Music and blockchain technology
A major pain point for creatives in the music industry — such as songwriters, producers and musicians — is that they are the first to put in any of the work, and the last to ever see any profit. If guided and nurtured in the right ways, blockchain holds the potential to give us a golden age of music not just for its listeners, but for those who make it, too. Now is the time for the music industry to take the long-view look and explore blockchain for the sake of its own future. As a musician, I want to encourage other artists to collaborate with my music.
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- Imogen Heap: Decentralising the music industry with blockchain
- How blockchain technology can monetize new music ventures: an examination of new business models
- The Blockchain technology as the new horizon for digital music market? (Part. I)
- How blockchain could remix the music industry (and why it hasn’t yet)
- How Blockchain can revolutionise the music and media industries
- How blockchain technology is shaping the music industry
- Article: Dreams and nightmares in the application of blockchain technology in music industry
- How blockchain technology affects the music industry
- Tech Talk: How Blockchain Technology Can Disrupt The Music Industry
Imogen Heap: Decentralising the music industry with blockchain
A major pain point for creatives in the music industry — such as songwriters, producers and musicians — is that they are the first to put in any of the work, and the last to ever see any profit. If guided and nurtured in the right ways, blockchain holds the potential to give us a golden age of music not just for its listeners, but for those who make it, too. Now is the time for the music industry to take the long-view look and explore blockchain for the sake of its own future.
As a musician, I want to encourage other artists to collaborate with my music. But recently, a visual artist had all of his Vimeo videos taken down for using just 30 seconds of one of my songs. The label that exclusively licenses one of my songs likely had a bot looking for copyright infringement that automatically took it down.
I hear the artist now has them back online after a few weeks of hair loss and negotiations. A blockchain-empowered rights and payments layer could provide the means to do so. Attempts to build one have failed to the tune of millions of dollars over the years, largely at the expense of some of the collective management organizations CMOs — the agencies such as ASCAP , PRS , PPL and SOCAN who ensure that songwriters, publishers, performers, and labels are paid for the use of their music by collecting royalties on behalf of the rights owners.
Music creatives could build upon such a registry to directly upload new works and metadata via blockchain-verified profiles. Each party on a blockchain has access to the entire database and its complete history.
No single party controls the data or the information. Every party can verify the records of its transaction partners directly, without an intermediary. Communication occurs directly between peers instead of through a central node. Each node stores and forwards information to all other nodes. Every transaction and its associated value are visible to anyone with access to the system. Each node, or user, on a blockchain has a unique plus-character alphanumeric address that identifies it.
Users can choose to remain anonymous or provide proof of their identity to others. Transactions occur between blockchain addresses. Various computational algorithms and approaches are deployed to ensure that the recording on the database is permanent, chronologically ordered, and available to all others on the network.
The digital nature of the ledger means that blockchain transactions can be tied to computational logic and in essence programmed. So users can set up algorithms and rules that automatically trigger transactions between nodes. Blockchain has the potential to provide a more quick and seamless experience for anyone involved with creating or interacting with music.
One idea is. Currently, DotMusic , a music community applicant, is appealing for control of the. But if they fail, it could potentially go to the highest bidder at auction. Some of the bidders in the running include Google and Amazon. Should the winning party do the right thing and hand over individual.
This information could then be updated and accessible to anyone searching for that data, whether human or machine. At the song level — e. This could help spawn new apps and services atop of those datasets, and with them, new revenue streams for everyone involved.
Two years ago, the penny dropped for me as a musician when I was introduced to Ethereum , an open-source, public, blockchain-based distributed computing platform featuring smart contract functionality. Soon after discovering Ethereum, I dreamt up a music industry ecosystem that I called Mycelia , and used my next musical release — the song Tiny Human — as an excuse to explore the potential of blockchain further.
