June 06, 2019
Speaking of Blockchain, it usually renders to cryptocurrencies, finance, and digital records. Certainly, that is merit because blockchain is the technology that pushes bitcoins and allows digital coins or digital assets to flow from one person to another in a safe way and also without the involve...
BLOCKCHAIN MUSIC: WHAT IS IT AND WHAT ARE THE ADVANTAGES?
Music is a vital part of human living and people just can't do without it. Music is more than just a form of entertainment, it is also a means of cultural exchange. The demand for music has grown over the years and has evolved for a long period. However, the music scene is still evolving and incorporating new things. In recent times, people have started to adopt blockchain in music. Blockchain is designed to offer opportunities to numerous industries including Music. It holds a lot of potentials to transform the music industry and introduce applications that have never been heard of. Applications of blockchain in music include the release of music, reduction of the clumsy distribution model and provision of more revenue for music creators. A blockchain system will eliminate fees added by middlemen in the distribution link between end-users and artists.
Blockchain Music Streaming: The Latest Evolution Of Sound
During the early period of the 21st century, song and album sales were on a decline. Soon, rights holders and creators started to look for better ways to earn and get better recognition for their work. They needed services that could pay them per "play" and "streams". Streaming services have become much popular since the advent of the internet as it gives users the freedom to play music and share with friends. These services now offer users access to easy-to-use products and a catalog of millions of songs. The great thing about streaming services is that they consume zero space on the device of the user despite the long list of songs that they offer. Streaming revenue has skyrocketed since 2010. According to statistics gathered in 2019, streaming revenues equalled a massive sum of $7.4 billion as at 2018. This is a growth of $6 billion in just 4 years. Now, we still expect streaming services to grow and with the introduction of Blockchain music streaming things will only get better. The combination of blockchain and streaming services seems to be like a perfect union. The appeal of blockchain streaming is the creation of an artist-centric platform that will allow artists produce music and earn a fair compensation for all of their efforts. Music lovers will also be able to share content without restrictions and enjoy value for their money. This model would not exclude record labels or distributors from the system but will eliminate their dominance over the music ecosystem.
Features of blockchain music streaming include
It will involve deals that will look out for the well being of artists and offer fair compensation for their efforts. Royalties will be shared equally according to the contribution of each party in the creation process. Transparent ledgers will be made available so that everyone can see how much each song is making from streams. Artists will be armed with usage data analytics that can be used to attract sponsors and advertisers, and plan promotional activities. Digital rights management that will handle rights and maximize the value of publishing, performance, recording, merchandise and so on.
❗️Learn Interesting Details about Musicoin Block Explorer and its benefits
The Musicoin Block Explorer is an example of one of the blockchain music streaming projects which are designed to change the entire music scene. It was founded by Elio David Di lorio as the first blockchain music project. It posed numerous benefits for artists and listeners and was the pioneer for the introduction of blockchain into music. The explorer is designed to operate without an external database and receives all information instantly from a backend Parity node.