Blockchain-based Crowdfunding : Beneficial to Independent Music Creators
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2022
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AUTHOR-SUPPLIED ABSTRACT: Abstract: This thesis utilizes the Value Proposition Canvas by Osterwalder and others (2014) to examine which benefits a blockchain-based crowdfunding (CF) solution like Corite CO will offer independent musicians compared to conventional CF solutions. Interviews are conducted with current crowd funders in the music industry, and a thematic content analysis of the interviews is conducted to establish a customer profile. Furthermore, Corite CO's value map is created through recent literature on conventional and blockchain-based CF, and the platform's whitepaper. The study argues the platforms' benefits by identifying the fit between Corite CO's blockchain-based CF model and the crowdfunding musician customer profile. Such benefits include enhanced marketing, increased funding, and building artist/fan relationships. Furthermore, conventional crowd funders' preconditions to participate in such a CF solution are questioned, which interview results suggest are generally insufficient. Concepts such as equity- and reward-based CF, smart contracts, tokenization of asset rights, and royalty splits are discussed. Keywords: Value Proposition Canvas, blockchain-based crowdfunding, Corite CO, independent musicians, conventional crowdfunding, interviews, thematic content analysis, customer profile, value map, enhanced marketing, increased funding, artist/fan relationships, preconditions, equity-based crowdfunding, reward-based crowdfunding, smart contracts, tokenization, asset rights, royalty splits