by Lumai Mubanga
The music industry is yet another sector that could benefit immensely from Blockchain technology once adopted and fully implemented. This is another sector poised to benefit more from the potential offered by smart contracts. It is one industry with so many intermediaries and the elimination of some of these could prove beneficial.
Consider the present challenges. The music industry is one sector that has a number of intermediaries ranging from recording studios, music promoters and sales agents to name just a few. Most of what happens between the production of albums and sales are largely unknown to individual artists or groups. Consumers usually buy albums from music outlets or other intermediaries, cutting off the important insights which the artist may find beneficial if such information was availed to them. If consumers could buy the music directly from the artists, this could turn the tables for the better. Consider how this could turn out to be.
Future Prospects of musical industry on blockchain
Once the artists and the music industry is onboarded into the Blockchain network, both the artists and consumers will experience a new way of relating to each other and offer mutual support. With advanced technology incorporating artificial intelligence, with abilities to create sophisticated musical applications that would automatically record using audio mixing consoles, sound quality assurance and the rest, the role of the artists would simply be the input of sound and leave everything to computer systems to complete.
Once a new album is released by your favourite artist, you will purchase it using cryptocurrency and of course, you will rush home to play it again and again. However, because you love the album, you will be compelled to tell a number of your close friends how great the album is. This, in turn, will compel your friends to purchase the same album online using cryptocurrency but with a reference key from you, more like what happens in affiliate marketing. Unknowingly or knowingly, you could have promoted that album for the artist to your close friends.
Certainly, the artist will be obliged to repay you in some way. For example, if the same artist plan to visit your city, the artist would repay you by giving you a free ticket and a front seat at a concert as a way of saying thanks.
So, the implementation of Blockchain should allow the total elimination of certain intermediaries, such as recording studios, distribution houses and sales agents, allowing consumers to purchase music directly from their favourite artists. This will afford artists an opportunity to know who bought the album and how many more were influenced by that fan to buy the album. This will give the artists insight into how consumers are spreading, sharing and using their music. Smart contracts will spell out specific conditions under which such data management can be available to the artists. For example, a smart contract would define how many albums should be sold through your efforts for you to qualify for a free ticket and a front-row seat during a live concert in a specific city.
Musicians and fans will then have closer relationships and will promote a certain level of trust between themselves. Consumers will experience a heightened level of excitement whenever their favourite artist produce a new album. Fans will feel appreciated and the interaction will bring up a whole new experience in the music industry.
In short, it will create a dynamic, mutually beneficial situation for both consumers and artists making the entire process more efficient long lasting.