How Blockchain can Disrupt the Music Industry
Blockchain has a wide range of applications in the music industry and it aims to improve the transparency in licence management across locations and smart contracts. The market has witnessed plenty of startups entering the industry with blockchain services and platforms, mainly due to the digitalization of music industry as well as preventing piracy and copyright infringement. However, the lower barriers to entry has already resulted in higher adoption of Blockchain Apps, platforms, and its solutions.
Some of the leading music platforms that are leveraging blockchain technology are Musicoin, Choon, and imusify. These platforms are focusing on micropayments, secured content sharing, and incentivising curators. Also, some of these platforms are incentivizing consumers with cryptocurrency exchanges for sharing music and preventing illegal downloads there by reducing piracy. Other than these, leading technology vendors within the music industry including Apple, Deezer and Spotify are focusing on pilot projects to enhance peer-to-peer transactions and content rights management.
Most of the blockchains today have been built on Ethereum protocol, which allow developers to build apps on the blockchain. Some of the examples of blockchain apps are, SingularDTV, Consensys Suite, dotBlockchain, Resonate, and BitTunes among others. These blockchain apps are focusing on enabling peer-to-peer distribution of music, sale for music, building a holistic media ecosystem, crowdfunding, rights management among others. Blockchain creates a transparent ecosystem where the artists as well as the production houses have clear visibility of the revenue generated by their album. On top of that budding artists who can not afford high paid agents could leverage blockchain to look after their audience engagement.
The adoption of blockchain in the music industry is driven by consumers and digital retailers. The present day need of blockchain in music industry is confined to improve transparency in content streaming and thus assuring payment to the audio and video content developers. However, blockchain is more likely to witness higher growth rates and could probably compete with existing streaming vendors.