Blockchain Has Built-In Robustness
Music Industry has number of diverse players who have to work together as a team. Let’s take a glance at who is associated with which task and what all it takes to release a composition. Whenever a musical track is released, a song needs to be composed, lyrics of a song is written which is done by the composer and lyricist.
The musician is the person that records the song which is either recorded or performed live. The label is basically the company that will be responsible for distribution of work, marketing, promotion and how to make profits. Music Industry is dominated by various players namely Sony and Universal Music which occupy most of the music industry.
Distribution team is responsible for the distribution of records. Nowadays, internet has been the trend setter and with the increase of youtube, Spotify music is being distributed online. Broadcasting holds a vital role for the artists as makes the listeners listen the music. The radio stations whether online or offline serves the purpose of broadcasting.
Performance rights organizations play the role of collecting the royalties in the form of revenues which are made from the tracks. There fundamental role is to distribute the royalties, a fair share for the artists and composers.
As we all know the “new” music industry is an amazing set up for the musicians to grow and rise. The old barriers have disappeared and new technology has come up. Thanks to digitization. The music industry which was once side lined has now gone all level up than ever before. The transition from traditional practice to the new technology may have solved many problems but it has created some new ones which is genuinely affecting the music industry.
“Live Music”- Ask anyone about this and it serve as a booster for them. I think you all will agree with me. Live Music has actually overpowered and it has completely swiped of the music industry. It would not be correct to say completely so let’s say to some level. For musicians live music has become great source of their income. As musicians also enjoy the music and so does their audiences. The maximum shows of live music are mostly sold off.
Due to the technological growth, various challenges are arising for the musicians’ namely streaming, digital distribution, reduction in the revenues and margin for the artists. With the introduction of blockchain, the music industry is undergoing a revolution. Smart contracts has made sharing of profits for the musicians easier by preselling the album to their fans who would in turn be delighted to contribute to their effort.
The most advantageous factor is the cutting of middle man i.e. central authority which is long term opportunity which blockchain has provided. The roles in music industry might change but it is vital that technology has taken over crucial functions.