The blockchain technology has been making a move towards the music industry specifically for, intermediaries back to artists.
The technology has it’s own power to increase the inclusion and change of lives throughout the world financially. Blockchain technology is widely recognized, amount the number of critics of Bitcoin. The possible cases are often limited to the financial industry. The ledger system created along Bitcoin has a powerful use in the realm of cryptocurrency and assets that can be transferred without middlemen or duplication. Since the ownership is immutable and provable. In which, applications can be translated into many other industries aside from finance.
The music industry has been dominated by the gatekeepers. Napster for example has been advanced by the internet in the power of streaming, the same goes for Soundcloud and Spotify. They have changed to a degree blockchain technology as a next step to give the power back to creators and the listeners.
How is blockchain going to change the music industry?
One of the effects of blockchain technology is the ability to remove middlemen from the process of music sales and streaming. Some streaming platforms have made changes to the way music is being consumed, which makes its availability reachable to the listeners. This has made a good medium between artists and supporters.
The music streaming industry has made an improvement to provide a cost-efficient and user-friendly alternative to piracy. This will allow artists to receive royalty fees for their work.
There may be some discrepancy when it comes to distributing royalties. The distribution may have a very small percentage of artists in the majority of music streams and royalty earnings. The discrepancy may also be due to the music genre and country of origin.
The progress has been made about the control and revenue when it comes to the artists. There may not be a lot of room for development as the artists have higher earnings. The listeners can take advantage of the incentives, however through the decentralized platforms. This may put an end to the industry’s mishaps and drive artists towards new and improved systems.