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Blockchain Technology in Music Industry

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Blockchain for music industry can eliminate the role of intermediaries via bringing closer the fans and artists. Also can establish trust in payment to artists. – PowerPoint PPT presentation

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Title: Blockchain Technology in Music Industry


1
Blockchain Technology in Music Industry
blockchainexpert.uk
2
  • INTRODUCTION

Blockchain tentacles are grabbing their hold in
almost every industry domain. Past few years have
witnessed the tremendous and significant impact
of blockchain technology in various industry
circles. The innovation has been applied as a
solution for almost every imaginable industry
challenges, showcasing a significant percentage
of improvisation and qualitative marks in the
industry. Now, blockchain technology the latest
crop of technical innovation is all set to
redefine how music industry is working? How music
is created and distributed among the mass. Music
industry always remains subdued compared to other
entertainment industry. Though the technology has
brought several changes on how we listen to
music, the industry themselves outstays with
several developments and changes. There is an
immediacy of change advocated for the music
industry so as to keep them competitive of coming
ahead challenges.
3
  • With Blockchain technology swaddling almost every
    industry that is imaginable, and its tentacles
    successfully bandaging every industrial
    inadequacy, it is presumed that blockchain for
    music industry too, can bring some revolutions to
    the floor.
  • It is anticipated that the distributed ledger
    technology can bring in more transparency to the
    music creation and distribution, fair
    distribution of payments to the artists,
    protecting the copyright of music, etc.
  • Lets see in what all ways blockchain in music
    industry can bring forth changes
  • Tackling Piracy
  • One can confidently ascertain that pirated music
    is the greatest factor to continual destruction
    of music business. Theft in the music industry is
    evaluated to cost the U.S. economy
  • gt 12.5 billion in total yield
  • gt 71,060 employments
  • gt 2.7 billion in profit

4
In fact, it has become that much simpler for a
layman to search pirated copies of music in the
web. People acquire their favorite tunes mainly
from the pirated source. Easily available pirated
versions, not only urges to their immediacy of
music requirement but also eases the long-running
search of tunes in YouTube and other platforms.
Also converting and downloading the videos have
become much simpler with these malicious
discoveries. However, with blockchain, music
privacy can be curbed to a great extent, making
the industry all more economically stable. Here
are the ways, blockchain can bring halts to
pirating music Property Rights Blockchain
technology claims its integrity to prove even in
courts. Therefore, can be confidently implemented
in music industry so as to refrain from the
trouble of intellectual property rights.
Blockchains underlying framework-the
distributed ledger technology can be used as a
secure platform for holding every transaction
with respect to music ownership. The technology
can remain a standstill proof of every ownership
transfers made, giving no room for confusions and
frauds. Thus the frequent episodes of battle
among artists and studios can be brought to halt.
5
No matter, in which formatting, wordings or
styles the ownership is designed, blockchain
technology completely rules out the complexity in
establishing the ownership. It brings in a
standardized way to state your authenticity in
the property. Later in future, if any
discrepancies arise, the same blockchain can be
utilized to trace the history of property rights
or ownership. Blockchains smart contracts are
robust to hold complex agreements. Until the
desired set of conditions are met, the smart
contract remains stubborn and incredibly hard to
alter. Thus one need not worry about the fakery
of documentations and other fraudulent practices.
Fair Payment to Artists A craftsman's music is
typically distributed and sold on various stages.
On account of this, there is generally no clear
record of how much cash is made out of one music
deal. This often results in confusion and
unwanted disparities between musicians and other
associates whining that they are not been
genuinely paid for their work.
6
Now apart from singers and musicians, there are
also other prominent figures in music industry
complaining the same. Studies show that music
scam is largely taking place in and around our
place. While music studios sell the work for a
huge sum, the performers are made to shut their
mouths with just 12 of the income made in the
total business. And it is much deplorable the
state of instrument players and other coordinates
in the music industry. However, with Blockchain
innovation, this uneven payment can be put to
stop. Blockchain technology in music can defeat
all discrepancies via tracking all deals
crosswise over organization stages, giving an
evidence-based insight into how much a melody or
a collection made. By being noticeable on a
blockchain, the data will be open for every one
of those included (blockchain participants), be
it the artists or others. They will get to know,
how much money they made in total from a single
deal, also who holds what and others.
7
Cutting Out Third-Parties Distributors
Blockchain innovation could likewise weaken the
hold that music organizations have over the
distribution of music. Or say blockchain
technology keeps the potentiality to completely
evade the necessity of distribution companies.
One of the unique selling points of blockchain
innovation is the elimination of third parties,
and music industry is no exception from this.
Coming to the music industry, blockchain
technology can bring artists and fans altogether
closer, opening new doors of micropayments.
Blockchain technology in music industry can
enable listeners/ audience to pay micropayments
to artists for tuning their songs. Thus the role
of third-parties (distributors) can be completely
overruled. This is something like content
marketing, where readers pay a certain sum to
read the particular article. To conclude,
blockchain in music industry may not solve all
disparities in the music business, however, can
strengthen few processes and establish a platform
of trust and reliability, making music business
more profitable.
8
Music companies that already use blockchain
include Mycelia, Musicoin, Mediacoin, Ujo.
However, one of the greatest organization, that
fully utilized the potentiality of blockchain in
music industry is Spotify. The company turned
themselves so huge that at one point it was worth
more than the whole U.S. music industry, with a
valuation of 8.4 billion in 2017. In 2017,
TechCrunch detailed that Spotify obtained
blockchain startup Mediachain.
9
Click here to read more about Blockchain
Technology in Food Industry
10
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