The word music might bring to your mind Beethoven or Paganini with a violin, but let us all admit it to ourselves: somewhere, somehow the image of a phone device or a music player also creeps inside this picture. And that is because it is technology which, over the years, has made music more secular by making it available to everyone. And right when we thought that we have reached the limits of advancements, here we go again.
Where Lies the Problem?
The present-day music industry is haunted by a number of problems including piracy, lack of transparency, feuds, complications over dividends and decreasing revenues. The player who perhaps suffers the most is the artist as the third parties make huge amounts of money through their art while leaving them very little. On the other hand, music companies have long-standing issues with streaming service providers like YouTube and Vimeo. These platforms, in their turn, suffer due to file-sharing services.
Since the number of players involved in this industry is too many, conflict of interest is only natural to take place. Therefore, a business model that can satisfy all the interests is needed acutely. And after many ups and downs between the music industry and the technology sector, it seems that blockchain is what can actually save the day again.
What Can Blockchain Do for the Music Industry?
Crown the Artist Once More
Let us go back to look at the very definition of blockchain technology: it is a decentralized distributed ledger system capable of carrying transparent transactions without being broken into. In other words, different parties can exchange many things with each other transparently and securely.
This aspect of blockchain technology can help build a more direct relationship between the creators and the consumers. It could, as a result, transform the publishing of music and the relationship between music artists and their fans, thus placing the artist in the driver’s seat again by eliminating unnecessary third parties.
Let us face it— music piracy is so common and so every day that almost every one of us must have done it more than once in our lives. However, this does not change the fact that it is financially damaging to the content creators and illegal. Therefore, it needs to be stopped.
Blockchain can be used to publish music and the record can be given a timestamp and a unique ID number. Further information can be stored about ownership so that the profits go in the hands of the correct player. This would further empower the music artist and free him from the many complications of the music industry.
Enable Ease of Payments
Once music is published on the blockchain and the direct relationship between the artist and the consumers is built, blockchain can make payments a hundred times easier. Let us consider, for instance, micropayments. Cryptocurrencies allow really small payments which are difficult with traditional payment systems due to the transfer costs involved.
Micropayments could build a new kind of music service which is given on the demand of the customers. This empowers both— the artist, who receives direct payment for his work and the customers, who pay for the music of their choice.
Music Industry Embraces Blockchain Technology
PeerTracks is a noble venture in the sense that it is designed to empower the artist by using the MUSE blockchain to create a unique trading system that will make it easier for the creators to manage revenues and royalties. As a result, the artist would receive a whopping 90% of the income generated from their music compared to the meager amount they receive currently.
A creation of the musician and songwriter, Imogen Heap, Mycelia is also a blockchain-based platform meant to empower the artist by giving him direct payments for his works and also the control of how his work is shared.
BitTunes is a blockchain startup that aims to combat music piracy by enabling peer-to-peer file sharing using Bitcoin so that people benefit from the distribution of their own digital music. It uses the reward approach to solve the problem of piracy.
Expanse: Musically Yours
Blockchain may not be the solution to every problem that the music industry faces today. However, it does solve a good number of them and hence more efforts are needed in the direction of making music free of these issues.
Expanse leads you by the hand. Based on Ethereum, the platform enables you to build practical solutions for everyday problems. Highly scalable and secure, it calls for your great ideas and musical thoughts to create a better and more transparent world.