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The music industry has been evolving very fast since the rise of the internet but the way of marketing and distributing songs has not changed much. Until now, record labels or online platforms were the ones that kept most of the artists’ rights and royalties. But this is changing… Find out why Blockchain is revolutionizing music.
In a nutshell, Blockchain is a registry where information is written and distributed to all the computers that want to have access and control over that data. This favors transparency and fraud is avoided.
If you still don’t know too much about Blockchain technology, it’s time for you to discover what is blockchain and how does it work.
Blockchain and Music: a big change for the industry
Imagine that you are a musical composer and from a panel you can access absolutely all the places where your song is being consumed in real time.
At this moment you do not know where your music is consumed or who is listening to it. And most importantly: all that data that should belong to you as a creator, belongs to several intermediaries and you do not have access to it.
The goal of using blockchain technology in the music industry is to simplify the way copyright is identified to allow any musician to be appropriately rewarded for the content he produces.
Platforms like YouTube or Spotify monopolize a large amount of musical content and have been accused on several occasions of unfairly compensation. Complaints focus on the fact that these platforms pay royalties mainly to record labels and not directly to composers, musicians or performers.
Bar graph detailing how much money each music platform pays per stream.
Blockchain technology enables musicians to bypass many of the intermediaries, allowing them to distribute their music independently without losing money and, at the same time, protecting their artwork.
Music platforms that use blockchain
Some of the platforms and tools developed with the aim of helping artists receive fairer compensation are:
This platform rewards each artist instantly for each reproduction through EMT Token. This token can be exchanged for dollars or other fiat currencies.
This platform aims to offer the fairest compensation for each artist, favoring the use of smart contracts to ensure transparency of terms and licenses.
Launched on July 2020 the aim of this project is to be a bridge between investors and owners of music rights.
While there is no decentralized platform considered as a benchmark yet, as Spotify is among centralized platforms, we hope that the future will bring new developments in this area to improve options for artists.
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