Despite the fact that our ears may be more inclined to a particular genre more than the other, most people if not all love music. However, not everyone is willing to pay for it, and most would rather download or stream these songs for free. This impacts negatively on the artist’s earnings given that there are also middleware platforms such as Spotify, Pandora, Apple music which cut down on earnings.
Some Artists are Struggling to Make the Minimum Wage
Based on a media outlet’s report on March 3, some Spotify artists are not duly rewarded for their efforts because they are struggling to make the minimum wage. Rather, artists who garner millions of views in a month are getting more of the piece of cake. An average of $0.00397 is paid per stream, which may still be susceptible to the company’s charges. Therefore, a musician stands to earn around 1,400 per week for 352,644 streams.
Asides from the income cutdown by middlemen, most music enthusiasts, are not willing to pay for songs. An instance of this is Spotify where out of 200 million monthly active users which were reported in 2018, only 97 million are premium users. Likewise, people prefer streaming these songs instead of buying the disc or audio file since they can play it as many times as possible and even offline in the case of Spotify.
Blockchain Technology Has the Potential to Bring High Rewards
Nonetheless, there is a way out and that is with the use of Blockchain technology. At the moment, a lot of cryptocurrency projects are trying to use the blockchain to remove the middlemen that are required to promote these songs. As a result, artists can be rewarded at the same second their song is streamed.
In the same vein, the earnings they can get per stream will be higher given that the centralized nature of existing platforms will be eliminated. There’s also the potential for copyright protection of digital works through the use of Blockchain since the original owner of the work can be traceable on the distributed ledger technology.
Blockchain Also Gains Adoption in Other Sectors
Asides Blockchain’s potential in the music industry in help artists earn more from their efforts, the innovative technology has been employed in other sectors. Some of these are healthcare, education, agriculture, and even in games. In the case of latter, the first blockchain-based game for the PlayStation 4 was released in November 2018.