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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.
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DISSERTATION NOTE: Bachelor of Arts thesis in Business Administration - International Management and Marketing, Berlin International University of Applied Sciences, 2022.
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MACHINE-GENERATED CONTENTS NOTE: Table of Contents Glossary:.............................................................................................................................vi 1. Introduction ...............................................................................................................7 2. Literature Review ....................................................................................................10 2.1 Conventional crowdfunding in the music industry............................................10 History of Crowdfunding.....................................................................................10 How crowdfunding benefits independent music creators....................................10 Four crowdfunding types.....................................................................................11 Backers' Incentives to fund .................................................................................11 Two crowdfunding Models: ................................................................................12 Type of payoff related to risk ..............................................................................12 2.1.1 Backers' incentives in reward-based crowdfunding.......................................13 2.1.2 Backers' incentives in equity-based crowdfunding........................................13 2.2 Blockchain technology's contributions to crowdfunding..................................15 Blockchain Technology .......................................................................................15 Smart Contracts ...................................................................................................15 Tokenization of assets - Non-Fungible Tokens (NFTs) .....................................15 Decentralized Finance (DeFi)..............................................................................16 Decentralized Autonomous Organization (DAO) ...............................................16 The BNB Chain ...................................................................................................17 2.2.1 Reward-based Crowdfunding on the blockchainches...........................................17 2.2.2 Equity-based Crowdfunding on the blockchain .............................................17 2.3 Corite CO's application of blockchain-based crowdfunding ............................18 Introducing Blockchain-based crowdfunding - Adding 'CO' to Corite .............18 Equity-based crowdfunding on Corite CO ..........................................................18 Reward-based crowdfunding on Corite CO ........................................................19 2.4 Theoretical frameworks.....................................................................................19 The Value Proposition Canvas ............................................................................19 3. Methodology............................................................................................................21 3.1 Methodological design ......................................................................................21 3.2 Structured and Semi-Structured Interviews.......................................................22 3.3 Interview Analysis: Thematic Content Analysis ...............................................24 4. Results and Discussion ............................................................................................25 4.1 Thematic Content Analysis ...............................................................................25 4.2 How Corite Co's blockchain-based crowdfunding solutions benefit independent crowdfunding music creators...................................................................................26 4.2.1 The independent crowdfunding music creator customer profile ................26 4.2.2 Corite CO's value map and fit with the independent crowdfunding music creator customer profile.......................................................................................31 4.3 Crowdfunding musicians' preconditions to partake in blockchain-based crowdfunding...........................................................................................................32 4.4 Discussion..........................................................................................................32 5. Conclusion...............................................................................................................34 Research question 1: How does Corite CO's blockchain-based crowdfunding model benefit independent music creators compared to conventional crowdfunding platforms? ................................................................................................................34 Research question 2: Do current crowdfunding musicians have sufficient preconditions to partake in a blockchain-based crowdfunding platform like Corite CO?..........................................................................................................................34 6. References ...............................................................................................................36 7. Appendices ..............................................................................................................43 Appendix 1: Thesis Declaration Page .....................................................................43 Appendix 2: Corite's equity-based crowdfunding homepage .................................44 Appendix 3: Return/Risk Intensity vs. Type of Payoff ...........................................45 Appendix 4: Interview Transcripts ..........................................................................46
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