How Cryptocurrency Technology is Changing the Music Industry

Cryptocurrency Music Industry
In many ways, two industries have faced the same sort of challenges although from a very different standpoint. Over the years the music industry, especially the artists have had continual struggles in receiving what they are entitled to.

There is also the addition of the many companies who take advantage of a band or singers popularity to cash in, namely ticket sales or the inflation of.

With cryptocurrencies now becoming a reliable technology, artists are now in a position to embrace this and receive all they deserve. From lost sales of music, concerts and to areas where they can publish their content.

There has never been such a shakeup within the music industry which can level the playing field for everyone. To fully understand the impact of the changes, there are several services which are now becoming popular:

Steemit

Steemit

This is a blogging and social networking site where content creators get paid for publishing their content. Steemit can be a central location for any artists to make their selves known to the world and instantly gain benefit from their publications.

Being decentralized, they have no restrictions on what they publish. They have a story to tell, and this can be the ideal place to do it.

Voise

When you read the whitepaper for Voise they offer a music streaming platform where the artist themselves can set the price for their music downloads or streams. From here they receive 100% of the royalties they have set compared to a third party site taking a proportion of the sales.

All this and the other options they offer for free samples are governed by Ethereum smart contracts which provide a seamless integration of services.

Musicoin

Musicoin

This being similar to the above, it offers services for the creation, distribution and user listening (consumption) of music in a full cycle. It also caters from both viewpoints of the artist and the listener. Musicoin uses a unique algorithm which supports ETH smart contracts.

This provides a frictionless exchange of value (content and payment) in a fully peer-to-peer system. These contracts use a PPP (pay-per-play) contract where the artist immediately receives their reward.

Viberate

Viberate

This service is taking a different approach and is concentrating on the aspect of live music rather than published content. From the companies crowdfunding they received a vast amount of interest which is easy to see.

Music festivals are a huge industry. Any investor who has interest in music and wants to know how to buy altcoins for this company only needs to visit their website to see which their recommended exchanges are.

Viberate operates to link over 150,000 artists with booking agencies (2,000 plus) at over 60,000 venues. The entire booking process is based on smart contracts which can simplify the whole process.

Any event organizer can easily pick artists who meet their needs from the vast database which is based on social media metrics. With a click or two, they can book the artist there and then.

Decentralized Services

The music industry can include artists from geographic locations where they might not receive exposure, and find it difficult to any service they can use to promote themselves or their music.
The internet as we know it is limited when these remote geographic locations come into play. There is another cryptocurrency making headway which is ideally placed in its offering to aid with these musicians.

Skycoin and its radical infrastructure give the capability to extend the internet into remote areas. These musicians without much capital investment can self-promote themselves and release their music on the world.

Skycoin

SKY doesn’t extend the current internet reach, it creates a whole new decentralized network. This is even better for artists and musicians who are located in geographic regions where internet restrictions are in place.

With no governing body, they are able to bypass any restrictive borders and can communicate directly with their fans.

Musicians and the Blockchain

The world is full of artists who are well known. Aside from this, there is much more who are never heard of, and who find it challenging to create funding to carry on with their chosen profession.
With the power of the above services, they can be in a position to help fund themselves from their music publication to any live event they might be booked for.

Control of the artist’s destiny is put firmly back in their hands where they can exploit their talent and make everyone aware of their existence.

Promoters and record labels now have their restrictive and monopolistic attitude’s taken away from them. Rights of the millions of artists can be theirs for the keeping.

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