Blockchain implementation in the music industry
Despite the harsh criticism it has received, the implementation of blockchain technology in different industries is growing rapidly.
A new era for the music industry
Despite the harsh criticism it has received, the implementation of blockchain technology in different industries is growing rapidly. The financial industry is the one that has developed and implemented the most blockchain-based technological solutions, but other industries, especially emerging ones, are finding great potential in blockchain to improve security, costs and the experience of end consumers. One of the industries that is starting to implement solutions based on blockchain technology is the one related to music: is a new era approaching in the music industry?
The advent of the internet and later streaming platforms like SoundCloud, Napster and Spotify have radically changed many aspects of the music industry. The implementation of blockchain technology promises to bring a great change equivalent to that provided by the internet and streaming applications. The main change that blockchain allows the industry to introduce is the elimination of intermediaries in the process of selling and transmitting music. In recent years, the advancement of technology has made the mediation between artists and fans increasingly fluid and democratic: several decades ago, only a few artists had the possibility to connect with the production companies that were in charge of producing and expand their music products, but with the advent of the internet and streaming platforms the possibility that artists and listeners "meet" was significantly expanded. The next step that blockchain technology poses is to eliminate those intermediaries and offer artists a new way to spread their music.
Another benefit that blockchain technology offers is the possibility of creating monetary incentives for music fans through rewards granted by different user activities within the network. For example, Choon offers rewards to its users for selecting custom playlists, and Vibrate offers rewards to fans for contributing to its database of artists, venues, and events. The music industry is preparing for a new big change that will substantially modify the user experience, the profitability of artists and eliminate intermediaries.