say that Corite provides everyone with daily data on how music is broadcast around the world, does that mean that we can see the daily statistics of each artist and their musical content before deciding whether to support it?
Ans — Hi! We have icons on each fan campaign that shows the artists Spotify-profile/streaming history etc, to guide backers in their decision whether to support it or not.
However, as a backer, other than supporting the music you love and being a part of someone’s dream, backers get paid when the music they have funded is being streamed. When the music you have backed is released, you will also get access to daily trend data, which means you can see in real time how the song is streaming.
Q7. when I download CORITE and open it, I feel you need to add some settings to change the language. What I want to ask is, will there be more languages in the future? and create communities in several countries?
Ans — Good question. We are working on it, we have a Vietnamese, Chinese and Turkish community already! But there will be support for more languages hopefully very soon.
Q8. Corite is a place where artists get the opportunity to show to the world there talent, earn money and build great fan base which is good. But can you explain to us how you want upcoming musician to choose corite over popular Media like TikTok, YouTube ,etc.
Ans — There’s a simple answer to this; we don’t compete with TikTok or YouTube. We are delivering music to them. Corite is not a social media, it’s a tool for independent artist to fund, distribute and market your music!
