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How Will Blockchain Change The Music Industry? – 365 RETAIL

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Did Napster really kill off the music industry? Well, it’ll depend on the person you’re asking. Like, some people will be affirmative to the question. However, people like me might argue against it and consider it a revolution of peer-to-peer music-sharing platforms.

But, there’s something we can say for sure – it did change the music industry to some extent, just like blockchain. Let’s keep reading to find out more about it.

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Blockchain And Music – How Do They Fare?

Working in the music industry isn’t something you’d call a “walk in the park.” After all, it’s being plagued by various issues. Here are a few of them.

  • Even though the music industry is pretty beneficial from almost every viewpoint, the artist can keep only a tiny portion of that.
  • The modern music industry demands a finished product from every viewpoint. Hence, if you’re not making too many sales from it, you’ll be signed off of your contract.
  • The creation of an artist can easily be stolen, even in today’s world of technology. So, many people tend to lose their money due to this reason as well.

However, these issues are something that can be changed by blockchain pretty quickly. All you need to do is to accept the tech as your partner-in-crime, and that’ll be all. 

Benefit – 1: No More Alteration Of Music.

With blockchain, you can assign your creation with a brand new and unique ID. And, as it’s already saved as a block on the ledger, it cannot be changed by anyone.

Therefore, no matter who tries to take the music from the source, they’ll have to buy it as a whole. There’s no way they can cheat themselves out of it.

Benefit – 2: Direct Compensation.

Previously, as a music creator, you’d have to get your money from the record you’re working with. Hence, the amount of money you were supposed to get wasn’t really in your hands.

But that isn’t how blockchain works. Due to its decentralized structure, it doesn’t require any intermediary at all. So, you can place your music on the block and get your money directly.

Benefit – 3: Quicker Payment Processing.

With blockchain, there’s no need to wait for your earnings to proceed for a week or so. If you are connected to an exchange platform like quantum ai, you can get your payment instantly.

Also, the record of the payment will be available in the block accordingly. Therefore, even if someone wants to trick or scam you, you can always share the data to show your innocence.

Benefit – 4: Possibility Of Micropayment.

Unlike the current transaction procedure, blockchain can enable a micropayment procedure. So, whenever someone plays or streams your music, you’ll get rewarded for it immediately.

Besides, it’ll also be able to provide you with some cash whenever someone takes your song and makes a remix of it. It’s that easy and straightforward.

Benefit – 5: Rewarding Your Fans.

With a blockchain project, you can always curate a monetary incentive for your fanbase. It, in turn, can make the whole experience much more rewarding and interactive.

For example, if someone’s been your fan for a long time, you can offer some sort of discount for them on your music. You may create a personalized list for them to make it more exciting.

How Does The Future Look?

In short, it looks very promising, especially from the viewpoint of an artist. 

Thanks to the decentralized variant, it’ll become easier for you to earn more money without paying people here and there. In addition, you can also get cash even when someone is only streaming your music for a while or so. You can also customize the duration to ensure that the person only pays for how far they’ve listened.

All in all, blockchain is going to change the music industry as we know it. It’ll empower the artists even more and allow them to interact with their fans in a close manner. 

Finally, it’ll make them feel more independent. They’ll be in control of what they’re creating. And, as a fellow artist, nothing else will make me happier than this.

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