Electronic music is big business. According to a report from the International Music Summit, the electronic music sector was valued at US$6 billion in 2021, and this sector is poised for significant additional growth. That $6 billion number represents a 71% increase in industry valuation in 2020, which understandably was much less the result of the impact of the pandemic. While revenue has declined from 2019, subject to more massive disruptions, the industry is poised at Tempo in 2022 to surpass its pre-pandemic peaks.
This should be fantastic news for musicians and artists alike, but there is a warning. As electronic music continues to thrive, access to festivals and concerts, the heart of the electronic music scene, is becoming increasingly exclusive. Concert ticket prices have risen across the board across the music industry. Bruce Springsteen, a musician with a devoted working-class fan base, caused a stir earlier this year when tickets went on sale for absurdly high prices.
The high prices have been attributed to algorithms used by ticketing platforms, but this was not an isolated case.
For example, Tomorrowland is one of the most important electronic music festivals. In 2022, general admission to the festival was about $280. The most expensive packages, which can cost several thousand dollars, are the only ones left after these tickets sell out quickly. Additionally, the base cost does not include any lodging, meals, or other expenses related to attending any of these events. The overall cost of one of these events can range from $1,500 to $50,000.
To put it simply, most people cannot afford it.
Restoring the Electronic Music Scene to Its Roots
Festivals of electronic music are about more than just music. They should be gatherings that unite individuals from all backgrounds in a neighborhood. Today’s system of affairs makes going to these events a privilege. However, a blockchain project has decided to act and use its platform to restore the origins of electronic music. “The premier cryptocurrency for all clubbers, festivalgoers, and electronic music fans,” claims Klubcoin.
The project aims to develop a medium of exchange that all participants in the electronic music community will recognize. By using Klubcoin, music fans get rewards, including access to VIP events, DJ hangouts and famous artists, and more.
Klubcoin and the Pary-to-Earn Model
The operating model is called “party to win” and has been positioned to decentralize the music and festival scene, much like play-to-win gaming has rocked the gaming industry. Klubcoin allows club and festivalgoers to earn rewards and access exclusive events by doing what they love. Now, fans can attend sold-out events at great prices and are entitled to discounts on food and drink, cashback on all their purchases, and access to exclusive parties and meetups in the Klubcoin community. The project seeks to refocus on electronic music creators and fans by offering a communication platform specifically designed for them.
In its endeavors, Klubcoin has already succeeded, forming alliances with some of the world’s biggest music festivals and DJs. Amnesia Ibiza, Bootshaus, Caprices Festival, DJ Mag, Pacha Barcelona, Opium, Motel Particulier, and many more are now on the list of project collaborators. In the future, Klubcoin will work to expand its ecosystem and provide alternatives to the status quo to more people by integrating with more festivals and working with more artists. Klubcoin presents a unique chance for music producers to increase their fan base and foster a closer bond between fans and artists. The continued success of Klubcoin could have a significant effect on a sector of the economy that is rapidly losing the identity of its founders.