Playing it louder: Companies bring music licensing to the blockchain
From creating a music library for film and television to licensing blockchain-native content, projects are bringing music to the blockchain. While critics use the bear market as an opportunity to pounce on crypto and belittle its value, some projects take this chance to develop and launch industry-disrupting platforms on the blockchain. In July, firms launched or revealed their intentions to construct blockchain-based music licensing platforms that aim to change the way songs are licensed by reducing costs, removing intermediaries and bringing all of blockchain’s inherent benefits to the....
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Cryptocurrency exchange CCEDK announced today that its Bitshares 2.0-based platform OpenLedger and a music streaming company PeerTracks have partnered with a new blockchain-based platform called MUSE to offer unique opportunities for monetising music. MUSE suites for variety of music-related payments such as royalties, music sales, merchandise and concert ticket sales. Moreover, it is easy to use not just for cryptocurrency users but for anyone as OpenLedger offers a fiat gateway that allows consumers to buy music and artists to sell it for USD, or to be correct for crypto-USD. MUSE....
Billboard recently reported that two companies, PeerTracks and Ujo, are building a system which would attempt to solve the issues that music world is finding it hard to deal with, i.e., licensing and global royalty distribution. And here is the part that will be 'music' to our ears as well; it plans to use blockchain technology to do so! Blockchain is a highly decentralized network run by people who update all transaction in real time. What makes this network transparent is that these individuals are not under any company. These records are kept on a public ledger which is open to anyone....
The music industry has lived through several so-called revolutions when either the “video killed the radio star” or MP3 killed the record sales or Spotify disrupted the way we consumed music, and so on. However, rather paradoxically the industry has never changed that essentially, at its core which is its relationship with artists contracts, payments, licensing and copyrights. With good reason, one could call the current state of the music business “managed chaos” where its players record labels and publishers benefit from it. It takes months and years to pay out royalties to artists and....
Musicians are turning their attention to the power of blockchain as a way of generating more revenue in an industry that is experiencing a decline in shares. According to the British Phonographic Industry (BPI), 2015 saw music sales rise by 3.7% driven by the fact that streaming grew by a massive 82%; however, despite this, revenue increases only grew by a tiny 0.6%. Unsurprisingly, the music industry is keen to shake things up ensuring that musicians receive the money they are entitled to for music sales. What, though, could help to revolutionize the music industry? Enter blockchain.....
Cointelegraph spoke with NFT musicians and Web3 music industry natives to understand what came first: the music or the desire to make an NFT. Music-related use cases for Web3 technologies are piling up as the industry goes all in on adoption. From democratizing song rights royalties and blockchain licensing to legacy companies like Sony Entertainment filing patents for nonfungible token- (NFT)-authenticated music.While electronic dance music and pop seem to be picking up the most attention in terms of NFT music, they’re even making a difference in more traditional areas like opera.Just....