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6 Ways Is Blockchain Transforming The Music Industry
Back when dinosaurs roamed the earth, My dad would buy vinyl and cassettes of the Rolling Stones and play them throughout the weekend. With the advent of cassettes Cassettes they became popular because they were made to play music in a car but this is where a big issue started in the music industry, the ability to make illegal copies of music. Cassettes could be copied
The ‘80s and ’90s brought newer trends, and we switched from Vinyl and cassettes to CDs and DVDs. The artists made fortunes when millions of their CDs and Cassettes were bought by their fans globally. But again these were very easy to make copies of and sell illegally
The late 90’s and the 2000s was a whole new world. That is when digital audio formats came into being as the music industry saw heights in piracy due to platforms like Napster and Limewire.
Then came iTunes, YouTube, Spotify, and other similar platforms. These platforms introduced the emerging talents, and music lovers were able to listen to their old songs. But of course People could still illegally download almost any song they wanted in a matter of seconds
What Has Blockchain Had To Do With It?
I’ve discussed vinyl, cassettes, CDs, and audio streaming. All of these services would help the artists earn royalties.
Mariah Carey wrote her legendary “All I Want for Christmas” in the 90s, and she is still earning millions of bucks every year in royalties.
The issue arises when someone illegally pirates a song and loots its loyalties. Yes, I’m talking about torrent sites and other illegal sources to stream music illegally. It’s unjust to the artist who has spent a great deal of time and money on it.
Blockchain technology has a decentralized framework that can counter this issue. Whether an artist wants to sell their concert tickets or want to make sure that all the people involved in their song team are paid correctly, Blockchain would be the key.
So, today’s video will explain how Blockchain technology is transforming the music industry.
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Youtube version