In recent years, the music industry has been in the limelight quite a lot and that too, for all the wrong reasons. With lawsuits being served left and right it is pretty clear that a lot goes on behind the scenes in the industry, than just dance moves and jazzy tunes.
Lets take scroll back a couple of years shall we? Taylor Swift, arguably the most powerful 24-year-old in the music industry, boycotted Spotify. She decided to remove her entire back catalog from the music-streaming site, which is quite possibly the biggest growing source of music consumption. One of the reasons for Swifts rocky relationship with the site is that, artists receive between just $0.006 and $0.0084 per song play. Writing in the Wall Street Journal in July this year, the singer said:
Music is art, and art is important and rare. Important, rare things are valuable. Valuable things should be paid for. It’s my opinion that music should not be free, and my prediction is that individual artists and their labels will someday decide what an album’s price point is. I hope they don’t underestimate themselves or undervalue their art.
She is not the first artist to withdraw music from Spotify. Radiohead’s Thom Yorke called for a boycott of the service over unfair payment practices, removing all his solo projects from the site. The Beatles, AC/DC and The Black Keys are also not available to stream on Spotify.
Looking at all the star-studded big names going through what almost every artist faces at the hand of a middleman is a cry for help. Fear not! For blockchain has come as a saving grace for artists everywhere, with its transparent technology, it is likely to revolutionize the music scene, probably for the better.
Mycelia, was created by the Grammy-winning artist, Imogen Heap. The platform serves as a nonprofit research and development hub for musicians. It aims to use the blockchain technology in order to make the music biz more transparent, particularly in the way of royalty payments to musicians.
I’d personally like to avoid these types of situations in the future, which means providing an easy way for others to license and collaborate with my music. A blockchain-empowered rights and payments layer could provide the means to do so
Heap said, according to the Harvard Business Review.
Other than Heap, DJ Gramatik is into tokens as much he is in to music. He recently launched the GRMTK token, which allows fans to own a piece of his music.
Moreover, this lets the fans to actually invest in their favorite artists. He ardently believes that blockchain is the stepping-stone towards changing the industry.
That’s why this is so important, and why I’m cool with being a guinea pig. I hope to bring people who are way bigger than me to jump on this train. That’s what I want to spark
This is where it gets really interesting. Our Music Festival (OMF) will be the world’s first blockchain-powered music festival. According to the festival website, fans and artists will be rewarded with OMF tokens for participating, by providing feedback or referring people to attend. Fans can also buy tickets using USD, Ether, or the festival’s OMF tokens. The festival takes place Oct. 20th.
It seems like blockchain could help artists in claiming their full rights over their work.