The Music World "Blockchanged"
Listening to music is no longer the same, and the experience has been made easy with the availability of services by Spotify, Apple Music, and SoundCloud. A user has to pay a fixed monthly fee for the easy access and streaming services. The artist gets a certain amount of money per play and shares the generated revenue with music labels, producers, and musicians. The “figuring out whom to pay and how much” part becomes quite complicated. Each track is accompanied by metadata that contains the info on the rights holders. But the data is often incomplete and can be removed easily in a few seconds. Incorrect or missing metadata can lead to an artist not getting paid for their work. Blockchain technology has a solution to the problem.
The blockchain has the smart contract component which can include which percentage of the revenue will go to which label, member of the band and manager. It can also provide quick access to contact the rights holders that are involved for queries regarding licensing. When logged in to all the rights holders to a particular song on the blockchain, one can create a big transparent database. Anyone can view it anytime anywhere. Artist can get their share instantly instead of many months and even years.
Artists will also get to include a parameter in the smart contract which will share percentage revenue generated with the fans who share the songs. And in the process, the incentives account for a powerful referral program. Once a certain level of promotion is reached, the artist concerned can quickly end the revenue sharing. These ways can help artists receive compensation and also engage fans on a new level.