Performing rights organizations, distributors, producers, and retailers are all critical players in the industry that hold different pieces of information on behalf of their clients. The website will assist traders in their bitcoin journey with the best trading tools, fast payouts, and phenomenal customer support. In addition, many new blockchain-based music streaming companies use blockchain technology to create a new network with an innovative approach to solving these issues. If you are into Bitcoin trading, you may also want to know about the Entertaining factors of Bitcoin trading.
For the first time in history, it will be possible to see all transactions related to an artist or song on one platform and make transfers between any two parties transparently without the need for any intermediaries. As a result, it will provide unprecedented financial transparency and dramatically reduce transaction costs for music providers globally.
With an ever-increasing demand for transparency in musical content distribution, the concept of blockchain-based streaming platforms has become essential in increasing the industry’s efficiency. The streaming industry is on track to generate $15 billion annually by 2023, with one-third of that revenue attributed to blockchain-based platforms. So let’s explore the advantages of a blockchain-based audio streaming platform.
Improve copyrights/intellectual property management:
Using the blockchain, intellectual property rights can track from a recording session to streaming platforms and from licensing deals to the performance artists. It will solve issues arising due to multiple intermediaries between the parties involved.
Eliminate overheads:
Transaction costs for music providers using blockchain technology will have a significant reduction. Music providers would no longer need an expensive legal team or marketplace to manage this aspect of their business; they could replicate it on a smart-contract-based solution that is fully trackable by all relevant parties.
While intelligent contracts technology can also have a use case for other industries, such as financial transactions, the music streaming industry is a different ballpark. Music providers must ensure the information on the music they provide is accurate and not misused by anyone; this includes fellow media companies who may want to access their content or license it for use in a streaming service.
Determine revenue sharing:
By using blockchain technology, with each payment made to a music provider, the technology can make an automatic payment to the issuer of that asset that initially bought it. It means 100% transparency regarding money spent and revenue generated by all parties involved in the music supply chain. One can send the funds immediately to both sides of the transaction; more importantly, all parties involved can see exactly how much one receives. It will dramatically cut out the industry’s murky accounting and admin sides based on trust between all parties involved.
Stream audio/video content:
By using blockchain technology, there will be an increase in transparency between music providers and publishers (such as EMI Music) when it comes to streaming their music on a platform such as Spotify or Apple Music. In addition, it will alleviate the current issue of the consumer misunderstanding licensing terms and needing a clearer understanding of who owns what copyright.
Full audience ownership:
With an audio streaming platform based on blockchain, the artist and listeners would have full ownership of their musical data. In addition, it will solve issues presently with music streaming companies such as Spotify, Apple Music, and Pandora. For example, they do not allow listeners access to their music on any other platform.
Real-time transactions:
It is one of the main benefits of using a blockchain-based solution in the music industry. Blockchain technology allows all transactions to be in real-time, reducing transaction costs and improving transparency between parties. It means money cannot get lost or stolen in any part of the process. In addition, all available information on artists and listeners is up-to-date and accessible to all parties involved in a transaction.
Instant micro-payments:
Streaming services pay their music providers instantly. It is an integral part of their business model, and the consumers benefit significantly from the low transaction costs associated with these micro-payments. The blockchain-based streaming platform will be able to cut down on these fees by removing the necessity for a middleman or intermediary.
Improved data and information management:
Blockchain technology is known for ensuring absolute data security by verifying all transactions from the originator to the ultimate receiver. It means all data on artists, songs, publishing rights, gaming rights, etc., can be verified and audited in real-time, which will solve any potential disputes or issues with misappropriation of personal, intellectual property, or financial data in the process.
For anyone involved in the graphic or sound design industry, using blockchain technology will provide a wide range of benefits that make it the ideal solution for music streaming platforms. By eliminating the need for expensive licensing agreements, recording and publishing deals, and auditing and verifying data, smart contracts will ensure transparency between artists and companies while reducing costs associated with using blockchain-based platforms.
Numerous Ethereum platforms are designed to improve music streaming services by streamlining payment receipts/receipts, improving data management, and providing better transparency to both artists and consumers.
