Pono, the answer to the music industry’s prayers?

Everyone knows that the advent of the mp3 sent the music industry into a frenzy trying to adapt to the digital word.  What with piracy, streaming, and iTunes taking over as the main sources to find, discover, and acquire music the industry is continually met with new opponents.  Many argue that the dominance of the mp3 and digital music has somewhat devalued music and created passive mentality when purchasing music.  After reading various articles and listening to various speakers talk to us about the future of the industry many seem to be waiting for a new product,service, or device that brings back a value in music that was taken away when the mp3 was introduced.  Que, PONO.

The mother of all formats

Pono-logo

Singer-songwriter Neil Young announced that he will be initiating a Kickstarter-funded music service, PonoMusic, and player to deliver high-quality digital sounds. The Kickstarter campaign launched on March 15 and  in the span of about a week and a half as already surpassed its goal of 800,000 to about 4.5 million dollars coming from 13,522 pledgers. Here is a video of Neil Young attempting to explain what Pono is all about.

Most of the conversation with Letterman focused on the new quality that the product will be providing.  ˝The project grew out of Young’s dissatisfaction with the quality of digital recordings after the music industry shifted to the MP3 format˝ and wanting to ˝move digital music into the 21st century”.  The triangle-shaped PonoPlayer will cost $399 and can also be ordered with a discount through the projects Kickstarter, according to the site the player will have enough memory to contain as many as 2,000 albums with memory cards can be used to store more.  So what differentiates this PonoPayer from the likes of iPods?  Well Neil Young says its the quality.  Instead of focusing on a player that can hold all the music in the world this product will hold less but have more quality content.   The Pono mission is as follows;

Pono’s mission is to provide the best possible listening experience of your favorite music. We want to be very clear that PonoMusic is not a new audio file format or standard. PonoMusic is an end-to-end ecosystem for music lovers to get access to and enjoy their favorite music exactly as the artist created it, at the recording resolution they chose in the studio. We offer PonoMusic customers the highest resolution digital music available. PonoMusic is more than just a high-resolution music store and player; it is a grassroots movement to keep the heart of music beating. PonoMusic aims to preserve the feeling, spirit, and emotion that the artists put in their original studio recordings.

So is this the answer to the music industries prayers?  Will it instill a greater sense of value for music due to the focus on quality in sound? Maybe Record Labels can adapt some of Young’s ideas and develop a product incorporates this quality sound into a device consisting of an artist album and additional material, just at thought?

To make your own opinion, check out some more information with testimonials in the video below.

Sources

http://www.bloomberg.com/news/2014-03-10/neil-young-to-start-kickstarter-funded-music-service-with-player.html

http://www.ponomusic.com/#home

 

THE SECRETS BEHIND CROWDFUNDING

I’ve been involved for the first time in a project for a crowdfunding platform and felt really excited about it. However what will be the next step? How to persuade investors? It’s worth to consider some tips that should be the guideline for everyone who starts this business . Firstly be aware of fake investors. Second, raising capital should be a step step process, avoiding to do it fully in one time. The strategy would be to have a small investment at the beginning based on crowdfunding and retaining more ownership thank’s to raising money when there is a real need. The main advantage is that there are a lot of equity owners  and it’s easy to attract consensus, however it’s hard to manage the human and emotional side. As result of it, in some situations investors with few rights can be converted in majorites and In addition, It’s really important to look at the relationship between financial implications and future rounds. Some tips may considered regarding crowdfunding and incude analysing if the main platforms (Kickstarter, Indiegogo), have a rating system for crowd investors. Moreover, other important thing is to determine their rights and finally  it’s necessary to build a transparent and accurate communication ’cause it would add the business more value and more effictiveness The Jobs Act (Jump start our business start up) provides a legislation that recognizes the rights of fair use for crowdfunding investors, while facilitating the formation of capital between them. In addition, people with lower income are included as potential investors and the final goal would be to increase of employment opportunities. Many law firms, especially in America have becoming to support the these new technololgy  in terms of sponsorship. Not everyone will succeed in this business but a few minds will and the secret will be to have a deep look at the intellectual property rights (Patents, Trademarks, Copyright, Trade Secrets) before disclosing an original project.

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