I began by posting everything about that track on my website for anyone to experiment with and for fans to enjoy. Phil Barry at the Ujo Music platform joined in, which resulted in Tiny Human being the first song ever to automatically distribute payments via a smart contract to all creatives involved in the making and recording of the song.
It was very basic — no licensing terms were exhibited — and it raised little money, due in part to the fact that you had to have an Ether wallet with Ether in it the crypto-currency used on the Ethereum platform before you could purchase the track, which lost some people along the way.
But it nonetheless was a first step forward that generated a lot of steam for those in the business of music and blockchain. Ease of use is one of the biggest keys to success for the widespread adoption of any new technology. The idea of a Semantic Web of linked media, artist profiles and other metadata spawning new apps with instantaneous peer-to-peer payments and exchange of data is an exciting one, but it will only become a reality for those who wish to interact with music if its solutions are better and simpler than those that currently exist.
It was much easier and much more preferable for 60 million users to download music from Napster than it was to go to the store to buy a CD. Napster was an innovative idea that made music more accessible to music lovers. But, the RIAA Recording Industry Association of America chose to crush it , rather than explore the idea of sharing libraries and peer-to-peer music sharing in a legal context.
These days, however, the landscape is different and the vast majority of those wanting to listen to music head over to YouTube , which is free and perfectly legal. Astonishingly, thousands upon thousands of new songs are uploaded every day, not registered properly, and so are in desperate need of associated metadata.
Surely, we can find better ways for people to both easily publish and interact with music that makes sense for everyone? Some are trying. And an increasing number of new all-in-one music services for artists, such as Revelator which is blockchain-based and Amuse which is not are using big data combined with audio fingerprinting to provide really useful data feedback, analysis and curation.
They understand that good feedback data can be as valuable as money to creatives, enabling an artist to make business decisions with confidence and clarity. Imagine being able to know, or being alerted to, when and where your music is being played. Say your song is playing on a certain channel on the radio… you could then dial the DJ to thank him for playing your song, while connecting to listeners in the moment, adding context and meaning to your songs. Now is the time for the music industry to take the long-view look and explore blockchain together with its creatives for the sake of its sanity and future.
The larger players in the industry just need to have faith that they will make more money by doing the right thing — which would lead to fair remuneration, transparency, and a multitude of new business opportunities for artists.
Simply put, if the industry is to have any clout, or any say in the sustainability of our music ecosystem, it needs to come together to develop tools and standards, so the necessary game-changing new services can flourish — but this time, under our own internet of agreements for music, where artists would be represented fairly.
The blockchain effect has inspired creatives in the industry that a better future lies ahead. You have 1 free article s left this month. You are reading your last free article for this month. Subscribe for unlimited access. Create an account to read 2 more. Technology and analytics. It has the potential to give us a new golden age of music.
Here are five basic principles underlying the technology. Distributed Database Each party on a blockchain has access to the entire database and its complete history. Peer-to-Peer Transmission Communication occurs directly between peers instead of through a central node. Transparency with Pseudonymity Every transaction and its associated value are visible to anyone with access to the system. Computational Logic The digital nature of the ledger means that blockchain transactions can be tied to computational logic and in essence programmed.
Read more on Technology and analytics or related topic Innovation. She also composed the musical score for J. Partner Center.
How blockchain technology can monetize new music ventures: an examination of new business models
Every single news from the groove movement. New tune, announcement, live-stream video, events, contests and a lot more in real time. This section includes all the featured tunes from the groove scene. Groove scene legend or small artist? If your track is good it will be featured here. A lot are the players that are pushing the boundaries in this incredible field but, in this article, we want to focus on two of them: Audius and Revelator.
