Blockchain technology, which is fueling the cryptocurrency revolution, is now poised to revolutionize the music industry.
For the music artist, especially the independent one, finding ways to monetize your work can be challenging.
This is where the blockchain comes in.
How New Blockchain Technology Helps Musicians and Artists
With the innovation of the blockchain, a musician can work with a blockchain developer or Ethereum developer to get direct compensation for creative work, bypassing record companies and third-party payment systems like PayPal.
1. Release Music Directly to the Public
With the backing of blockchain tech, musicians have started to release their songs and albums straight to their listeners, rather than relying on gated outlets, whether it is the Apple Store or a record distributor. This is still a very new phenomenon. It was just in July of 2017 that RAC became the first artist to release an album on the Ethereum blockchain.
2. Solicit Direct Payments to the Musician – Not Via a Third Party
Rather than collecting money through a record company or a payment platform such as PayPal, musicians can receive payments directly via cryptocurrency blockchain systems such as the Ethereum network. Record companies and online payment platforms take a percentage of sales, but direct cryptocurrency transactions will not.
3. Decentralize the Distribution of Media Assets
As part of this push to decentralize music distribution, new technologies are being developed and propagated to allow for independent file distribution. One of these is IPFS (aka the InterPlanetary File System) which is a peer-to-peer model of distribution of information online. (Peer-to-peer means it is shared from computer to computer, not from a central server to a client.)
The Music Blockchain’s Big Learning Curve
The challenge with distributing music via the blockchain is the learning curve. This learning curve applies to both the musician as well as the consumer of the music.
1. Musician to Consumer
The musician needs to determine the best way to distribute the music via the blockchain. Fortunately, Ethereum developer (like we are here at App Maisters) can help with this to determine the best and most appropriate solution.
2. Consumer Purchasing
The second part of the learning curve equation is the music fan. The consumer needs to learn how to purchase cryptocurrency such as Ethereum to obtain the music. While this is not mainstream yet, it is becoming easier with many user-friendly online cryptocurrency wallet services.
Take Your Music Business to the People with Blockchain Technology
Whether you are looking for a blockchain developer, Ethereum developer, Hyperledger developer, or smart contracts developer to help with your music project, we, at App Maisters, are the experts.
We can build a solution for you that helps take your music directly to the top. Contact us now!