The music business today isn’t exactly transparent with how artists get paid. Just look at a few of the recent lawsuits where it’s not just dance moves getting served.
Taylor Swift’s battle with Spotify, Paul McCartney suing Sony, and the list goes on. But, with blockchain’s completely transparent technology, the old “the check’s in the mail” days of the music biz could be over.
🎹 Grammy-winning artist, Imogen Heap is leading the charge. Heap created Mycelia, a nonprofit research and development “hub” for musicians. Its aim is to utilize blockchain technology to make the music biz more transparent, specifically 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.
And with Spotify paying artists a meager .00397 cents per stream, the blockchain could increase pay for artists by eliminating middlemen and making artist payment processing smoother and more transparent.
🎤 DJ GRAMATIK is dropping fresh beats and fresh tokens. The recent launch of his GRMTK token allows fans to own a piece of his music. The GRMTK token could change the game as fans can now invest in their favorite artists.
The token launch went off without a record scratch as Gramatik raised the maximum amount of tokens. Just 24 hours into the sale, the $2.25 million maximum contribution number was met and is now valued at $9 million. Gramatick told Medium, “The success of the platform is way more important to me than the success of my token. The platform really has the potential to change the industry.”
🎵 OUR MUSIC FESTIVAL (OMF) will be the world’s first blockchain-powered music festival. We’re pretty sure it’s gonna be off the chain! Or rather, you know, on the chain. That somehow doesn’t sound as cool though. DJ Justin Blau (3LAU) is launching the groundbreaking festival with Prime Social Group and blockchain entertainment studio, Singular DTV.
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 with Zedd headlining.
So what you do you think? Can blockchain change the music industry? Let us know on social media.