The Music Industry Is Broken. We Need Blockchain To Finally Change That.

October 26, 2021

How Blockchain Will Disrupt The Music Industry

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The music industry is broken.  The industry makes $43 billion in revenue. And only 12% goes to the artists.  Artists work tirelessly to create songs. And they don't see much of the profits.  Blockchain can change that.
How blockchain will change the music industry
1) Ownership of music: Artists will finally own their music. Songs will be uploaded to the ledger with unique IDs. They will solve the problem of songs being copied and modified.
2) Event access: Artists can use NFTs as tickets to their concerts. Having an artistic NFT will make the experience more valuable to fans.
3) No more middlemen: Artists will have a more direct relationships with their fans. Using smart contracts and tokens, they will generate revenue without expensive middlemen (like record labels and Spotify).
$5M? That's music to my ears
Audius just raised $5M.  What's Audius?  They're a decentralized music streaming service.  Backed by artists like Katy Perry and Jason Derulo, Audius is one of the most popular non-finance blockchain apps with 6M users.
They have their own token called $AUDIO.   It can be used for staking, rewarding artists for engaging with fans, exclusive content, and voting on the protocol.  Audius gives more power (and money) back to the artists.
[Mycelia](http://myceliaformusic.org/) - direct payments and more control over how songs and data are circulated  [Open Music Initiative](http://open-music.org/) – open-source protocol for music rights  [Viberate](https://www.viberate.com/) – analytics tools for artists  [YellowHeart](https://yellowheart.io/) – blockchain live event ticketing
[Audius](https://audius.co/) – music streaming platform with their own $AUDIO token  [Bitclout](https://bitclout.com/): decentralized social network  [Bitsong](https://bitsong.io/) – music distribution  [eMusic](https://token.emusic.com/) – music distribution and royalty management system
1) There will be a change in regulations to accommodate the blockchain music world. There may be a global copyright framework that needs to be created.  2) Artists will make more money. Less money will go to middlemen in the music industry.  3) The way the music industry operates will change. NFT for tickets. Tokens for engagement. Smart contracts for payments. It will look like a different world.
1) Check out Bitclout: It's a decentralized social network. You can buy tokens of people. Imagine buying Billie Eilish tokens in 2015 when she was starting off. You would also make money as an early supporter!
2) Create a blockchain music agency. These developments are still very new. And artists aren't familiar with them. You can help artists set up and manage their blockchain products.
3) Dynamic NFTs for ticketing. We still haven't seen anyone do this successfully yet. Can you create the platform for this? Or can you be the person creating the NFT ticket art for musicians?

Sources

https://techcrunch.com/2016/10/08/how-blockchain-can-change-the-music-industry/

https://puddlegum.blog/journal/how-blockchain-technology-could-revolutionize-the-music-industry/

https://www.musicbusinessworldwide.com/what-would-it-really-take-to-decentralize-the-music-industry/

https://celebrity.land/en/bitclouts-banking-on-social-tokens-changing-music/

https://musically.com/2021/09/16/audius-raises-5m-from-investors-including-katy-perry-and-nas/

https://whitepaper.audius.co/AudiusWhitepaper.pdf?utm_source=Iterable&utm_medium=email&utm_campaign=campaign_2907929

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