How Blockchain is transforming the way the music industry works

Today the music industry is flooded with streaming services that prioritize short songs with catchy hooks. Not that there’s anything wrong with a catchy hook. We love those. But artists are finding it harder and harder to connect to potential fans as they compete with millions of other songs and albums on digital platforms.

Fans are itching for something better too. They want to share a real connection with their favorite musicians and a community of music lovers with the same taste. They are eager for the chance to directly support the artists they love and see musicians get fairly compensated.

Blockchain and music NFTs are here to fix the problems that have plagued the music industry for decades. With blockchain transactions, musicians have the freedom to sell their creative property in ways that weren’t possible before.

Fans can become investors in their favorite artists with the opportunity to make a profit off their purchases.

The future is already here. Fast and secure transactions that benefit the artist.

What does blockchain mean for music fans?

While it isn’t necessarily the fan’s responsibility to take on major record label companies and reform predatory contracts, they do have a unique opportunity to do so with blockchain.

Many artists fall victim to contracts that let the record labels control the profit from their music. The labels do this by controlling the rights to the music itself. They get to decide how an artist can make money from their music. Streaming services also take a significantly larger portion of profit than the artist gets.

Blockchain opens up new ways artists can make money from their music in unconventional ways. On a decentralized platform, big banks or financial institutions don’t get to make the rules. With blockchain, the artist maintains full control of the rights to their creative property. That gives them the opportunity to securely sell their music directly to fans in the form of NFTs.

Fans can now act as an investor in the music in a way they never were before. The transaction happens digitally and has a unique transaction code that authenticates the purchase and gives the fan ownership of musical property.

Blockchain provides a better alternative

Blockchain changes the way artists handle copyrights and royalties for their intellectual properties. Now the artist can have direct ownership and be in complete control of how and when they sell their intellectual property, and they get to set the price.

Blockchain also paves the way for instant transactions within the music industry. Instead of recording a song and producing it through a major label, where there are several middlemen taking a cut, the artist can take direct payment from fans.

Not only is this a faster way for the artist to make money, but they can also control 100% of the profits. With blockchain, the artist can also stay up to date on where their music is being used. This allows them to easily verify the copyrights to a song and ensure they are getting fairly compensated.

The music made by an artist is recorded in blockchain with unique identification, making it impossible to steal an artist’s music and alter it without their permission.

Artists can get paid immediately

With the rise of streaming services, artists are making next to no money from the plays they get online. Fans pay a monthly fee to rent access to millions of songs and artists while much of the exposure to certain music depends on algorithms that don’t care about individuals.

Blockchain lets the fan engage in a kind of virtual crate-digging. Once new music is discovered, the artist can communicate and sell directly to the consumer. The fan can become an investor by providing the financial support a traditional record label would provide, but with way fewer strings attached.

The music industry is full of problems that can be solved with the future of blockchain. Say goodbye to:

Greedy middlemen and third parties
Unsecure payments
Fraudulent services
Centralized platforms that have their own agenda
Confusing copyrights and neighboring rights contracts
Lack of transparency in talent contracts
Low payments from record labels and streaming services
Low fan engagement

Those are just a few of the issues responsible for the broken music industry. But blockchain can be the solution to each one of those problems.

Obviously, there are some powerful people who want to maintain power over artists and the money they can make. Cryptogramophone is trying to make more people aware of how they can bring positive change to the way music is purchased and consumed.

Last but not least

Blockchain is an exciting development in tech and finance that is making new things possible. A modern way to create, buy and sell music that is secure and permanent. Blockchain gives the power back to the artist in a meaningful way that can change the music industry forever.