- Blockchain in the music industry is going viral like a hit song and propagates its magic from the artist to the music lover (and back).
- Some have begun to harness blockchain technology for the music industry.
- Like any industry that is encumbered by inefficient intermediaries, the music industry will be disrupted by new developments in technology and governance.
- There is a serious lack of transparency in the music industry.
- Musicians can now embed their music directly into the blockchain and get paid immediately in any cryptocurrency of their choice.
Almost 100 years later, musicians still must go through this archaic system of intermediaries developed before the advent of the internet, where the arti…
@manish3801: Could #Blockchain Technology Help Starving Musicians?
In 2015, with a total revenue of US$15 billion, the recording industry had its first significant year-on-year growth in nearly two decades. Digital became the primary revenue stream for the first time when digital revenues overtook those of physical formats.
This sounds like great news. However, artists rarely come out with a big payoff. A complicated web of ownership has created one of the worst systems imaginable, making it impossible for musicians and other people involved to get paid their fair share.
Streaming services like Spotify and user upload platforms are rapidly growing, but fail to provide the musicians a sustainable and reasonable share of the profits. Although music consumption is exploding globally, it is increasingly difficult for many artists to make a living with their work.
This revolution is explained in greater detail by Edith Suarez of CNN: “Music is placed in the decentralized server, then each song is embedded with a piece of code (meta information) […] [When people download] a track with a cryptocurrency, a payment is automatically sent to anyone involved, be it the writer, the producer, the singer, as well as many others.”
With bitcoin (or by creating your own cryptocurrency on top of the bitcoin blockchain) and some technical know-how, it is possible to implement an elegant solution. This is done not only by embedding a proof of ownership for the lyrics and melody of a song in the blockchain, but also for cultivating direct relationships with fans, offering special privileges, and providing complete transparency to future clients and partners.