Digital music amounted for 2,8 billion in 2019 with the rise of streaming and digital downloads. In the U.S. solely, we registered over 160 million digital music users last year. Thus, digital music users’ growing appetite for on-the-go music streaming continues. With blockchain taking over the music industry step by step, music influencers will move to stream services powered by blockchain soon. Indeed, blockchain technology will revolutionize the entire music business as stated by business leaders. A recent Forbes article states that, due to the decentralization nature of blockchain, many processes will change and new actors will emerge — redefining the industry from scratch. Music producers, listeners, and influencers will all benefit massively from blockchain platforms in the next years. Being an award-winning blockchain project, imusify can be seen as having great potential to attract the digital music consumers of tomorrow.
The early success of blockchain in the music industry
Some high-profile music projects already saw great success on the blockchain: we already have the example of Imogen Heap who released an album entirely on the blockchain. Beyond solo music projects, we even project music genres to move to the blockchain very soon such as hip hop music. Recent blockchain conferences in the U.S. highlighted hip hop as an extremely popular genre entitled to blockchain and cryptocurrencies. It’s partly due to Spotify being disrespectful for artists and with the recent news that the streaming giants have ditched three of the biggest labels making producers eager to switch to more viable, sustainable options, like blockchain-based music streaming platforms like imusify.
Another article on Forbes mentioned that blockchain will continue to rock the music industry. International house DJ Gareth Emery, furthermore, believes in the future of music on the blockchain. The technology will open new financing strategies for music artists while helping them to maintain ownership over their contracts or royalties. Other innovative music projects on the blockchain are likely to flourish as artists and musicians will discover the benefits of blockchain. imusify, as a platform created by musicians for the musicians — under the eyes of the best product developers and advisors — will redefine the new music economy of tomorrow, putting music influencers, producers, and listeners at the forefront of the business.
imusify gives music influencers more power to influence
Music influencers face the recurrent dilemma: “I want to be connected, engage with my audience, and lead my followers to the best music”. Yet on streaming platforms such as YouTube or Spotify, music influencers are not paid out for their time or efforts for sharing the best music with their followers. Whether it be music journalists or curators, record labels or publishing companies, music magazines or individuals, most actors remain unpaid for doing what they love: sharing the greatest songs out there! Blockchain as a decentralized technology brings back everything into the music producers’ hands: the desire to launch new music, and the possibilities to connect better with their fanbase or audience, through a cutting-edge platform like imusify.
For music influencers, the advantages of using imusify will be enormous: Previously, music influencers relied on their followers to spread the word out about their music. On imusify, whenever music influencers will share a playlist or a track with their followers, they will be rewarded in IMU tokens — imusify’s native cryptocurrency, which acts as a means of payment in the entire ecosystem.
There’s a great likelihood for blockchain to gather the entire digital music actors under the smart music economy; imusify’s mission to empower every music actor, from music curators to music influencers, from record producers to listeners, is becoming a reality.