Where are my musicophiles? This article is written especially for you.
The music industry has grown significantly over the years, with the Afrobeat genre gaining increasing global recognition.
This growth and success also trickle down from record labels to music streaming platforms that host millions of streamers daily.
However, there is a challenge, and that’s because many artists whose voices drive the industry’s success do not receive their fair share of revenue, commonly termed “royalties.”
Fortunately, blockchain has the power to twist the plot!
In this article, we will explore how blockchain can transform the music industry by changing the way artists receive their royalties and more.
Intersecting The Music Industry With Blockchain Technology
Eugene and Rotimi’s recent hit song highlights the growing interest in cryptocurrency and blockchain in Africa.
The blockchain, as you know, is essentially a decentralized ledger that records transactions in a secure and transparent manner.
It has been used in the creation of cryptocurrencies like Bitcoin.
However, its applications go beyond that; one such application pertains to the problems that bother the music industry.
As already mentioned, one of the biggest challenges that artists face is receiving their fair share of royalties.
With traditional systems, royalties can be lost in the complex web of intermediaries, from record labels to streaming services.
Blockchain has the potential to eliminate the need for intermediaries and create a direct connection between artists and their fans.
This ensures that artists receive their royalties directly and without any intermediaries.
But that’s not the only way blockchain can help the music industry; swipe up, and let’s explore more things that artists can do with blockchain.
Multiple Ways Artists Can Benefit from Blockchain Technology
i. Royalty Tracking
With blockchain, artists can track their royalties in real-time, ensuring that they receive a fair reward.
This is because blockchain allows for transparent and accurate tracking of music streams and purchases and eliminates the need for intermediaries.
ii. Copyright Protection
Blockchain provides artists with a permanent and immutable record of their music ownership.
This makes it difficult for anyone to claim their work as their own.
iii. Direct Distribution
Blockchain technology can enable artists to distribute their music directly to fans, bypassing traditional record labels and distribution companies.
This approach can provide artists with greater control over their work as well as more significant revenue opportunities.
iv. Fan Engagement
Blockchain can help artists connect with fans in new and innovative ways.
For example, blockchain-based streaming platforms can enable fans to support their favourite artists by purchasing tokens that represent a share of the artist’s future revenue.
Interesting! This is a win-win for both artists and their fans.
Blockchain can provide a secure and transparent way for artists to receive donations from fans or raise funds for their projects.
Did you know? Music stored on the blockchain is referred to as NFT music.
And in the second part of this post, we will explore how artists can store their music on the blockchain. You might want to keep your eyes peeled.☺️
The blockchain is revolutionising the music industry by offering artists exceptional royalty methods, full ownership and an enhanced way to connect with fans.
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