According to the report released by IFPI, total revenues for recorded music was $17.3 billion in the year 2017, an 8.1% growth compared to the previous year. The highest revenue source came from steaming which grew 41.1 %.
Driven by fans’ engagement with streaming — especially paid subscription audio streaming– digital revenues now account for more than half (54%) of the global recorded music market.
Total music industry revenues for the year 2017 were still just 68.4% of the market’s peak in the year 1999. Global music market had endured 15 years of significant revenue decline, record companies are working hard to fuel new life in the music industry and trying to harness new technology | digital innovation to enrich fans experience.
In order to foster sustainable growth in music markets, we need to create an engaging way for fans to access music on multiple services /platforms and solve copyright infringement problem, with stream ripping emerging as the latest issue facing the music community.
One of the companies ‘Muzika’ from South Korea is on the path to revolutionize the music industry whose vision is supported by Mapia company, a leader in digital music communication and collaboration platform. The team behind Muzika have successful startup history and good entrepreneur skills who were awarded Forbes 30 Under 30 Asia in 2018. The project has financial support from many venture capitals like NEO global capital and partnered with projects like Ontology. Use of blockchain technology will help to change the existing incentives in the industry, thereby reshaping the entire music industry. The system allows all participants, including fans, to make a profit.
At present, most of the blockchain projects face the challenge of lack of utility or to build an ecosystem who will utilize the platform. Unlike other projects, Muzika ecosystem will have 17,000 + artists from 30 + nations to provide content and 2,000,000 users from 150 + nations to consume content and support artists in community activities.
More engaging and rewarding:
Muzika platform will revolutionize the production, distribution, and consumption of digital music. With the support from Ontology (one of the well known and respected blockchain projects in the crypto community), Muzika will be able to introduce blockchain technology in its platform and build an integrated platform which aims to connect artists and fans directly hence increasing the artist’s profit and fans get rewarded for participating in community activities like consumption | sharing | brainstorming in music creation, hence creating a more engaging way for fans to connect with artist and vice — versa.
Defend creativity:
Muzika platform will also help to defend artist creativity. Protecting all elements of an artist’s creative work from being leaked online in the run-up to its release is a key focus for record companies. Criminal organizations
seeking to profit from illegally obtaining the record before it is fully ready for release jeopardizes the work of artists.
Use of blockchain platform will save music | content and its related information (e.g. artist, date) to be securely saved in the blockchain and share music securely, and ensuring only the agreed recipients are accessing it.
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