Back in 1999, Napster launched a music-sharing platform that left the music industry in near-constant turmoil with piracy problems. The revenues dipped and the distribution of dividends was marred with dishonesty and disputes.
Ideally, music companies do not like streaming services such as Spotify. According to them, the apps rip off music labels and artists. Streaming services, on the other hand, dislike file-sharing systems. And, above all, content creators and artists have a hatred for practically everyone for using their creativity to earn large sums of money and giving them peanuts.
Spotify, for instance, pays artists a mere one cent per stream on their platform. On the other hand, YouTube, in most cases, pays absolutely nothing for all the music streamed on their platform.
As you can see, the music industry lacked a business model or service that could work to satisfy the needs of everyone involved. But, that was before blockchain showed up. After years of fighting back-and-forth with no solutions at all, blockchain technology is here to help all the parties involved in the music industry.
For a while now, the blockchain technology has been making headlines across the globe owing to its decentralized nature. This feature makes blockchain non-hackable and non-modifiable with its records secured by cryptography.
Here are some of the issues that blockchain promises to solve in the music industry:
Contracts and IP Protection
The blockchain technology promises to help streamline the music industry through the distribution of smart contracts and IP security services. This will be done by storing a song on a blockchain and allocating it to a unique number that will protect it from fraud. As peer-to-peer transactions continue to take place on the blockchain through cryptocurrencies like Bitcoin, content creators can now get money directly from their fans.
Hypothetically speaking, blockchain does not allow data modification. It is this transparency that will enable content creators to control their work. For instance, it will be downright impossible to download a song illegally on a blockchain.
It is true that there are giant streaming services like Spotify and Netflix that support the distribution of digital multimedia content. But, they have one major shortcoming; they are restrained by geographical restrictions. Some video content, for instance, lack international availability. This is due to licensing and copyright issues that prevent publishing in some parts of the world.
Well, by adopting the blockchain technology into the music industry, this problem can be solved. Through its decentralized and distributed platform, blockchain removes the middleman and gives the consumer undeviating access to content. Music artists can now rest easy knowing that the decentralized system s the distribution of their content with transparency.
Some blockchain-based music startups such as Revelator and Musicoin can now offer alternative solutions to some of the music industry problems. Musicoin, for instance, allows its users to enjoy free live streaming and also listen to more than 30,000 songs. Musicians on this platform get rewarded effectively by cutting down on middlemen costs as is the case in Spotify or other major streaming services.
Revelator’s accurate data management services provide musicians, music publishers, record labels, and rights societies the opportunity to observe copyrights efficiently. Musicians are able to see just how much their copyrights can earn them.
Piracy is the biggest enemy of every content creator or artist. The fight against this vice is often costly and tiring for movie studios, distributors, and even governments.
Content creators and artists are the ones who always suffer the most. Blockchain can help minimize or even abolish piracy in the music industry. How? You may ask. Distributed ledgers found in the blockchain technology can create changeless records of all the transactions on the blockchain. These may include ideas, creative works, or assets. With such records, one will be able to track digital assets anytime even if the ownership is transferred, assigned, or sold.
To sum up…
It’s high time the music industry considered the benefits of adopting a blockchain-based solution to their problems. With this technology, content creators are able to enjoy their creations by getting a fair share of the earnings. Artists, songwriters, performers, and everyone in the entertainment industry will benefit greatly from the blockchain revolution. Yes, it may not solve all the challenges, but it will revamp this industry greatly. It will deal with pain points such as overcoming payment disputes, fighting privacy, and eliminating the middlemen.
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