The Blockchain technology as the new horizon for digital music market? (Part. I)
From Napster to Blockchain, the music industry is constantly disrupted by technology, Blockchain based music ventures provide a solution for management to be outsourced and replaced by technology, this represents another huge step towards decentralizing peer to peer concepts. In the old days, kids who wanted the newest albums had to get on a bike and ride to the record store to find them. These days, with the digital music revolution, kids have access to the newest music with the push of a button. However, the digital music industry is now a hulking behemoth. After the early days of Napster and other small services, enterprise-level companies began to see the potential, and created digital music platforms that have revolutionized how music is distributed. Companies like Apple and Spotify offer monthly subscriptions for music streaming, and are creating huge profits from the musicians who make the music. Blockchain technology, or distributed ledger , is a distributed database which virtually eliminates risks associated with hacking and security. Blockchain, in effect, replaces the centralized management hub of a business model, creating a decentralized management and distribution network.
How blockchain could remix the music industry (and why it hasn’t yet)
The music industry is filled with billions of dollars and generations of wealth, and as time changes so does the way people buy music. The blockchain has a solution to guiding the music industry in a new path that will shape the new age. The growing world of NFTs has showed us a preview of how music can find a new way of business via the blockchain. NFTs non-fungible tokens have become one of the new ways that artists can sell their own personal work.
How Blockchain can revolutionise the music and media industries
How blockchain technology is shaping the music industry
Blockchain is addressing some of the most pressing issues now confronting the music industry. For example, thanks to blockchain, musicians can receive equal royalty payments, venues can avoid counterfeit tickets, and record labels can easily track music streams and reimburse all artists who contributed to songs or albums. Thus, blockchain technology has the potential to assist the industry in resolving its issues. In music, artists such as Gramatik, Lupe Fiasco, and Pitbull have advocated for the use of decentralised technologies, and supporters of blockchain-based distributed ledger technology argue that it can be used to efficiently release music, eliminate expensive intermediaries, streamline royalty payments, and establish a point of origin for music creators, among other things. To put it another way, blockchain has the potential to reestablish a fair and transparent system for the creation, purchase, sale, listening to, and management of music. Blockchain technology underpins a distributed ledger, which is a new form of database that is being developed.
Article: Dreams and nightmares in the application of blockchain technology in music industry
The music industry is an oligopoly situation controlled by some major companies, therefore, it is difficult for new companies to enter the industry, and for individual artist to be succeed without supports of a big record company. The problems are not only this power balance issue, but also other issues, such as ticket fraud and copyright protection as well as music creators are not receiving fair pay. Hence there is an increasing interest in blockchain technology as a solution for these problems.
How blockchain technology affects the music industry
Much has been written about the decline of the music industry, particularly the fall of album sales. What used to be the bread and butter for musicians now only makes up a fraction of their earnings. Where artists are seeing dollar signs is through concerts, music festivals and tours. According to the CitiGroup report, consumer spending on concerts is rising rapidly. This includes giving away exclusive content with the purchase of a ticket, offering elevated concessions, or providing VIP access. In addition to these additions, some are turning to technology to enhance the viewer experience.
Tech Talk: How Blockchain Technology Can Disrupt The Music Industry
Vezt is a music rights marketplace that allows music fans to directly finance their favorite artists, composers, and producers in exchange for royalties generated from their favorite recordings. This is accomplished by the platform collecting royalties on behalf of fans from performing rights organizations, publishers, and record labels, and then tracking them using proprietary blockchain technology. The ISO specifies the day and time when royalty rights will be made accessible to the general public, therefore raising awareness, demand, and opportunity for the artist and each ISO. The decentralized technology developed by Ujo builds a database of music ownership rights and automates royalty payments. The Ethereum platform simplifies music ownership by allowing musicians to be paid via smart contracts and cryptocurrency. It is the first platform to compensate both artists and fans for their streaming, and it is powered by the ROCKS token.
According to Crowd Records , musicians will be able to upload a musical idea to the platform and let the crowd finish the song. The musician does not have to worry about financing, outsourcing, or managing the project. Owners of song tokens will benefit from future song royalties and token appreciation. The new music economy will also allow fans and record labels to invest in songs.