How Blockchain Technology can Revolutionize the Music Industry
By: Patricia Technologies
Tags: Creative Industry, Creatives, Music Industry, Patricia, Artiste

How blockchain technology can revolutionize the music industry |mypatricia.co

Many experts have argued that blockchain technology will change the course of major industries in the world — most especially, the creative industry. With the popularity that bitcoin has gained and its success in barely ten years of existence, we have to agree.

Blockchain has simplified the exchange of money. Living in different parts of the world would not cause a delay in payment processing anymore. It allows payments to be peer-to-peer. And takes away the need for ambiguous transaction fees on international transactions and control from central authorities or other third-party firms.

Because the blockchain is decentralized, it’s more accessible and open to anyone anywhere and has a database of all the transactions carried out on its network. It, therefore, can create a marketplace for anything in the world. So, blockchain facilitating the creative industry is not far-fetched.

How blockchain can revolutionalize the creative industry |mypatricia.co

The creative industry consists of different talents. It consists of these groups: music, film, fashion, digital creators, visual arts, advertising, publishing, media, photography, tourism, software development, lifestyle, and many more.

One of the major challenges that the creative industry in Nigeria faces is funding. The ideation and execution process does not come cheap for creatives. They are sometimes offered loans from government agencies or other organizations to help with their productions. But this usually comes with ridiculous requirements and are hard to access. Or they are offered incentives that come with a steep competition where one or two creatives are picked and rewarded.

Creatives, also, sometimes do not get paid for their work. Every business aims at increasing revenue. And a lot of time, energy, and resources go into it the work process of creatives. And let’s be honest, what’s the use of working hard and developing yourself if you can’t make some money from your skills? Creatives, as talented and popular as they are, barely get their due pay for the work they’ve done.

Because of its cryptographic feature, blockchain transactions are secure and cannot be hacked. It guarantees that creatives on the network get paid for their content immediately. The music industry, which is arguably the largest in the creative sector, can have artists on the blockchain make sales from music streaming and downloads, and the transfers reach the intended party instantly.

Its database function can also provide comprehensive storage for information such as royalty holders and who has rights to a particular piece of content. Take, for instance, in Nigeria, where musicians are rarely paid royalties (and when done, takes a long time), the blockchain can host information from record labels and have every contract saved in one location. This makes it easily accessible to everyone who needs it, and with the Proof of Work system, royalty payments made through the network can be verified easily to ensure they go to the right persons.

Thirdly, with blockchain technology, musicians have more control over their pricing and can sell concert tickets and merch on the network. And since the transaction costs for cryptocurrencies are low, and the elimination of middlemen, more people will be encouraged to purchase.

Finally, the transparency built into the blockchain system allows musicians to know a bit more about the people who listen to their music and see how well they are doing in the public eye. This (public) information can then encourage investors to help provide artists with the funding they require to kickstart their projects.

The introduction of blockchain technology may be the savior that the creative industry needs. Creators will get their remuneration, access to funding, and have more control over their content. To learn more about blockchain technology, visit www.mypatricia.co.