Blockchain technology is known to have a plethora of use cases and many innovators and ‘creatives’ have been exploring ways to make use of the technology across several industries to help increase efficiency and revenue optimization. The Ethereum blockchain is one of a couple of blockchain networks that has malleability and flexibility and it allows Blockchain Tech Entrepreneurs to try new products off it.
Creatives in the music industry have begun using the Ethereum blockchain for the distribution of music. This new blockchain model of music distribution holds a lot of potential and it is quite an interesting venture; one of such musicians is Imogen Heap.
Blockchain technology holds a lot of promise, especially for artists but despite this, there is still a lot of room for improvement as far as music distribution on the blockchain is concerned. The following challenges for the for music distribution on blockchain will have to be worked on in order for it to compete successfully with existing music distributing channels;
- As it stands, benefits are highly skewed in favor of the musician to the detriment of the music lover or fan.
- There will have to be work done convince music lovers and buyers to move from current music download and streaming service providers onto the blockchain network music distribution service.
- Most of the current blockchain-based music distribution systems do not offer appreciable incentive to the music lover aside the music itself.
The afore-mentioned notwithstanding, Phil Barry of Ujo Music, a blockchain music distribution enterprise believes that there are huge potentials for the music industry on blockchain. He reiterates this in the interview below;
Why is Blockchain Relevant to the Music Industry?
There are several drawbacks with current music distribution systems as we have them and there is a need for the situation to be remedied. Current music distribution channels are not really transparent enough with artists only receiving between 20 to 50% of revenue due them. Tracing where the works of artists is being used is quite difficult and the issues of piracy remains a huge debilitating problem facing the industry.
As seen above, most of the issues are faced by the artists and not the users as music lovers are currently spoilt for choice from service providers like Pandora, Spotify, YouTube, Soundcloud, Tindal and many others.
This is where blockchain based solutions will help to create an equitable reward regime for both the artist and music lover in a win-win environment. Little wonder music luminaries and visionaries like Imogen Heap have turned their attention to Blockchain music distribution to help get their works out there. With blockchain, they get to fully own their own works and trace every single revenue flow whiles their fans also enjoy the beauty of authentic music as against the pirated ones.
The use case for music on the blockchain is pretty much fresh and the possibilities for the industry are endless. Hopefully with time, the industry will move to fully explore blockchain technology and ways in which they can largely benefit from it.