Though blockchain has been disrupting various domains around the world, still it has a number of industries left to conquer. Blockchain’s growth has been steady but powerful enough to positively change the functioning of the industry it enters. The decentralized technology has been the talk of the globe and has managed to attract many firms to experiment on it. Already there are various industries working hard on the blockchain so that it can mark a difference.

However, there is one such big domain, which is in the need of reshaping and no one can do it better than blockchain. It is the global music industry we are referring to. It is a glamorous, popular and controversial world where all that glitters is far away from being gold. Any normal listener only listens to the song. However, a lot of things go into making songs and albums. There is a complete process that involves dozens of peoples and intermediaries to make it happen.

This so-called process is the very issue which needs refinement and change. The artist who is the primary element has to stay underpaid, there is no royalty managing and also there high fees of intermediaries. Also, the artist gets no knowledge of the sales of his music as it happens on various platforms with a different set of agreements.

Then there is piracy which is one of the most berated attributes of the digital media. There are also incidents of legal battles regarding creation credits, music/lyrics copyright between various parties. The only way a musician makes proper money is through live gigs and on spot merchandise sales.

So, if blockchain forrays into the music industry it will bring change to all these major aspects. The artist will get his due credit and most importantly the money his hard work deserved. The people will understand the value of music and musician alike.

So, in this post, we will take a detailed look at the use of blockchain in the music industry and what challenges it may face.

Issues of the Music Industry

Now, let’s take a deep dive into all those issues that have been plaguing the music industry for a long time now.

Piracy

Though the evolution of the internet and technology proved a boon for mankind, it somehow also brought a bane for the artists who make a living by doing music. Needless to say, with thousands of free stream/download forums, Torrent sites spread across the web space, free download of any music barely takes one minute. Even on YouTube people can download the video and convert it into MP3.

People even feel glad and proud that they have freely downloaded an album. there are dedicated websites that would leak newly released albums for free while hosting ads on their site making illicit money. Amidst all this, the artist goes unpaid. There are a few legit fans who buy records but their numbers are very less and the money is as good as nothing for the artist.

Copyright Claims

Often we keep seeing legal battles ensuing between artist, production houses, record labels which could be for the ownership of a particular song or an album. The person/brand/firm which retains the copyright can have the rights to allow distribution or fair-use of the song.

However, due to prolonged legal cases, everyone gets tangled and try hard to prove that they are the real owner of the song/album. As it would happen with any court-caser the issue may take a long time to settle out.

Ambiguous Royalties

Royalties refer to the money which artist makes when their music is sold, let it be online or offline via physical records. It sounds easier than done. There are a plethora of platforms where the music is officially distributed.

The artist has no idea how much money is coming from which distributor and for which song. Also, the distributors keep a hefty amount off the sales as their cut. So, again the artist/musician end up with little to no money.

Use of Blockchain in the Music Industry

So, how exactly blockchain will be the savior of the music industry and its artists.? Let’s check out the various possible implementations of blockchain in the music industry.

With blockchain in action, the artist will be able to exercise better control over his intellectual properties ie his songs/albums. Also, the decentralized technology will remove the intermediaries that charge hefty fees, so as the artist can get the money.

Smart Contracts

This itself is a perfect solution to a number of problems we have cited above. Smart contracts will assign a unique ID/serial number to each song if released independently or to an album. This will help curb piracy of the music. Only the authorized distributor can sell the music. Anyone who is pirating or copying, if gets detected(as the song/album will be identified by ID ), the following link for the song or album will be taken down promptly. as the leaker is not the authorized person to have the ID, so it will stop the piracy to a greater extent.

Also, having the unique ID will help resolve the copyright issues. The ID itself will bear the ownership details as it was there from the beginning of the song making. So, no one can steal or forge the copyright. Overall it will implement complete transparency at all levels.

Play-for-Pay

As blockchain supports peer-to-peer transactions, avid fans of any artist can directly pay money to the artist for music. There will be no intermediaries and artist will have to the scope to make money out of his own work.

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Possible Challenges in the Implementation

every technology comes with its own set of pros and industrial challenges. If we take a look at the global level, blockchain is still in its baby phase. There is a severe lack of awareness among the common public regarding the public implementation of decentralized technology. So, if blockchain is implemented in re-defining the music industry, will it be successful instantaneously..? So, let’s take a look at some of the possible challenges blockchain will face if it’s implemented in the music industry.

Volatility of Cryptocurrencies

this can be one major bummer for the artists. Though peer-to-peer transaction allows the listeners to pay the artists directly by crypto, the volatile nature of crypto will keep the value going up and down. So, if the value lowers down, then it will be a disadvantage for the artist to earn good revenue.

Lack of Awareness

Another major drawback that is probably the reason why blockchain is yet to get the recognition and importance it deserves. Not many know about blockchain and its possibilities. half of them connect with cryptocurrency and crime and stay away from its discussion. Artists should be educated regarding decentralized technology and its advantages.

The role of Record Labels

Artist may not be ready to leave record labels as the latter provides promotion of the artist and his music on a global scale. So, all that work artist may not be able to do himself while concentrating on making music and preparing for live shows. So, the record labels handle all these things. Also, the promotions cost resources and money along with time.

A Concluding Note

Though there will be challenges and opposition to innovations, they must be carried out. Obviously, those who are making illicit gains out of the music industry will vehemently oppose when blockchain will bring a positive disrupt. It may happen gradually, but soon some dyain future blockchain will be an integral part of the music industry making things convenient for the hardworking artist and bringing the fans closer to them. We can hope soon various firms will undertake such blockchain development projects for the music industry.

So, that’s it. We hope that you like this post. Check out our other posts and stay tuned with us to know more about blockchain.