4 reasons why Blockchain will revolutionize the music industry
Blockchain technology has been a topic of interest for over a year for me.I briefly touch on the subject in this post. When I first read of its possible application in the music industry I was sold that this was the future. Forerunners like Imogen Heap have laid the groundwork for the tech, now companies like Spotify are beginning to embrace the change. Blockchain technology will not only fix major issues inside the music industry but revolutionize it in the coming years. This is the most prolific innovation the industry has had in recent memory, and below I will list four ways this tech will change the game.
It will transform Digital Publishing
The expression of digital rights has been a leading issue in the industry since music started leaking online. Due to an outdated tracking system, it is extremely difficult to identify the appropriate parties who own the rights to songs. This makes it even more difficult to divvy up the royalty payments and get them to the appropriate party. With blockchain, music will be published on a public ledger with the right owner’s information stored on metadata making everything transparent. This will guarantee the right parties are compensated and credited each time a song is played. The best part of the ledger is that it is public meaning indie artists can take advantage of the tech without any involvement from major labels.
New ways for artists and consumer to connect
With these new transparent ledgers comes a world of possibilities, like allowing the artist to manage their own licenses. Blockchain-based start-ups like Ujo Music are taking advantage of the transparency along with the innovative smart contracts to allow artists to manage their identities, and licensing as well as allowing consumers to license music for various purposes. PeerTracks, a blockchain based streaming platform, has a system in place where creators can identify their biggest fans and reward them with things such as concert tickets. Imagine getting gifted concert tickets by Rihanna for streaming her album! This will change the relationship between consumer and artist by making it even more personal than social media could.
Change how artist get paid
According to Techcrunch.com, “The infrastructure of blockchain tech is based on smart contracts, programs that can run a blockchain along with a payment transaction.” Imogen Heap herself experimented with this new tech when she released her song Tiny Human. The song became the first track to automatically distribute payments via smart contracts to all parties involved. PeerTracks boast that it can give artists 90% of their sales income instantly with their service. Blockchain tech promises to cut out the wait and confusion that has always been involved with paying an artist.
It would kill piracy
There was a time when music was bought and paid for by fans. Because of piracy music has become nothing more than a marketing tool for artists to boost their popularity so they can rake in money from appearances and other ventures. Blockchains ability to store metadata with a unique ID and timestamp makes it almost impossible for the information to be tampered with or copied. This would eliminate the possibility of piracy and restore music’s true value.
What do you think? Is blockchain the tech to save the industry or is it just more noise? Leave a comment below and share your thoughts.