Blockchain capability #1: Upgrade music industry
Music

Blockchain capability #1: Upgrade music industry

By fractalbit | Blockchain revolution | 28 Jul 2020


This is going to be the first thing on the list of capabilities of distributed ledgers. Cut the middlemen. Start the blockchain revolution.


The music industry is one of the biggest markets these days that blockchain will inevitably disrupt in the future. The same way as streaming platforms like Spotify and Soundcloud once changed the music business and made the content consumption more convenient for the end-users. But have they made music-making more profitable for the artists? Absolutely not.

If you are a famous established musician and you can easily get 1 million streams of your songs, then you can get approximately $3000 - $4000 for that. Soundchart calculated the weighted average couple of years ago. It showed that Spotify, for instance, pays around $0,0032 per stream. Most likely if you are that big, you have to split this money with crew members, technicians, and producers. But if you are a noname artist who wants to get a living by utilizing your passion, you will get upset about these payoffs.

And then it gets even worse. There are so many promoting organizations that "help" beginner musicians advertise their music to a broader audience, but, of course, in exchange for a very significant piece of cake. This piece can vary from 30 to 50% of a profit. What do we get in the end? More middlemen in the system and more disappointed artists.

Time to cut the middlemen yet again. And blockchain is our savior here. The question of changing the music industry to something more transparent, which will connect the listeners directly to the musicians, is not new. It has been being discussed for a while now. And especially after the crypto boom in 2017. Many startups emerged back then, intended to make a change in the industry. Many of them failed; some of them stopped active development and took a hiatus; some are still trying to get an audience and attention to their product. Some of the notable ones are Ujo, Musicoin, and Open Music. The last one was launched by Berklee College of Music and MIT Connection Science, which gives the project more credibility. They have a very thorough description of the underlying protocols they use to build the infrastructure.

However, all of the projects are not very active. And they don't get much attention, because people are used to Spotify and Apple Music. It's more convenient and easier and has mass adoption. Why bother with some unknown services which use crypto instead of fiat? But I believe that with mass crypto and blockchain adoption, attention will come to the music industry as well and disrupt it once and for all, cutting all the middlemen out of the creator-consumer chain.


This is what I like about @publish0x and @brave infrastructures. Whenever you like something you can easily tip the author for their article or video. This is what incentivizes the economy, brings more attention to BAT token, and develops a healthy infrastructure, where everyone is involved and gets paid. Actually, today we can tip musicians with BAT via their verified youtube channels or websites. Let's keep it growing and change reality together.

 

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fractalbit
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