What's Hot

    First fundraiser for Doodles and new partnership

    June 25, 2022

    More than 50 crypto ATMs will be installed in Hispanic supermarkets in the United States

    June 25, 2022

    The bitcoin (BTC) invites itself in the programs of the University of Cincinnati

    June 25, 2022
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    THECRYPTNEWS
    • Home
    • News
    • Guides
    • NFT
    • Analysis
    THECRYPTNEWS
    Home » How could the Blockchain revolutionize the music industry?
    Guides

    How could the Blockchain revolutionize the music industry?

    AdminBy AdminDecember 21, 2021No Comments4 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Since the 2000s, the music industry has experienced major disruptions: appearance of MP3, multiplication of “peer to peer” downloading networks.[i] »And development of streaming platforms. These tend to disadvantage musicians who consider themselves “wronged”.

    American rapper Eminem said bitterly “when I put all my heart and energy into making music, I would like to be recognized for my work. I go to great lengths to provide a song that anyone can find on the computer and download for free. What would be the point of making music then? “. If he raised the problems related to illegal downloads and their remuneration, other celebrities also sound the alarm on the opacity of copyright management.

    While false notes are still numerous in the music industry, the Blockchain and its decentralized trust system offer an alternative to the traditional system.

    Copyright management and remuneration: the song of discord

    You’ve probably heard of conflicts between composers and their record companies? It’s normal.

    The system on which the music industry is currently based is complex. Between the composer and us consumers, a song passes into the hands of many intermediaries including musicians, labels in charge of production, publishing and distribution, collective management companies in charge of copyright ( SACEM), or digital service providers.

    Thus, these stakeholders are linked by different types of contractualization.

    Sometimes artists have to wait up to two years before receiving payments for sales of their music, that is, after all the actors downstream in the chain have taken their rights.

    According to Digital Music News, in 2018, streaming platforms sold an average of € 0.89 per song while they paid artists € 0.012, or 1.35% of the sale price.

    Streaming has helped revive the growth of the music industry, but has strengthened the balance of power between artists and other players. However, Blockchain has the potential to break down barriers inherited from traditional industry and put the artist’s choices back at the heart of the system.

    Give voice to the singer via the Blockchain

    Concretely, what is the Blockchain? It is a transparent and secure information storage and transmission technology, operating without a central control body.

    All users are connected to each other by a network. Transactions between two users are grouped into blocks and each block is validated by the nodes of the network. The block is then time stamped and added to the blockchain visible to the entire network.

    Therefore, once the musician decides to use the Blockchain to disseminate his creation, he can follow all the flow of his music until listening, control his rights and the income from sales in real time.

    He can choose either to make his music available directly to audiences, or to work with other players in the chain using “smart contracts”.

    To do this, the actors define in advance in a multilateral way, the conditions of use and remuneration, which once validated, will be automatically executed.

    The Blockchain also offers the possibility of carrying out financial transactions to the nearest cent: we are talking about a micro-payment model which is based on real consumption and can replace the current subscription system.

    Blockchain in music: is it coming soon?

    You certainly say to yourself that it is “too good to be true” because otherwise why this system is not already in place?

    Several initiatives already exist, including that of Imogen Heap, English Pop singer, winner of the Grammy Awards in 2010.

    In 2015, she chose to sell her album “Tiny Human” for $ 6 per download on the Ujomusic platform running on Ethereum, an exchange protocol similar to the Blockchain. Thanks in part to this revenue, she went further by founding Mycelia in 2016, a blockchain-based decentralized music distribution platform, giving artists the ability to monitor online sales of their works in real time.

    Admittedly, this movement will certainly gain much more momentum in the coming years, but as in other sectors wanting to initiate the Blockchain, progress is progressing timidly due to several brakes:

    * The technical brake: the speed of transactions is long compared to current systems so there are obstacles to the massification of transactions

    * The political and legal brakes: how to govern and adapt the texts to such a new technology?

    * The psychological brake: tendency to associate the Blockchain with a very complex technology and the implementation would require major change management efforts.

    It remains to be seen how the music industry tycoons manage to find answers to these questions …

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Admin
    • Website

    Related Posts

    ABF: the promise of a national blockchain at VivaTech

    June 17, 2022

    NFT Cloud: what we know about the Salesforce initiative

    June 13, 2022

    “Smart contract”: development security to be reviewed?

    April 29, 2022

    Cryptoassets to the rescue of Ukraine?

    March 4, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts

    • First fundraiser for Doodles and new partnership
    • More than 50 crypto ATMs will be installed in Hispanic supermarkets in the United States
    • The bitcoin (BTC) invites itself in the programs of the University of Cincinnati
    • Cardano (ADA) Founder Offers Crypto Self-Certification
    • Axie Infinity: The company behind the game wants to compensate the victims of the hack

    Recent Comments

    No comments to show.

    Subscribe to Updates

    Get the latest sports news from THECRYPTNEWS.

    Advertisement

    Archives

    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021

    Categories

    • Analysis
    • Guides
    • News
    • NFT

    The leader in news and information on cryptocurrency, digital assets and the future of money, THECRYPTNEWS is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
    We're social. Connect with us:

    Facebook Twitter Instagram Pinterest YouTube WhatsApp Reddit
    Top Insights

    First fundraiser for Doodles and new partnership

    June 25, 2022

    More than 50 crypto ATMs will be installed in Hispanic supermarkets in the United States

    June 25, 2022

    The bitcoin (BTC) invites itself in the programs of the University of Cincinnati

    June 25, 2022
    Get Informed

    Subscribe to Updates

    Get the latest creative news from THECRYPTNEWS

    Facebook Twitter Instagram Pinterest
    • Home
    Copyright © 2021 Thecryptnews.com

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT

    DMCA - Terms and Conditions - Privacy Policy