The music industry is in doldrums and that is a fact that no one can change. After Napster other music streaming platforms like Spotify, Sound Cloud, Tidal, and Apple Music followed suit and complicated matters. Though they have a huge customer base there is not much for the artists to earn here.
After getting one million streams on Spotify the maximum an artist can make is $7000. When the same amount is divided with the entire team the individual proceeds become quite less. However, blockchain comes to rescue as it streamlines the ticket sales and removes any signs of cheating that may take place. Here we tell you about 15 companies that are reshaping the music industry.
Using AI and blockchain the company combines multiple sources of rights into one database. It then shares the information for music publishers to acknowledge and approve. Any kind of disputes arising are removed and only genuine artists would be paid.
It is a competition for ideas that can help streamline the music industry. Ideas received are vast like decentralized streaming and payment to users for listening to a particular song. The concept is to encourage more people to listen to music and improve artists’ present state.
You may consider Audius as an alternative to Spotify but with a blockchain twist. Once artists upload their content on the company’s platform timestamps are issued so as to track each and every recording. Since artists deal with listeners directly the need for having a third party is removed.
4. Open music initiative
With 200 members coming together the open music initiative is seeing how blockchain can help them find out who the rightful owner of that piece is. This way it becomes simple to process their royalty and hand it over to them. So far Sony, YouTube, and Spotify have joined the bandwagon to ensure smoother payments for artists.
The company’s blockchain-based platform allows the transfer of music without any glitches in between. The coin they have introduced also known as ‘MUSIC’ is a global currency that is providing support to any kind of transfer happening between two parties. There is no third-party intervention meaning that all the earnings go to the artists.
On the platform, the artists usually outsource the rankings to show which song is reigning the charts. Their cryptocurrency helps the users to make their favorite artists remain on top. Even fans earn tokens for voting for artists and finding the best songs. It already has 18000 registered users despite being launched just 2 years back.
The company organizes open-source information using identifiers for each information piece. They also work with the artists to see that they are being paid fairly. Using smart contracts, the company takes care that no one fleeces the artists and all the payments and royalties are given properly in advance.
They have a blockchain-based platform where all the artists can upload their copyrighted work, publish them and even manage distributions and the licensing. All confusions with regards to music ownership are removed and artists get their payment using cryptocurrency and smart contracts.
The Ethereum based platform this company has helps the artists to set up smart contracts for each song contributor. They get nearly 80% of the revenue generated thus making it a lucrative situation. In fact, the payments, in this case, are almost instant and no more of the long waiting periods. Some of the major artists have already signed up for the deal here.
With a decentralized music platform, the company ensures that royalty is paid instantly, and back to catalog monetization is taken care of. The listeners are also rewarded for their efforts in the form of cheaper prices, artist content and other stuff.
The platform of Voise enables the indie artists to be able to monetize their work through a peer to peer marketplace. Artists just have to upload their content and users pay for the same which the artist receives completely.
Every song that an artist would upload on their platform generates a music token or MSCT. Just after 50000 streams are over the artist gets full rights over his song and now will receive a 100% share of the song’s income generated every day.
One of the major problems with the music industry is the payments and this platform works on solving the same. It allows the artists to upload the music and add ads to them. Each ad that is listed would give a 90% share of the earning to the artist.
Licensing is a major issue in the music industry and Digimarc takes care of the same. They have introduced a music fingerprinting technology that gets linked to metadata and tracks usage and estimates the payments to be made thus simplifying processes.
Apart from other industries block pool creates smart contracts, digital tokens and tracks the licensing rights only for the music sector. For musicians, they help in implementing blockchain for their production, distribution, and management of the music.
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