How will Blockchain change the music industry? – 365 DETAIL
Has Napster really killed the music industry? Well, it depends on the person you are asking. Like, some people will be affirmative on the question. However, people like me can argue against it and see it as a revolution of peer-to-peer music sharing platforms.
But there’s something we can say for sure – it changed the music industry to some degree, just like blockchain. Let’s keep reading to find out more about it.
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Blockchain and music – how are you?
Working in the music industry is not something you would call a “walk in the park”. After all, it is plagued by various problems. Here are some of them.
- Although the music industry is quite favorable from almost every point of view, the artist can retain only a small part of it.
- The modern music industry demands a finished product from all points of view. Therefore, if you do not make too many sales from it, you will be signed your contract.
- The creation of an artist can easily be stolen, even in today’s world of technology. So many people tend to lose their money for this reason too.
However, these issues are something that can be changed by blockchain quite quickly. All you have to do is accept technology as your partner in crime, and that’s all.
Advantage – 1: No more changing music.
With blockchain you can assign your creation a completely new and unique ID. And since it is already stored as a block in the general ledger, it cannot be changed by anyone.
Therefore, no matter who tries to take the music from the source, they have to buy it as a whole. There is no way they can cheat out of it.
Benefit – 2: Direct compensation.
Previously, as a music creator, you had to get your money from the record you are working on. Therefore, the amount you were supposed to get was not really in your hands.
But that’s not how blockchain works. Due to its decentralized structure, it does not require any intermediary at all. So you can place your music on the block and get your money directly.
Advantage – 3: Faster payment processing.
With blockchain, there is no need to wait for your earnings to continue for a week or so. If you are connected to an exchange platform such as quantum aiyou can get your payment immediately.
In addition, the registration of the payment will be available in the block accordingly. Therefore, even if someone wants to trick or trick you, you can always share the data to show your innocence.
Advantage – 4: Possibility of micropayment.
Unlike the current transaction procedure, blockchain can activate a micropayment procedure. So every time someone plays or streams your music, you will be rewarded for it immediately.
Besides, it will also be able to give you some money every time someone takes your song and makes a remix of it. It’s that simple and straightforward.
Benefit – 5: Reward your fans.
With a blockchain project, you can always raise money for your fans. This in turn can make the whole experience much more rewarding and interactive.
For example, if someone has been your fan for a long time, you can offer some kind of discount for them on your music. You can create a personal list for them to make it more exciting.
What does the future hold?
In short, it looks very promising, especially from an artist’s point of view.
Thanks to the decentralized variant, it will be easier for you to make more money without paying people here and there. In addition, you can also get money even when someone just streams your music for a while or so. You can also adjust the duration to ensure that the person only pays for how far they have listened.
All in all, blockchain will change the music industry as we know it. It will empower the artists even more and allow them to interact with the fans in a close way.
In the end, it will make them feel more independent. They want control over what they make. And as a co-artist, nothing else will make me happier than this.
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