How The Blockchain Can Change The Music Industry

How The Blockchain Can Change The Music Industry

It is no longer news that the music industry has been in a state of near-constant instability, ridden with unfairness, feuds over dividend distribution, a lack of transparency, declining revenues, and piracy issues. A testament to this would be Prince inscribing the word “Slave” on his face in protest for artistic freedom, or Taylor Swift removing her music from Spotify and re-recording the old albums she made. For years, record labels have controlled the music industry, having all the resources to produce, distribute, and promote CDs and records. When file-sharing services came in with the advent of the internet, they threatened labels a great deal. However, Spotify and other streaming services became players in the game, allowing them to make more money than ever before from their existing back catalogs. 

The chain goes from  Providers of streaming services being despised by the music industry to file-sharing services being despised by providers of streaming services. Most importantly, content creators despise music and streaming companies alike, profiting massively from their labor and giving them meager portions. The constant tension straining across different levels in the industry and different capacities left questions that have long been left unanswered. However, with definitive answers that address all gaps in the music industry, the blockchain has emerged today with strong potential and mouth-watering possibilities. 

How the Blockchain Affects the Music Industry