Role Of Cryptocurrency In The Music Industry

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In recent times, cryptocurrencies such as Bitcoin and Ethereum have exploded in popularity. To explain in simple terms, cryptocurrencies are digital currencies that do not have government backing.
Bjork, the Icelandic singer, songwriter, and actress is credited with being one of the first artists who realized the potential of entering the crypto music space by partnering with AudioCoin, the cryptocurrency launched by the startup Blockpool, by accepting Bitcoin and AudioCoin from her fans who purchased her 10th album titled ‘Utopia.’

As far as the music sphere is concerned, it is no longer just the musicians who are making the big leap to cryptocurrency. Monero, one of the largest cryptocurrencies, has also started targeting the music industry by chasing top icons. So far, more than 45 major artists have confirmed that they accept Monera on their online stores. Let us analyze the impact of cryptocurrencies in the music streaming domain from the following aspects:

1. Competition

To understand how competition in the music industry has increased exponentially, one needs to take a look at last year’s ...
... events. Spotify is the perfect example of how competition has forced companies to pursue new users with a vengeance. Spurred on by services such as Google Play, Amazon Music, and Apple Music, the company began the year by providing subscribers free access to Hulu, its video platform. Spotify hoped to go gather new users by offering a ‘two for one’ deal. Last week, Spotify announced its plans to offer a free Google Home Mini, the smart speaker, for all premium users. This shows that the music industry is growing more competitive by the day by using cryptocurrency for music streaming.

2. Old Tech, New Tech

The internet has a major role to play in revolutionizing the music world. But the internet is also a harsh taskmaster as it makes people come up with new ideas and become better constantly as new innovations appear that make the competition even stiffer each day. One perfect example is the cryptocurrency which is rightly called by many as the ‘tech world’s newest darling’ that is used with distributed ledger technology. It is being used in peer-to-peer [platforms as it provides musicians with the opportunity to sell their music directly to listeners. Statistics reveal that with older-model streaming services, musicians only earned around 12% of the total revenue. This system will eliminate the centralized authorities and institutions that take profits from creators.

3. Challenging the Status Quo

Both musicians and listeners are turning their attention to understand the various ways in which distributed ledger technology will change the industry, given the ability to bypass a majority of the profit-taking. The perfect example of this is Tune.fm. Tune.fm is a music streaming platform that makes use of cryptocurrency (the JAM token) that is powered by the distributed ledger technology network Hedera Hashgraph. JAM helps musicians automatically receive micropayments for every second of music that is streamed. Cryptocurrency for music streaming aids artists in receiving their payments faster when compared to legacy systems that may take even months or even years. This system is highly beneficial for listeners also. With no add-ons or contracts and no subscription fees, listeners can access the music they love at a much lower price.

Conclusion

Music has always been a universal leveller of some of society’s many races, classes, and gender divisions. Though cryptocurrencies have a great scope in music considering the large group of music lovers and artists, the answer to the question of whether cryptocurrencies will continue to stay and create a positive impact, depends greatly on the way fans receive it.
If you are interested in cryptocurrencies and want to know more about cryptocurrency certifications, check out Blockchain Council.
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Blockchain Council is an authoritative group of subject experts and enthusiasts who are evangelizing the Blockchain Research and Development, Use Cases and Products and Knowledge for a better world. Blockchain technology is more than just a technology, which is emerging rapidly with a vast scope in the future. Blockchain acts as a financial network, software, distributed ledger, etc. Owing to this multitude of benefits and features, companies are now shifting their centralized and traditional working system to this trending and futuristic technology “Blockchain”. Blockchain council creates an environment and raises awareness among businesses, enterprises, developers, and society by educating them in the Blockchain space. We are a private de-facto organization working individually and proliferating Blockchain technology globally. Visit here for more details@https://www.blockchain-council.org/