Various stakeholders include musicians, labels, distributors, and significant market retailers. The music industry is also highly competitive, often resulting in complex business relationships that involve tough negotiations. A website is a wholly automated cryptocurrency trading platform offering the best features like liquidity, trading tools, and customer support. This complexity makes it difficult for all stakeholders to track their position in the supply chain and makes ensuring that products are delivered accurately very challenging. In addition, if you are into Bitcoin investment, you may also want to know about Bitcoin And Poverty.
Blockchain can help exponentially increase transparency and accuracy by removing information from data silos and sharing it across a peer-to-peer network, creating an immune system from cyber-attacks or unintentional errors.
With blockchain, the distributed nature allows for increased market access and more efficiency in production tasks such as approving artwork and manufacturing, recording contracts, and distribution terms and conditions. In addition, music industry stakeholders can see a need for blockchain to address crucial issues for musicians, such as royalty distribution and copyright protection.
Blockchain can help address the growing demand for transparency by allowing the music industry stakeholders to track ownership, rights, payments, and more with relative ease. It will also enable artists to quickly determine if their work has been used without permission, which is particularly important in light of the increasing number of cases where copyrighted material is used without permission. So let’s discuss how blockchain can assist the music industry.
The ever-changing music industry:
Music is one of the most consistently sold non-essential goods across the globe. Yet, few concrete statistics and figures are publicly available regarding how much money is made in the industry.
Over the years, artist royalties have declined as a percentage of total revenues. Industry reports suggest that in 2016, artist revenue from record sales was 27%, whereas it was 86% more than fifty years ago (Industry reports). Digital Services like Spotify and Apple Music have brought music to the fingertips of many who otherwise would not have access to it, which is an excellent service. Still, they are also increasingly taking revenue away from musicians. For example, Spotify pays approximately $0.006 per stream or $0.0084 per 1,000 plays.
Musicians are not the only ones suffering from the ever-changing music industry. Due to digital technological advancements, the music business is becoming more intricate by the day. As a result, navigating what has become a fast-paced and cutting-edge industry is becoming challenging.
For instance, this has become more difficult for artists because new technology like smartphones and tablets has made it so that people can listen to music whenever they want without worrying about their privacy or data security. Artists usually have labels to handle everything, but those are changing too. Musicians rely on a solid network of brands and distributors who help them promote themselves and get their songs played.
How can blockchain disrupt the music industry entirely?
The music industry is diverse and constantly changing – but with blockchain, where there are improvements, there is no reason for the industry not to steal a march on its competitors. In addition, the music industry is facing various challenges brought about by technological advancements, such as digital distribution and streaming services.
These two developments are disrupting the traditional recording and publishing industries. They are currently facing pressure from both sides; the decline in sales from physical products to download services like iTunes has been progressive, resulting in fewer sales of physical CDs. Blockchain can put power back in the hands of artists and rights holders.
Blockchain technology can enhance transparency while expanding accessibility, which musicians seek, as they seek more control over how their music is used, who benefits financially, and how royalties are distributed. In addition, as a powerful tool for digital rights management and protection of intellectual property, musicians can also use blockchain to protect their work from piracy.
The modern music industry has created a certain level of controversy and discontent amongst artists. Streaming services, for instance, are putting pressure on the drive to adapt and find creative solutions to how they can help improve revenues for musicians. Blockchain offers many solutions for artists who want transparency in the music industry.
We know that blockchain can help monetize digital streaming – but most importantly, the technology will ensure that revenue is distributed amongst those who deserve it. In today’s digital age, there needs to be some universal royalty distribution system where payments are instant and transparent for everyone involved. Blockchain allows for greater trust between parties by ensuring fairness and transparency in royalty distribution which is essential to improving overall performance in the music industry.
Blockchain can fight against copyright theft by ensuring that media can be identified, verified, and tracked. Content faces apparent challenges in the digital media age, like data aggregation, easy access to content files, pirated copies, and more. But blockchain is here to help eradicate that.
The distributed ledger system on the blockchain is an ideal way for rights holders to protect their content; it allows them to keep it secure from piracy and illegal use. Furthermore, blockchain allows for data verification, which ensures transparency for artists and rights holders; this helps reduce disputes about royalty payments, amongst other things.