To continue with my series on the ways blockchain is disrupting the entertainment industry, I want to write about a new blockchain platform called MFTU that is specifically built for the music industry. Let's take a brief look at the complex issue of piracy in the music industry and then how MFTU proposes to solve this.
Music Piracy has proved to be intractableThe music industry has grown geometrically in the last few decades. Its global market value was estimated to be slightly less than $8 billion at the turn of this century. In 2015, it rose to above $30 billion. By 2020, it's expected to reach $43.49 billion. However, the tremendous growth potential hasn't translated into more wealth for the, "musician", the goose that lays the golden egg.
One reason for this is due to the problem called music piracy. Forbes reported that more than 10% of music revenues are lost to piracy and illegal music streaming services annually. This cannot be entirely untrue. For instance, statistics published by the music recording group, IFPI, showed that music piracy hasn't abated significantly even with available streaming services. IFPI disclosed that piracy has shifted from illegal music downloads to stream ripping. Ripping is to take a song from a stream service and turn it to a permanent download. This is done by using some sophisticated softwares available online and it has enabled millions of illegal download of music albums.
Further, a report obtained from a london-based music rights firm, called Muso, stated that a total of 34.2 billion visits were recorded on music piracy sites in 2016 alone. The number was expected to grow higher in the following years as more people demand for more music contents globally. One direct consequence of this is the direct lost of revenue to musicians as mentioned earlier.
How can MFTU help the music industry solve this piracy problem?
MFTU stands for Mainstream For The Underground and it's an innovative blockchain platform created, among other things, to broadcast music contents online. However, MTFU isn't just another music sharing site. In this case, it offers all the benefits of blockchain technology, such as, decentralization, open-source, tokenization, and smart-contract based. What this means is that the public distributed ledger called MFTU ensures that artistes get fair rewards for their musical albums.
Additionally, MFTU is protected by multiple encryptions based on SSL/TLS. Each music on the platform will have watermarking codes to protect it and compensate the original creator. In essence, MFTU is completely transparent and users gets fair rewards for their efforts.
In conclusion
Musicians and artistes, especially the upcoming ones stand to benefit more from registering on MFTU than on any other streaming service. Blockchain not only block loopholes of piracy, but also ensure you get fairly compensated for your music contents.
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