The emerging technology of BlockChain looks provide the means to which to alleviate the uncertainty of a career in music, by providing a viable alternative to the archaic mechanism of the music industry which causes musician’s and bands to lose up to 80% of the proceeds of their music creation
This is the exciting future of the BlockChain which provides more avenues for artists to generate and keep a greater share of their revenue streams, as well as having more control as to who they reward
In 2015, with a total revenue of US$15 billion, the recording industry had its first significant year-on-year growth in nearly two decades.
This sounds like great news, but artists are still being left out in the cold when it comes to getting their fair share of this growth. The growth of streaming services has provided yet another (growing) revenue stream for the record labels, but yet again, it fails to provide the musicians a sustainable and reasonable share of the profits.
Although music consumption is exploding globally, it is increasingly difficult for many artists to make a living with their work.
“Significant funds are often paid to the wrong party, while large pools of royalty revenue end up outside the artist’s reach in a so-called “black box” – where rightful owners of royalty revenue cannot be accurately identified because of a lack of an industry-wide system for tying usage to ownership”
Without centralized databases and technology companies who dictate terms to the artists, all crucial decisions can be made by an artist himself, his manager, an artist’s team, or even via crowdsourcing in collaboration with fans
This also enables a much fairer and transparent system of music distribution and recognition, both in the rewards of music creation, but also in evidence of who owns which digital assets such as copyright and lyrics
At Zimrii Music, we believe in the potential of the BlockChain to deliver a fairer, equitable system for artists so that consumers can enjoy the rich talent that potentially may never have the chance to shine.
Also published on Medium.