Reading about ‘Blockchain’ technology. Hope it makes a positive impact on the music industry. We hear music each day. Dance, sing along. Music defines our mood, ambiance.
Today, a long list of stakeholders stand between consumers of music and artists. Each take a piece of the profit before artists see revenues. Advertisers, publishers, rights licensees, producers, sponsors, talent agencies take a huge cut before actual artists.
Digital age hasn’t democratised the music industry. In fact, worse for many artists. But, blockchain has great potential to collaboratively create a frictionless, sustainable, healthy eco-system with artists at it’s core.
Blockchain can create, store hashes of digital music files along with smart contracts detailing rights to music owners. So, consumers can pay for streaming using blockchain platforms, have same access to music with a direct connection to artists who get paid instantly. Budding artists could promote their own music, offer special incentives to buyers like extra downloads, rights.
For artists, differences would be profound. Direct management of intellectual property, instant payments. By linking elements of digital works to blockchain, artists can create verified peer-to-peer music databases, content for better marketing, curation.
Offering a virtual ubiquitous studio, blockchain dependent examples like K-Tune (Korea) expand opportunities for collaboration outside boundaries of existing networks within industry, highlight importance of seeking fresh, innovative talent.
Will music industry players really embrace, adopt blockchain technology in 2020..?