Killer Question : Is blockchain about to become music industry's best friend?
Looking at its newest users, seems like blockchain is about to become the next craze in the music industry
To keep it simple, blockchain is a technology that makes it possible to store and transmit information transparently, securely and without a central control organ.
Blockchain is therefore a virtual world in its own right with its very own currency : cryptocurrency.
It seems like we’re getting to a point where international music artists are starting to use blockchain and cryptocurrency, especially BitCoin, to get their work out there.
In 2017, Icelandic singer Björk rewarded her fans with hundreds of AudioCoins after pre-ordering her new album "Utopia". With the aim of raising awareness for cryptocurrency, the artist intends to set up a "digital treasure hunt" for her fans during which they will be able to use their AudioCoins to gain access to exclusive content.
The popularization of this usage could also be beneficial to artists and rights holders. Indeed, they would no longer have to go through intermediaries such as record companies or streaming platforms and could therefore benefit from a much larger benefit share of their work.
This is precisely what independent artist Shelita Burke stands for.
The singer, who is also a data scientist, sees using blockchain as a way of having a better understanding of her legion of fans. "I think all artists should learn about data," she says. "It lets you know who the target is, what they like and what they want"
It’s just been reported that Spotify has acquired start-up Mediachain, specialized in the decentralized addressing of contents… so don’t be surprised if in a near future Kendrick Lamar, Taylor Swift or Madonna became the new blockchain ambassadors.