- According to a recent report, musicians should be empowered by the transition of royalty payments into blockchain for the music industry.
- According to the study, there is a potential for growth in blockchain in the digital music streaming services market.
According to a recent report, musicians and artists should be empowered by the transition of royalty payments into blockchain technology for the music industry by increasing their bargaining power for asking for a higher payout. According to the study by OPUS, there is a high potential for growth in blockchain in the digital music streaming services market.
Based on the blockchain, the platform states that musicians could be interested in decentralised platforms due to the potential they have for higher earnings on the music when compared to traditional platforms to promote their craft.
The study by OPUS shows that the company believes that a change in tokenised royalties would also provide diversity in personal portfolios for musicians and artists.
One key thing that the study looked into is that open-source decentralised music platforms in the future should not just primarily look into how a musician is paid in the final share of royalties but also give them an insight on the applicable aspects of financial literacy. The report further states:
“As this market is currently dominated by a few large players, there is a significant room for new platforms to change the way and amount of royalties distributed to individual musicians, podcast producers, and all other artists. In particular, the Blockchain is here to change the status quo.”
In talking about the economic role that blockchain would play in the music industry, the report highlights that China, Russia, and India would see notable changes. This will come despite the undeniable dominance that streaming platforms like Amazon and Spotify have in industry.