No, that's not a band name. And no, it shouldn't become one. And yes, blockchain can and will help music. It's an intriguing proposition, but we need answers: how can blockchain help an oft-archaic, oft oligopol-ized music industry evolve beyond it's current state?
In recent years, there has been a growing movement towards decentralization in various industries – including the music industry. Where can we start with music? Well, how about a streaming platform: a decentralized music platform is one that is not controlled by a single entity, such as a record label or streaming service, but is instead managed by a network of users. This type of platform has several potential benefits for both artists and listeners.
One of the biggest advantages of a decentralized music platform is that it can provide a more equitable and transparent distribution of revenues. Traditional music industry models often leave artists with a small percentage of the profits generated by their music, while record labels and streaming services take the lion's share. In a decentralized platform, the rules for revenue distribution can be set by the community of users, ensuring that artists receive a fair share of the profits generated by their work.
Another benefit of decentralized music platforms is that they can help to promote diversity and inclusion in the music industry. Because these platforms are not controlled by a single entity, they are not subject to the same biases and gatekeeping that can limit the visibility of certain artists in traditional music industry models. This can provide a valuable platform for underrepresented artists to share their work and connect with fans.
These new music platforms would also offer greater control and flexibility for artists. Traditional music industry models often require artists to sign contracts that give record labels significant control over their work and how it is distributed. In a decentralized platform, artists can retain more control over their work and have more freedom to experiment and release music on their own terms.
Decentralized music platforms can provide more choices and options for listeners. Because these platforms are not controlled by a single entity, they are not subject to the same restrictions and limitations that can limit the music available on traditional streaming services. This can provide listeners with access to a wider variety of music and give them more control over their listening experience.
By offering a more equitable and transparent revenue model, promoting diversity and inclusion, providing greater control and flexibility for artists, and offering more choices and options for listeners, these platforms have the potential to disrupt and transform the traditional music industry.
So... how can this be achieved - decentralized music platforms that benefit the creators as well as listeners? Blockchain does in-fact solve this, by providing the ability to create tailored smart-contracts executing on a transaction-level, so entire marketplaces and platforms can be run "via code", without a central, organizing entity. Decentralized-Spotify could allow you to "mint" or upload your music to the blockchain, while ensuring creator-royalties flow back to you as you participate on a decentralized marketplace, on a decentralized network.
Oh, the possibilities!