Chima Nwala is the founder of Hangout Corporation, which he founded in his college dorm room after graduating from Foster School of Business at the University of Washington in Seattle. He has over 30 years of experience in the digital music space. An independent music publisher, writer and podcaster, he shares the same challenges and opportunities digital music presents to artists, fans, and users alike. His passion for Finance, Technology and Music led him to create PODBUM® Podcast and soon PODBUM® Coin. His book “The Secret Sauce Behind Podcasting,” was just published and is available on Amazon.
Podbum.com – Check out what Chima has going on!
The Secret Sauce Behind Podcasting – Get Chima’s book
3 Value Bombs
1) You have the power to make it happen. Believe in yourself and take action.
2) Blockchain for artists, music industry professionals, and even those who sell merchandise holds the key to Smart Contracts.
3) A Smart Contract is when you have a contract between two parties with variables that will determine what happens if a certain transaction takes place.
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: Blockchain Just Stole The Music Note with Chima Nwala
[01:28] – Chima shares something interesting about himself that most people don’t know
- He’s a retired army veteran.
[02:26] – Is blockchain the future of the music industry?
- Blockchain for artists, music industry professionals, and even those who sell merchandise holds the key to Smart Contracts.
[03:25] – What is blockchain?
- Blockchain is a way to have digital certificates when computers communicate.
- Smart Contracts is when you do contracts between two parties where you have variables that will determine what will happen if a certain transaction takes place.
[04:36] – Chima explains what it means to be tokenized and also gives an example
- Tokenization is solving a problem and turning that into something that people can participate in
- Whenever people listen to music, and you earn royalties, it will trigger a payment using the coin as a payment platform.
- You don’t necessarily have to go with traditional record companies to leverage blockchain.
[07:36] – Can songs be tweeted for income generation? What are the artists’ opportunities for income generation in the future?
- Get a digital wallet to get people comfortable with the whole blockchain idea and how the ledger actually works.
- Chima can see a future where artists will completely bypass traditional stores or traditional streaming platforms in terms of having their music or merchandise for sale – and they’ll get paid fast.
[12:06] – What can artists or labels do to take advantage of this new era?
- Research companies that are going to enable artists to develop a token or a personal digital wallet.
- Find key influencers or local folks around your neighborhood when it comes to launching cryptocurrency.
[14:30] – Do royalties matter with blockchain?
- Chima doubts that royalties in the blockchain era have reached clarity.
- Congress passed an act that will allow home-taping royalties.
[17:06] – How can podcasts be integrated into the marketing and promotion mix?
- One of the best ways is to release a song as a podcast and have the podcast host do a DJ mix with the songs released.
- Get Chima’s book The Secret Sauce Behind Podcasting.
[19:23] – Chima’s parting piece of guidance
- You have the power to make it happen. Believe in yourself and take action.
- Podbum.com – Check out what Chima has going on!
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