Pitbull believes in Blockchain
It’s going down, he’s yelling... “Blockchain”? Pitbull is the latest in a stream of artists invested in how Blockchain can be used to address issues in the music industry. This month Pitbull is hosting an international Blockchain coding competition aimed at disrupting the current state of the industry. This and other “like” events are directing attention to how decentralization and Blockchain could take on some of music’s biggest challenges, including matching metadata, amplifying fan loyalty, artist royalties and more.
Why has the Miami native turned his sights onto Blockchain? Perhaps his own rags-to-riches story has inspired him to invest in a future that benefits all musicians. The game has changed since Pitbull was rapping on the streets of Miami, selling CDs and hustling for cash. Pitbull’s hustle and creativity has always helped him to stay ahead of the curve, and to actively look for game-changing disruption, and his Blockchain “Smackathon” is certainly in keeping with this outlook.
At eMusic we are proud to be the first major music service to truly embrace Blockchain. As a digital music pioneer and champion of independent label content, we are seizing on Blockchain’s potential for innovation and good, and are ready to produce a whole new platform designed to address real issues facing millions of independent artists that struggle to be heard and paid.
Our solution will make use of many of Blockchain’s best components to address artist challenges:
Artists won’t have to wonder whether claims to benefits are actually true — the eMusic Blockchain platform, and specifically, Smart Contracts, will give creators a transparent record that equitable and responsible practices are being used to facilitate the distribution of their music, as well as a full accounting of the fruits of that distribution. From upload to purchase/stream, every action to their music is documented without dispute across the platform, giving them full visibility into rights and rewards associated with their music.
Right now, a major pain point for independent creatives is that they are the first to put in the work, and the last to see any reward — and that reward is quite small. In part, this can be attributed to the fact that the industry has become beset by lawyers and intermediaries that extract value from the music ecosystem. Blockchain and Smart Contracts specifically, can reduce the number of “cooks in the kitchen” and enable the eMusic Blockchain platform to funnel more revenue to the artists and service providers that support them.
Independent artists today can distribute their content through any number of distributors and receive up to 70% (occasionally more) of revenue from sales/streams of their music. Getting more of the proceeds has not, however, translated into more plays on the services (on Spotify, Deezer, and others) and ergo, has not generated more money or exposure to potential fans or other sources of revenue. In our eyes, the eMusic Blockchain platform will serve to create a true two-side industry, in that it serves both the needs of the artist and service provider, with the necessary incentive to promote independent music. By sharing in revenue gained through Blockchain efficiencies, eMusic artists will benefit from added promotional support and greater inclusion in profit-driven music recommendation and playlist algorithms.
These are some possible reasons Pitbull might be interested in Blockchain — before his business started booming, Pitbull (known locally in Miami as Mr. 305) was a savvy, independent artist trying to get ahead. If you’re an artist, Blockchain is something you should pay attention to. As Pitbull tweeted recently, “It’s time for a major change in the music industry!”