Blockchain in music
For an artist to be successful, great music is important but it is not enough. Artists should have audiences and fans. In order to make music more than a hobby, they should make money out of it. In past years, musicians and singers relied on promoters, distributers and others. There are many groups like Sonymusic who pay small amount of money to the singers and musicians and this compensation is far less than what musicians deserve.
Now, musicians and singers have just two solutions. They should align themselves to major labels and they hope in getting fans and audience in future or they should resign from these services and have a life in shadow. None of these solutions is a good option for singers. When the technology advanced, many of these problems solved and now singers can send their songs to websites directly and they had passed the middlemen. There are still some other problems.
Blockchain is a new technology that can help both musicians and fans and it can create a healthy music industry. Blockchain is a special database and it has some dynamic functions that help music industry. Additionally blockchain keeps record of any changes and every action is recorded in blockchain. This feature helps singers and musicians to get more clarity and transparency. It is something artists dreamed about for many years.
If you combine all these features, blockchain can create a universal music industry which has more winners than losers. The key issue is that the artist know more about his music, his fans and his music sale and on the other hand, fans can give a better percentage of their money to the artist and middlemen are away. Blockchain is decentralized and it has smart contracts. These two features help artists. Blockchain provides incentives for fans who promote as well.
Music industry is full of databases. Publishers, distributers and so on all have their own databases and they dont talk to each other because of the proprietary nature of their databases and they give a small percentage to the artists. These different databases cause the music industry to be out of equation and right owners are not transparent in this system. A static blockchain just addrss one problem but with added smart contracts to the blockchain, another feature will be added. Smart contracts cause an action start other actions automatically and this is done by a set of determined rules. This approach removes intermediate organizations and songs can be sent to fans directly. No artist can be successful without removing the burden of promotion from oneself to fans. Blockchain incentivizes fans to promote the artist songs and music. Fans can be compensated by money or services like more music, exclusive access to some songs and etc. Blockchain helps this dynamic community of fans occur. By blockchain, artists know about a super fan who promotes songs well and then the artist can give this super fan a special gift. We said smart contracts cause other actions to be triggered from the first action automatically. Then an artist can promise that each person who promotes a song to more than 500 people will get a bonus. When a fan promoted the song to more than 500 people, he/she will get the bonus. In summary, blockchain paves the way for a healthy and strong music industry. Traditional companies in music industry dont like blockchain because it captures the control and ownership from them to the artists and fans. Blockchain can make this revolution in reality.
Resource:
