The music industry has been unstable for the longest time, filled with all kinds of inadequacies. For instance, there are feuds over dividend distribution, privacy issues, declining revenues, and a lack of transparency within the industry. For many years, record labels have held the reigns of the music industry, producing, distributing, and promoting CDs and records. However, file-sharing services came up, and the position of these labels was threatened in no small measure.

Many streaming services like Spotify became top players in the industry, letting singers make more money than ever before. These streaming services allowed music lovers to buy Bitcoin and exchange it for fiat to download music. Then came file-sharing services that threatened the place of streaming services, and the chain of accusations was transferred. This chain has caused serious tension in the industry, but the coming of blockchain technology has come to change everything for the better.

Blockchain’s decentralized nature is a plus for the music industry as it means there is no central control. It could transform publishing and monetization and improve artists’ relationships with their fans if used in the industry. First, music artists can publish their songs on the ledger with a timestamp and unique ID. Blockchain ensures this file is unalterable and only people with permission can access it, thus potentially solving the issue of music piracy.

Furthermore, blockchain can revolutionize the way music is being monetized, particularly considering that it is based on smart contracts. Smart contracts are programs run on the blockchain alongside payment transactions, and artists investing in cryptocurrency can benefit from it.

Cryptocurrencies based on the blockchain can support micropayments, which is impossible with traditional payment methods that incur high transaction charges. As such, blockchain can support a new way of providing on-demand music services where users choose their records and pay with crypto. This means, people only need to buy Bitcoin or other crypto to access their favorite music.

Furthermore, this decentralized distributed ledger technology can improve the relationship between content creators and consumers, establishing a more direct relationship. Artists and composers will no longer need to go through financial brokers and purchasing platforms.

They get to save the hefty cut these channels take because they can now be directly compensated every time someone plays

Several music companies have already integrated blockchain for different purposes, and below are some of them:

We cannot outright say that blockchain will be the perfect solution to the music industry’s problems. However, we can say it will affect it significantly and positively. Music fans will have direct access to their favorite artists, and their content and artists will discover new markets. More so, the real owners of the industry, the songwriters, performers, and artists, will finally own their content and get their due.

However, we expect a revolt from those who profit from this lack of transparency in the music industry. Also, big tech companies that would rather monopolize than share will likely not welcome this change. Therefore, the industry should expect a series of clashes as it aims to give this idea traction and real momentum.

Nevertheless, if blockchain is incorporated into the industry, it will create a transparent system that will generate much revenue. Also, consumers will spend less to access and listen to music, and artists will have control over their profits.

Blockchain technology is making the future of the music industry look great as it seeks to expand creativity and profit potential. It will address copyright issues, let content creators own their craft, and make consumers marketers themselves, giving them a chance to earn. Collaboration with the cryptocurrency market through the incorporation of blockchain technology can greatly transform the music industry.

Buddy Iahn founded The Music Universe when he decided to juxtapose his love of web design and music. As a lifelong drummer, he decided to take a hiatus from playing music to report it. The website began as a fun project in 2013 to one of the top independent news sites. Email: info@themusicuniverse.com

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