Who are you? What makes you, you? From a human perspective, you are a body, a soul, a mind. But what about to a computer? A computer cannot see, feel, or know what it’s like to be a human. Instead, you are your data history. What webpages did you interact with? For how long? What was your response? Based on your interactions, a computer can learn to know what you like and don’t like, and then build predictive models of what you should like and then present it in a list for your perusal. This is how Netflix is able to keep you hooked on binging shows, or Google knows exactly what to show you in search results, or Spotify knows the next awesome song to stick on your playlist.
Data is the digital gold of the future. The more that computers collect about you, they better they can advertise, market and “connect” with you. It’s scary really how much information we give up. Go check out your Google data history. How much do they know? Unfortunately, though, it’s the future. Every single tech company survives based on the amount of data they collect, which they then can monetize to advertisers.
The music industry is by no means different. Our musical tastes don’t change that much. I see this in my Spotify Discover playlist I get every week. It never changes, I get the same chill/hip-hop music that I’ve been getting for several years. I love it, but sometimes I want a change.
The Spotify Discover Weekly playlist is tailored around your music experience. However, it’s a little more complicated than that. It also shows you music that other people that listened to the same kind of music you did. So for example, if you listened to “Song A” (made up for example purposes) and so did someone else in the world, and then they went off to listen to “Song C” after that, then you might find “Song C” in your discover weekly playlist if it is relevant to your music style. You can’t refresh it manually, but it refreshes automatically every week. It’s dependent on what you listen to and what is in your music library. You could always unfollow it however if you decide that you don’t like the suggestions.
Rounding this back, Current is breed of music players which takes in aggregated listening data and then gives you “better” recommendations. Everyday my Current app pumps out 6 new tracks for me to listen to which they think I will like. It’s a nice selection as it combines my amazing Spotify playlist which is mostly hiphop with my Soundcloud which is mostly house. The app is pretty cool, it’s clean, easy to use and at the moment I don’t have to know anything about crypto to use it.
Once the ICO happens the CRNC token will be introduced. The native token will incentivize users to turn back on ads in return for tokens. Advertisers will pay Current, who will then distribute that ad revenue to its users for listens. Users can buy subscriptions with the tokens, sell them or use them in the store. Simple stuff. The most powerful thing that Current will gain from its listeners is data. They will know across a wider spectrum which artists their users are listening to. They then will be able to sign them to exclusive contracts or offer them promotion through the app. Spotify does this already, but it’s a proven strategy.
What current will have going for them is listeners who actually want to listen to advertisements. One of the biggest problems Spotify has is that fixed subscriptions are not the most profitable way to monetize your users. Every users consumes a certain amount of songs each month. Each time they listen to a song, the artist gets paid a small amount of funds. Usually artists get paid out a cent or two for every thousands listens. The problem though is that for major artists, these pennies are miniscule compared to CD sales, but it’s a reality now. Artists need ad revenue, but listeners want uninterrupted listening. It’s a weird balance.
We will see if people actually turn Current ads on in lieu of normal playing. But even if they don’t, the app puts all of your music in one place. Dan, the CEO, is a natural hype man. He’s going to blow up Current and understands the marketing process to do so. I’m hyped about the project and like it a lot.
My advice is go download the app. See if you like it. Buffet (I think) had a rule that you should only invest in what you use and know. I get music. Current works for me. This is all I have to say.