Record music streaming profits highlight how NFTs will empower content creators
With the dramatically expanding creator economy, NFTs and Web3 are becoming the tools for giving artists and musicians more financial stability and control. The music sector hit record revenues at $25.9 billion in 2021, which amounts to an 18.5% growth from 2020, according to IFPI’s “Global Music Report.” Of these nearly $26 billion, streaming drove the bulk of the growth, with a 24.3% increase relative to 2020. These patterns constitute great news for the emerging class of NFT musicians and highlight the demand for audio and video content.Even if the way that streaming is done changes —....
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Spotify and Apple Music reportedly cut 75% from musicians’ revenues together with the cut paid to labels. As popular music streaming services like Spotify cut much of musicians’ revenues, new technologies like nonfungible tokens (NFTs) are likely to help artists grab back their fair share, Saxo Bank predicted.According to one of Saxo Bank’s Outrageous Predictions 2022: Revolution, music creators would benefit from NFT-based streaming platforms as they allow distributing music directly to listeners without centralized middlemen charging a fee. Saxo Bank’s cryptocurrency analyst Mads....
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Goodbye Spotify, music nonfungible tokens have arrived: Reimagining the music streaming model in the Web 3.0 era. The music industry has undergone a massive transformation in recent years. We have seen the advent of the internet leave its mark on music, and most notably, 1999 spelled the coming of Napster. This then-revolutionary peer-to-peer online streaming service defined a whole generation and enabled musicians to share their creations with the world.Streaming has become the dominant format for music today, through Apple, Amazon, Tencent Music and the clear category winner — Spotify.....
The internet has provided a remarkable stage for creativity and innovation. However, there is a problem: conventional content creators are not appropriately compensated for their efforts. Despite its best efforts to propel artists to new heights, the level of competition is so high that creators have little room to expand efficiently. The oversupply of content and creators has annihilated the whole Web 2 universe. Though things are beginning to change, and there is light at the end of the tunnel. Blockchain, and in particular NFTs, are paving the way for content creators to enter the Web 3....
The way we watch TV or scheduled programming is about to undergo NFTization through a new streaming network that focuses on crypto content with NFTs as its backbone. Nonfungible tokens (NFTs) leave almost no part of the physical world untouched. From museums and major fashion brands like Gucci adopting the technology to digital items to musicians breaking archaic song rights distribution methods.Now even television, or in a streaming era — scheduled programming, is taking on NFTs as a means of crowdfunding programs. NFTV is streaming crypto-themed content but using NFTs as the backbone to....