Music Industry & The Blockchain: “Musicians only got 12% of the $43 billion the music industry generated in 2017” ~ Business Insider
I’m aware of the current monopoly in the music industry and “slavery contracts” and how hard it is for an independent artist who is not signed by a big label to make it out there, I was reading an article on the Business Insider website earlier and it flipped my head and motivated me to write this…
Did you know that Musicians only got 12% of the $43 billion the music industry generated in 2017?
That’s an insane percentage the music industry is making out of the hard work of musicians and artists out there! and note that the 12% only comes from “Touring” which means they don’t earn much or any from their music sales and plays. The current industry either got to split that pie fairly or musicians eventually are going to start to migrate with their music and fans to the Blockchain… which is inevitable!
With that said now, I have a stronger belief now that the Blockchain technology will disrupt the current music industry model user and will empower the musicians to take full control of their music in a safe, cheaper, quicker and instant rewarding way.
Already there are some great platforms and communities out there on the Blockchain in where artists can join great communities and get various additional resources from support to funds on their musical projects to networking with like-minded people, spread and increase earnings from your music to expanding your audience and fan reach.
A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is inherently resistant to modification of the data. It is an open, distributed, decentralized ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. (Wikipedia)
To mention a few like Steemit, Sndbox, Whale shares, Musicoin, Volareo and a lot more out there working hard on improving current platforms and services and creating new ones which will only leads to better platforms easier and better ready to for mass adoption!
Source: RIAA (Recording Industry Association of America)
Musicoin is a digital currency that designed to support the creation, publication, and consumption of music as a cycle. The system uses a special algorithm to generate a currency called Musicoin (MC), as well as another algorithm to support automated contracts (“smart contracts”) which enable creators and consumers to exchange value in a frictionless environment. With a unique currency and a solid contract system, large scale transactions around music becomes possible. Universal Basic Income (UBI) has made it possible for listeners to listen for free and musicians to upload and share their music for free as its paid by Musicoin (MC) miners. Each play for your music is rewarded with one Musicoin, this can be exchanged for fiat money.
I believe If the artists are paid well and don’t need to worry about the money-based aspect, they will be more capable and motivated to create more and better music for their supporters.
Let me know your thoughts on this matter and how do you see the Blockchain technology will shape the music industry in the near future.
Join us @ Musicoin & Start Earning From your Music!
More Information about Musicoin and how You can start your musical journey as a musician on the Blockchain check out my recent article featured on The Creative Crypto the Steem powered magazine dedicated to all things creative on the blockchain developed by the @Sndbox Incubator.