Blockchain & The Music Industry: Is Blockchain The Solution The Music Industry Is Looking For?
Music Industry & The Blockchain: "Musicians only got 12% of the $43 billion the music industry generated in 2017" ~ Business Insider
I'm aware of the current monopoly in the music industry and "slavery contracts" and how hard it is for an independent artist who is not signed by a big label to make it out there, I was reading an article on the Business Insider website earlier and it flipped my head and motivated me to write this...
Did you know that Musicians only got 12% of the $43 billion the music industry generated in 2017?
That's an insane percentage the music industry is making out of the hard work of musicians and artists out there! and note that the 12% only comes from "Touring" which means they don't earn much or any from their music sales and plays. The current industry either got to split that pie fairly or musicians eventually are going to start to migrate with their music and fans to the Blockchain... which is inevitable!
With that said now, I have a stronger belief now that the Blockchain technology will disrupt the current music industry model user and will empower the musicians to take full control of their music in a safe, cheaper, quicker and instant rewarding way.
Already there are some great platforms and communities out there on the Blockchain in where artists can join great communities and get various additional resources from support to funds on their musical projects to networking with like-minded people, spread and increase earnings from your music to expanding your audience and fan reach.
A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is inherently resistant to modification of the data. It is an open, distributed, decentralized ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. (Wikipedia)
To mention a few like Steemit, Sndbox, Whale shares, Musicoin, Volareo and a lot more out there working hard on improving current platforms and services and creating new ones which will only leads to better platforms easier and better ready to for mass adoption!
Source: RIAA (Recording Industry Association of America)
Musicoin is a digital currency that designed to support the creation, publication, and consumption of music as a cycle. The system uses a special algorithm to generate a currency called Musicoin (MC), as well as another algorithm to support automated contracts (“smart contracts”) which enable creators and consumers to exchange value in a frictionless environment. With a unique currency and a solid contract system, large scale transactions around music becomes possible. Universal Basic Income (UBI) has made it possible for listeners to listen for free and musicians to upload and share their music for free as its paid by Musicoin (MC) miners. Each play for your music is rewarded with one Musicoin, this can be exchanged for fiat money.
I believe If the artists are paid well and don't need to worry about the money-based aspect, they will be more capable and motivated to create more and better music for their supporters.
Let me know your thoughts on this matter and how do you see the Blockchain technology will shape the music industry in the near future.
Join us @ Musicoin & Start Earning From your Music!
More Information about Musicoin and how You can start your musical journey as a musician on the Blockchain check out my recent article featured on The Creative Crypto the Steem powered magazine dedicated to all things creative on the blockchain developed by the @Sndbox Incubator.
Posted from my blog with SteemPress : http://djlethalskillz.com/229-2/
I agree that Musicoin and the other services base d on blockchain is promising services for musicians to control their work, and get a fair pay for it - However it's also true that when the talk goes that ie Spotify doesn't provide enough payment, the truth is that it is others taking a big share before the musician get their part - > https://steemit.com/music/@beats4change/why-i-don-t-hate-spotify-as-a-musician
Salute @beats4change great to see u on Steemit and the blockchain ;) Thats the current model but all will change in due time, I believe the blockchain will disrupt and reshape how the current model is working to a better model
Totally agree - Still takes a bit of nerdiness into the cryptoworld for users. Your guides made it a lot easier to understand how to deal with the different earnings in cryptocoins
To get the blockchain and its benefits beyond making money is a process that is going to take sometime, but on the musician front it def already provides some great platforms to empower music creators. How is ur experience with Musicoin so far? If you need any help on that front let me know, Salute!
Musicoin was a total WOW for me, as I for years have been working on a "listen-to-donate" concept in Beats4Change, but where the players working for everyone didn't show any earning. In Musicoin the listener, can immediately see that their listen counts, just as on the different "click-to-donate"-sites, and it's giving the concept a real boost. It's really helpful that the lsitener don't have to sign up or subscribe...
In time it would be great for those listeners that do sing up, to be able to make playlists etc... but am sure those things will come eventually
Just come to think of it, you were part of Beats4Changes first project :-) https://beats4change.bandcamp.com/album/libya-children-in-crisis-benefit-album
haha true that I did take part in your projects and support what ur doing and great to see u are still at it! Respect
Theres lots of improvements coming with the new updates creating and earning shares fromplaylists, a new phone app among lots of cool things u can check the Musicoin roadmap here https://steemit.com/musicoin/@musicoin/musicoin-animated-roadmap
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Hello @djlethalskillz, thank you for sharing this creative work! We just stopped by to say that you've been upvoted by the @creativecrypto magazine. The Creative Crypto is all about art on the blockchain and learning from creatives like you. Looking forward to crossing paths again soon. Steem on!
Kudos for your continuous support @creativecrypto !