The digitalisation of music was hailed as the new wave, from which both artists and fans would benefit. The general intention of the digital distributors and retailers was to remove the corporate stranglehold of the old school publishers and content owners that prevented artists and those in the value chain from getting paid adequately. However, the practical reality is that artists, music labels, producers and more are still having to fight for their cut of the revenue generated.
Blockchain essentially offers a new form of distribution that is set to disrupt the status-quo of the music industry by completely revolutionising the outdated processes behind rights and royalties.
Today, listening to music has never been easier, on-demand music streaming platforms like Spotify, Apple Music, SoundCloud and Tidal have more than 400 million monthly subscribers, and while this mode of music distribution is the most convenient sharing solution, it is riddled with many problems.
Sifting through endless wads of unreliable metadata is a tedious task, and this is where blockchain innovation could solve the long-standing revenue-sharing issue. With its decentralised ledger technology that allows data to be securely stored and tracked, blockchain can increase profits and eradicate inefficiencies by streamlining how artists and streaming services are paid. No need for expensive middlemen and certainly no need for the laborious task of analysing metadata.
Sitting behind a distributed ledger, blockchain innovation ultimately simplifies digital-rights storage and management and through micro-payments, enables fans to pay their artists directly. The technology will bring somewhat of a freedom and fairness to an industry that notoriously lacks it.
With the music industry projected to generate $30 billion in revenue by 2030, there was never a better time to implement blockchain solutions to save the billions that are lost in delayed payments and legal costs.
Could Dragon’s blockchain innovation, alongside Dragon Coin, the world’s number one entertainment coin be set to enter the music industry? Watch this space. In the meantime, why not download the free Dragon Social Wallet app?