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How is blockchain technology changing tunes in the music industry?

You must have heard a lot about this technology in the financial sector. Cryptocurrencies, the global digital currency, are based on this technology. In this, where the popularity of blockchain technology is limited to only cryptocurrencies. You should know that this is not the only sector influenced by this technology.

Blockchain technology has a powerful influence on the music industry. It emerged as a powerful tool for independent artists to get recognition and make money out of their careers. So, without any delay, let’s understand, how blockchain technology is changing tunes in the music industry?

Blockchain technology is changing the way to generate royalties:

The music industry has two facets where it is extremely profitable for popular artists but not very good for independent artists and newcomers. Most of the time, artists do their fair share of hard work but the middlemen take the monetary advantages during sales and streaming.

With Blockchain technology, this issue has seen getting addressed as the emergence of many music streaming platforms does not require any middlemen. All the payments are secure and transparent on these platforms which pay well to the deserving artists. These platforms have tackled the issue very efficiently with the help of blockchain technology.

Now, all kinds of music and artists are widely available for the listeners and a systematic way to claim royalties for the artists.

Blockchain technology connects artists and listeners directly:

Previously, artists did not seem to have direct control over listeners. They were bound to labels and platforms and middlemen. They all used to take advantage of the hard work done by the artists. It was also difficult for the newcomers to get a hold of the listeners and very difficult for the independent artists to even emerge.

With the entry of this technology into the music industry, this problem gets solved. Artists got a chance to become empowered and middlemen get eradicated from the process. Now, it is completely different for artists and listeners to get in touch with each other through music.

Listeners got a choice of music and artists are getting deserving monetary benefits.

Blockchain technology is helping in the simplification of the music industry:

Over the years, the music industry was tough for artists where a tough schedule was followed for recording, streaming, and selling of their music. There were music streaming platforms with some difficult processes to collect royalties. It was very difficult for independent artists to get their fair share of royalties through these platforms.

After the introduction of blockchain technology in the music industry, this issue gets solved. There are some music streaming platforms, which give total control to the artists. They can stream and sell their music and can get 100% of their generated income. These platforms do not charge any additional fee, rather making this process user-friendly for the artists.

Artists can also generate revenues through this technology:

For a long time, the music industry has not been possible without big labels and middlemen. They tend to exploit artists in many ways including their monetary benefits. The newcomers, independent, could not think of making this bigger in the music industry. But with the debut of blockchain in the music industry, all these issues got solved and the best part about this technology in the music industry is that it provides a new revenue source.

Earlier, artists used to make money through their music, copyrights, and even some use to sell customised products. Now, the additional revenue source is NFTs which is possible only by blockchain technology. Some music streaming platforms are also launching the system for investors to invest in music royalties. The key to all this is the organic communities available on the platforms for each artist. This engagement and listeners are mainly because of the ease provided by blockchain technology.

Blockchain technology is making the music industry rewarding for fans too:

Over the years, with the introduction of blockchain technology in the music industry, it became very profitable for artists as well as music fans. Fans get a choice with all kinds of artists and their music avail at lower prices.

Through the new platforms, fans can directly access their favourite artists.

Categories: Life