Hello read.cashers how you people doing? In this article i am writing how Blockchain will change the Music Industry completely. It's common that blockchain technology can be used almost every sectors. We have previously talked about the impact of blockchain in Accounting and finance sector. Let's see how it will change the Music industry:
Record Keeping
With Blockchain a new dynamic Music file format is designed to modernize the rights management of media globally
It aims to provide the formats to all the people in the music industry and its related fields through an open source protocol
Smart Contracts
With smart contracts, we can automatically execute conditional terms, such as payments and asset transfers. Every piece of information need to forward the payment to each shareholder will e located within the chain and executed as specified on the agreement
Data Analysis and Business Model innovation
The information generated by the transactions and made available through Blockchain, will increase the level of transparency of the process. Fans could also collaborate with artists suggestion new additions or simply promote them with the suggestion that, in case of success, would generate money though smart contracts.
Revenue Management
While music is a stockable good, changes on the prices are also possible and can result in an increase of the value captured by the artists. A song can change its price depending on the time of the day, streams per person and the total numbers of downloads. So for example playing une more often resuts in paying actual less money for the song.
Conclusion
It is undeniable that Blockchain technology can bring innovative business models to the music industry. The involvement of mainstream and independent artists in this process may be a great contribution to the distribution of Blockchain in the music industry.
How intellectual rights can be protected. Monetization looks clear - maybe authors can license music directly via blockchain? Without paying to shops