Lets talk Crypto in the Broader Music Industry.
If you didn't know, I run Future Music Industry Network. Our mission is to educate the music and events industry on emerging technology. A big gap in our knowledge is understanding the full scope of benefits, Blockchain and Crypto provide to the ecosystem.
I totally get how blockchain and crypto are beneficial to artists and those who contribute to works. I am a music producer and have learned this skill through many collaborations. But I also ran a record label and organised events. The ‘help artist get discovered and paid’ market segment is heavily saturated. It appears to be the low hanging fruit. But in my opinion, there is a whole tonne of extremely valuable problems in the broader music and events industry blockchain and crypto could solve. However, I want to start validating some of these assumptions. I don't particularly care about trading. Only commercial and scalable applications. So my questions to blockchain and crypto experts are:
Is there an opportunity for the portaloo companies, venues, security contractors, promoters, performance or visual artists? Who are the real benefactors of blockchain/crypto in tbroaderder music industry?
If everyone starts creating their own tokens, wont it just turn into a big confusing mess?
What indicators should music industry people and companies be looking for in a blockchain based solution that its a good investment of their time and energy?
The ecosystem of online music platforms and services is confusing enough as it is. I can just see another 10 - 20 new platforms (and ICO's) emerging in the next year or so and huge players like SoundCloud, BandCamp and Spotify jumping on the bandwagon. Might there be potential issues with every one of them having their own tokens? If users are being paid in tokens might we see wild fluctuations in their value for years to come as the market finds its feet? One day my 500 (insert crypto name) is worth USD$1,000 a week later its worth USD$10.
In my search for answers, I have come across some interesting platforms and would love some thoughts from some experts. Preferably people who also have a good understanding of the problems facing the creative and entertainment industries.
Bjork, recently announced a collaboration with Blockpool, which I’ll be looking into and reporting on over the coming weeks. But it really all began in 2015 with Imogen Heap's Tiny - Human release with Ujo Music on Ethereum.
Total sales you ask?
$133.20
More info here
This is some press covering the project and it all sounds great! Although it seemed the project was a little premature. In any case, these would have been important lessons learned that I'm sure provided valuable insights for the industry.
Recent players in the space:
Gazecoin
The one that has really caught my attention is Gazecoin, who recently completed a successful ICO. Crypto News gives a pretty good breakdown.
Voise
I'll be signing up for this pretty soon and will do a review blog in a few weeks.
Music Coin
I'll be jumping on this one as well. Crypto Hex gives a nice little overview.
Final thoughts
While it all seems quite Utopian, it is no different to the promises made left right and centre, during the rise of digital music distribution. Things got better for creatives who could overcome their tech-phobia and reluctance to learn a few business and marketing skills. But for the most part, things got worse. Why things didnt pan out as everyone thought it would will be covered in a future article. For now, I watch this space with interest. If there is a blockchain/crypto music industry platform I should look into, or you can answer some of my questions, please let me know in the comments.