Music industry as a whole has suffered from chronic problems that have inflicted copyright, royalty payment, and artist agreements. Massive record labels and agencies historically lead the industry with manufactured ambiguity. Until now, artists established and independent alike had no alternative but to acquiesce to a system that has cemented itself within the music circle. However, by implanting blockchain, people seek for a sustainable, decentralized model of music industry as such that RECORD Foundation suggests.
What blockchain can bring to music industry is transparency, decentralization, and immediacy of consumption, which directly leads to artist’s benefits. Blockchain and smart contracts make consumption transparent and allows artists issue appropriate licenses and listeners prove their license ownership through the ledger, without the need of an intermediary. This will enable artists to not only track where and how their music is being used, but also to precisely calculate the amount of usage.
The attempts on linking blockchain and music has been mostly experimental and personal until now in the form of “Cryto-Artist”. The first Cryto-Artist, Gramatik worked with SingularDTV to generate GRMTK Token (GRamatik’s intellectual property) in 2017. He established a QRMTK token ecosystem worth $9 million, raising maximum $2,480,000 million, selling 25% of his tokens in fewer than 24 hours. Currently artists like Bjork and 22 hertz also announced to put their songs on block chain. Yet, aside from internationally well-known artists personally releasing their music on blockchain, there hasn’t been any big movements developing an applicable form of blockchain-based music service accessible for all like Apple, Music, Spofity, and Deezer.
Blockchain based music platforms like RECORD Foundation and CHOON are taking their steps to make this decentralized and transparent music trading system real. To make those steps matter, the corporations would have to successively implant the new way of consuming music in our society. In that matter what RECORD Foundation is doing to implant this new platform in the real world is notable. RECORD Foundation does not only focus on the benefits of the artists but takes another step to take account on the motives of the listeners.
RECORD Foundation recently declared the creation of their own token, RECORD (RCD), to re-define the economics of the music business in favor of the musician. Their own audio platform, RecordFarm, links artists directly to listeners with blockchain technology. Once artists upload their content on the blockchain network, users have the option to make purchases using the RCD cryptocurrency. The entire process is computed with smart contracts that instantly delegate royalty payments to the proper copyright holder(s), effectively rebalancing accumulated leverage from traditional middlemen like labels, publishers, and collecting societies. But what makes RECORD Foundation special is the music curation they provide. The platform not only rewards the artists for selling their music, it also compensates the fans who curate the music by sharing, voting, and commenting.
The benefits the artists will get from the blockchain-based music platform is straightforward and the listeners can see that too. But in real life, there is no true motive for the listeners to leave their familiar platform and take a journey, especially if the artists aren’t that well known. RECORD Foundations gives the motive to the listeners by direct compensation encourages listeners to participate and communicate as curators in the platform.
RECORD Foundation’s way to compensate the listeners directly is just one of the many ways corps can take to introduce this new way of consuming music to listeners. The use of blockchain will empower both the artists and listeners fostering new music ecosystem but we still need to think about how to implant it in our society.
RECORD Foundation runs the first reward-based music service platform, RecordFarm. A solution to the traditional music industry, it creates the healthy environment where creative works are valued, curations from users are rewarded, and transparency is ensured. The new ecosystem, driven by blockchain technology and RECORD token, simplifies the process and eliminates unnecessary intermediaries.
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