Sharing Music in the Blockchain Age: Why the game has changed?
With centralized applications — both for streaming or music downloads, for example — users pay a fee to access music. On places such as Spotify or Beatport, fans and musicians can create and share playlists, or download music — but missed royalties or unfair payouts are still a reality today. This is partly due to the fact that centralized applications manage the service and connect users all together but don’t compensate fairly. Furthermore, they fail at efficiently keeping track of what happens once people consume, share, and listen to music (no metadata is available on such services). Plus, files can be stolen or royalties missed out.
Furthermore, too many platforms are available and users need to pay various costs to access such services instead of having everything in one single place — streaming, file sharing, downloads and so forth. As a result, the music services are scattered everywhere online, failing at really connecting musicians and their fanbase. With blockchain, sharing and consuming music enters a new era — where not only music is protected with encryption on the blockchain but also payouts are tracked out accurately thanks to smart contracts — sparking musicians’ independence from labels or streaming platforms.
With the example of imusify, the award-winning blockchain platform, we can understand the true resonance of blockchain for listeners and musicians today.
Sharing music before blockchain — what fans and artists miss
The centralized marketplace causes unfair payments to artists and doesn’t compensate listeners for their time to listen to music. Will it be streaming platforms, crowdfunding services, peer-to-peer download or file sharing, all these services are out of date today, despite their wide user acceptance. The USD 17 billion recording industry is out of sync as seen below:
Musicians want to connect with more fans while fans want to keep on discovering and supporting great artists, if possible for free. If I am a musician, I’d love to enjoy a great platform that could bring me all services at once, while maintaining data integrity on my music, allowing me to manage my royalties or even to be aware if someone steals my music or uses it in a third-place (film or radio) without my agreement. If I am a listener, I’d love to share new music, download it safely ensuring the artists I love to get paid fairly, while being compensated for my time to perform such activities.
Currently, in the music marketplace, no single platform allows both fans and musicians to enjoy all this. This is why blockchain comes in place, cutting the path to unfair payouts and scattered services that no longer serve creators.
The blockchain revolution — a real win for listeners and musicians
Blockchain enables transparency on who owns the music or shares it — thanks to smart contract issuance and the encryption of digital files. As a result, not only all contributors of a track gets paid but stealing files or missing royalties payments can’t occur because everything is accessible and immutable on the blockchain. With the idea of reinjecting the true payouts musicians are entitled to, and even to incentivize listeners to enjoy and share great music, imusify has come up with a revolutionary platform.
Combining streaming, file sharing, crowdfunding, and social media, the imusify platform is unique in the blockchain space. If many music blockchain applications exist, imusify is perhaps one of the very few platforms to offer a space for musicians and listeners to connect, exchange, and share music — while earning money. As the platform encourages direct and multiple fans and musicians interactions, music can be shared and protected all at once. The decentralized model brings a new paradigm to the music business as now musicians and listeners are in control of what they want to earn or share.
Since imusify compensates both artists and fans to share music with IMU Tokens — imusify native cryptocurrency — payouts reach out to musicians directly and instantly. Similarly, listeners can receive IMU Tokens whenever they support their favorite artists by sharing new songs, creating music playlists, or even supporting a crowdfunding campaign. As an artist, I’d love to share my music with people who truly care for my work and actually say thank you with the form of a micropayment anytime someone listens to my music. I also would love to manage my own royalties efficiently and protect my work from fraud, and truly get the money from anyone who streams my songs. Well, with blockchain, it will be feasible in the very short term.
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