As per the experts in modern technology, the Blockchain technology is the future technology for technology lovers in various fields. The Blockchain technology is making its presence felt in the music industry as well. The intermediaries have always dominated the music industry, and artists often have to compromise on this factor. However, the streaming platforms are booming in the current scenario, and blockchain technology helps creators come in direct contact with the audience.
How is Blockchain affecting the music industry?
It has the potential to eliminate the intermediaries from the system, and creators can get direct benefits from the sales of music and live streaming of music channels. In this way, artists are able to get a royalty for their work, and this is also becoming a good alternative to piracy. The current situation favors artists who have a good following, and they will continue to earn a major share of revenues from the industry.
On the other hand, the conditions of emerging artists are not so good, and they will hugely benefit from a decentralized system. In this regard, the P2P network for sharing and storing music will help such artists to avoid intermediaries and make good money.
Opus is using IPFS for this purpose, and it has the potential to change the industry in a big way, especially for many emerging artists. Ethereum network is used as a payment layer, and this uses smart contracts to provide royalty to artists. In this way, content distribution becomes easy even for small artists, and they need not have to depend on intermediaries to promote their work.
Artists get up to 90% payment
In this situation, artists are likely to get up to 90% of the earnings, and only a small percentage will go towards the distribution and storage network. This is huge, considering the fact that the conventional system provides very little for the original artists.
Mediachain, eMusic and Musiclife platform
These platforms are trying to change the game by providing independent artists a good share for the money earned from the sale of music. New York based Ujo is providing a decentralized database of ownership for artists, and this can help them earn direct money from the sales of their work.
The US-based Open Music Initiative project is also using Blockchain technology to identify creators’ rights, and they have partnered with Netflix, YouTube, and Soundcloud for the distribution of music.