In April, UK-based MIDiA Research released a study declaring, “The recorded music business is locked firmly in growth mode,” with 2017 as the third year of growth. Also part of this report was the growth seen by artists unattached to a label:

Up until now, this section of the market has been left out of measures of the global recorded music market. With nearly half a billion dollars of revenue in 2017 and growing far faster than the traditional companies, this sector is too large to ignore anymore. Artists direct are now, quite simply, an integral component of the recorded music market and their influence will only increase. In fact, independent labels and artists direct together represent 30.3% of global recorded music revenues in 2017. — Mark Mulligan, MiDIA Research

So how can change come to a decades-old, flawed system of rights management and artist compensation, consolidated and fiercely buttressed by a few powerful players. One answer could be through legislative controls. In April, the Music Modernization Act unanimously passed at the House of Representatives, which sent it to the Senate. The MMA is dense with vague solutions and compromises, but it’s an important step from the Federal Government to legislate a deeply problematic system. If it clears the Senate, and becomes law, it purports to make more money for everyone involved: songwriters, publishers, and streaming services. One major problem, though, is the bill does not define how this extra money will be stored and managed. Needless to say, the bill has its fair share of challengers, including an entirely different bill introduced that could slow down the process.

It’s a safe bet that change in the industry isn’t going to come from legislation, nor from the major labels. As cited in MIDiA’s report, 43% of music revenues came from streaming music last year, so for now we can assume the Big Three will continue to tango with streaming.

If innovation won’t come from government intervention or industry power players, artists wield the opportunity to organize collective power for change. They’re the ones who retain the most meaningful connection to their fans, with the years of time and money invested. Independent artists have always been a source of innovation in distribution and creation. Many were the first that took to Kickstarter and Patreon to raise funds for their projects, they’ve started their own independent labels to have more control of their pricing models and ensure their fans get access to their music for a fair price. (See my recent post on Trent Reznor going indie with Nine Inch Nails.) They’ve invested creative energy in developing technology that can make sure there’s a fair payout for the work. They’ve learned how to self-promote, how to manage a tour, and how to get more creative with their careers.

But it’s not enough.

It is eMusic’s vision to bring power back to the artists. Our new project will provide fundraising, distribution, and retail all in one platform. In a sense, this has always been our vision, dating back to 1998 when we became the first online store to provide legally downloadable music. We have always wanted to get music directly to adventurous fans excited about their next discovery. We have provided music priced competitively or better, while preserving fair payment for the artists who made it.

The music industry lacks vision. Why didn’t MusicNet and PressPlay work out? The technology existed, but the industry placed too many restrictions on the experience to make the switch from downloading worthwhile. They lacked vision, and as a result they lost millions, maybe billions, of dollars, costing artists their livelihoods.

It’s an exciting time for music, when a K-Pop group can hit the Billboard #1 in the US for the first time, when a local Chicago act can take a path to the Grammys in complete independence, when a popular rapper can take the Pulitzer Prize. And now artists can get their music to the millions with the click of a button. They’ll move wherever they have to. They’ll learn the new tricks before any of the major labels.

Who will modernize music? It will be the artists.

You can read more about our Blockchain project here.

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