The music industry has undergone several revolutions over the years, and blockchain technology is revolutionising it for the better. This tech is changing the financial sectors, businesses, and organisations, and in the same way, the music industry. Blockchain may take time to become mainstream in this sector, but it has brought a new wave to the industry. Blockchain provides an alternative way of generating funds for artists. It eradicates piracy, exposes artists to new talents, and rewards fans.
Music is a driver that interconnects the world. Through the use of blockchain, cryptocurrencies are providing an alternative for the purchase of music internationally. Relying on fiat currencies for purchasing music has its limits. Accepting digital currencies for payments has had the artists generate more revenue because more audiences access it than they would with limitations on purchasing with fiat currency.
Piracy has been the main challenge in the music sector. The music industry has had no technology to prevent pirating music. People have thought that piracy is not an offence. It is easy to pirate one’s song, and it has become a norm. People post other people’s songs on YouTube after a few touches of editing. Blockchain provides tickets that are impossible to copy, and fans will have to buy legit products. This will put an end to piracy. Artists can immediately get their royalties since blockchain pays instantly when the song hits the charts. There is more exposure to new talents because the blockchain ensures that communities help artists generate more content.
Singers have slept on their talents, and the initiative “GoFundMe” by blockchain is helping the growth of new talents. Eradicating piracy in music is like curing a chronic illness. Selling music products worldwide benefits an artist and the whole world because it promotes unity and harmony worldwide. Enjoying profits as soon as a song appears on the charts motivates artists to produce more music. Blockchain may not have gone mainstream in the music industry, but there is a call for patience to wait for greater changes in the industries.