Could the use of cryptocurrency change the music industry for good ?
The Early Days
If there is one industry that went through a complete overhaul with the advent of digital revolution, then it’s got to be the music industry.
The consumption of music has seen such drastic change since the internet became a part of our lives. And now it’s time for the new blockchain technology and cryptocurrency to make it more viable for independent artists.
I still remember listening to cassettes, rewinding on a walkman. They seem like a part of some other life now but it was all a reality for a lot us die heart music lovers.
From cassettes we moved on to compact discs. But things changed when the computer became a consumer product. Mp3’s became the new medium for music consumption. Playing a thousand songs of a compact disc used to be fascinating those days.
Then a website called Napster came in and shook the mainstream music world. A number of changes were made to protect copyrights and check piracy.
All this was good, no doubt about that, but where did it leave the independent artist. Advancement in computer and music technology also meant that artists, budding songwriters, producers could create professional sounding tracks sitting in their bedrooms.
As this creative medium evolves in the creation side of things, the business aspect also needs to evolve. There are too many loopholes, middlemen eating away revenue that deserves to be with the artist.
The New Age
Music streaming is where it’s at and all the statistics confirm this from a number of reliable sources. If you were to ask any youngster “Where do you go to listen to your music”? I’m sure the answer will be Spotify, Youtube and so on… These are the preferred forms of music consumption in todays age.
But these services still aren’t very transparent and fair when it comes to the artists share.
The implementation of the blockchain technology is something that almost any industry can benefit from. Music industry in particular can have some serious positive change from this new age technology.
It is this very concept that has sparked services like Choon to take form and become the future of a more just and transparent music industry.
No doubt that these are early days but there is huge potential and that is for everyone to see.
I’m a music composer who has seen all these stages of evolution in this industry. I have been part of Choon from it’s early days and so far they have slowly but surely been introducing great features. They send me a royalty statement everyday, and I can see the number of time my music has been streamed on there platform.
I for one am rooting for this new change to finally create an industry where the artists make a living doing what they love.
Isn’t that the world you’d like to live in ?