Can Blockchain Fix the Broken Music Industry?

Let’s be real—being an artist in today’s record industry is a little similar to participating in a rigged competition. You work your heart and soul creating tunes, and then streaming platforms pay peanuts, record labels skim a fat margin, and middlemen pop out at any opportunity, taking a bite out of your portion of cake. No wonder, then, that artists have reached boiling point. What if, however, that changed with blockchain?

The Issue: Greed-ridden Music Industry Middlemen
Current-wise, if you're an independent artist, your best hope is probably a prayer and a prayer alone. Streams for your tunes? Forget about it, streaming platforms pay fractions of a cent a pop. Labels? Yep, sign your name, but sign over most of your royalties, too. And don’t even speak about shady deals and rights battles!

Come in, Blockchain: Saving Graciously
Blockchain, same technology that powers Bitcoin and cryptocurrencies, brings in a mechanism for cutting out middlemen and allowing artists to actually sell and own work for real. How? Let’s go through it:

• Direct Payments – Smart contracts (in a nutshell, pretty much self-enforceable agreements) could pay out payments directly to artists when your tunes are purchased or played. No waits, no shady books, simply immediate pay.
• NFTs & Ownership – Artists can drop tunes in NFTs, and then your fanboys and girls can purchase them directly, no label in between, no royalties, no nothing.
• Streaming Fairer – Some new platforms such as Audius enable payment in cryptocurrencies for actual listening, not for a fussy, complex royalties model. More listening, more dosh, simple.

Will It Succeed?
It’s still in its early days, but blockchain actually stands a chance to rock the boat. More and more artists dip a toe in NFTs, and even majors start to sit up and pay attention, and decentralized platforms for music start to pop up. Biggest challenge? Mass acceptance. Most humans don’t yet comprehend crypto, and let’s face it—some bands don’t care about knowing about blockchain, but simply wanting to make tunes!
But with enough talent getting in, could we have a record biz in which performers get a fair wage? No streaming a nickel, no shady deals, no nickel and dimming them for royalties, but simply performers creating and living off of it?
Can blockchain save it? Perhaps, but one thing’s for sure—the record biz could use a revolution, and when and if it comes, it’s gonna sound pretty damn sweet.
 
Disclaimer
This article is for informational and educational purposes only. It does not constitute financial, legal, or professional advice. Please consult with a qualified professional before making any decisions based on the information provided here. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.

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