BLOCKCHAIN & MUSIC INDUSTRY: CONNECTING ART & TECHNOLOGY ?
BREAKING NEWS (UPDATED VERSION) : Today, we are glad to introduce you to our contribution to the French Music Day, over the 21st, 22nd, 23rd of June week-end and celebrate France’s FIFA world cup victory on the 15th of July 218!! – We will use the opportunity, to share with YOU, the PUBLIC, the reader, how art, music and blockchain could be connected?
DLT, or Decentralized Ledger Technology are initials which cover the Blockchain technology multiverse, in general. DLT, has now extended its scope far beyond the financial sphere, reaching new levels of ‘Digital Renaissance’ we are currently going through: The Blockchain is now used in… the music industry!!
Could we really connect art and technology on the same platform? And… mostly…
How could the Blockchain, really improve the music industry? “
Healthy Warning: We do not want to gaslit you, the reader with the ‘Brave new world‘ premises of the #Blockchain revolution… Remember Blockchain technologies or ‘ChainTech’ will be BIG, and should be worth $8 billions by 2022, according to various reports, you can check here! –> It will definitely change the way we understand ‘reality’ and trade’ as we know it. However, we will keep our points-by-points observations below, grounded to how DLT, could achieve some of those high goals, in real-time :
FIRST GOAL: MORE DIRECT INTERACTIONS!
With decentralized technology musicians can interact with their audience directly on a peer-to-peer (P2P) basis, and sell their artworks without any mediators, or third-party. Blockchain real-time updates enable a truly transparent and efficient network, too.
SECOND GOAL: OF COURSE,… A GLOBAL DATABASE!
The music industry is a traditional or ‘Legacy’ industry lacking agility and real-time recording capacities for the internet age. Music with its global reach, constant updates, and new emerging trends, surely deserve tools with a global scope!!
=> Musicians, Deejays, creatives, beatmakers, deserve a global database that would carry, reference and spread their musical work-of-art to a global audience. The Blockchain and DLT systems in general, could solve that problem by providing a completely decentralized database with a global reach!
THIRD: LET’S SHARE FAIR REVENUES…
Like many ‘legacy businesses‘, the music industry and label owners have had over the years, a reputation for undercutting artists and not paying them their fair share of the ‘revenue pie’ generated by their works.
However, with DLT and smart contracts, something special seems to happen: All of a sudden, money and revenue sharing between artists, label owners, promoters, broadcasters, is now turning into a much more ‘transparent’ and straight-forward-to-use system ==> Simply because, the fee paid to a specific artist or a band manager, is now pre-assigned and programmed beforehand. The artist knows that he or she can trust the technology for a fair execution of the contract.
FOURTH:THE STRUGGLE FOR BETTER SECURITY & PRIVACY
The struggle for security and privacy is ongoing, and will follow us throughout the 21st century, the ‘Data Century’. However, we can still assess that, currently with all the ‘known unknown‘ considered: Once uploaded on the platform, the content is in a safer place, than your average web streaming website; This is possible, thanks to DLT’s encryption protocol.
FIFTH: A BETTER PATH TO CROWDFUNDING?
Lately, fundraising for development of art projects has been made ‘easier’ thanks to ICOs, and what is known as token sales, which are sales of ‘digital units representing a stake, or a currency linked to the original project. Artists it seems, have learnt like Startuppers how to leverage the power of technology to deliver better arts and better paydays for themselves!
Let’s dive deeper into the Cryptoverse and have a look at a few #Blockchain Music Platforms:
This company is registered in France and deals with all parts of the music industry, from the artwork to gigs and box-office numbers. On the platform, artists will gain access and control of their works for good and will be able to share it with the rest of the industry, at a click.
With the help of smart contracts, issues around transparency and trust, are now resolved. Soundeon also admits looking into building a global network too!
This Ethereum-based platform streams and distributes music. It helps musicians connect with their fans and get a fair share of revenues. The most important benefit of using the platform is that performers are promised 100% payments with no information hidden.
… One last thing:
- FRENCH MUSIC DAY, GIVEAWAY!!
Celebrate French Music Day with Smile-Expo!
France is celebrating its national Music Day on June 21st. The international company Smile-Expo joins the celebration and is giving away a 50% discount for Blockchain & Bitcoin Conference France tickets!
Ticket price = 300 EUR / 150 EUR
The B&BCF is a large-scale event in Paris with focus on DLT and cryptocurrencies, like Bitcoin and Ethereum. Players, influencers, experts, coders, involved in the ‘Crypto-sphere’ will attend the event. Add to that, a range of leading decentralized companies meeting on July 18th, to discuss #Blockchain’s burning issues and the latest developments! The organizer of the event is Smileexpo which runs the #Blockchain & Bitcoin Conference series, in all corners of the globe!
Don’t miss out on a good opportunity and enjoy the music of ‘Childish Gambino’, below with the rise of the blockchain technology!
Buy a ticket for 150 EU here:
Words by the SMILE EXPO TEAM and Hermann Djoumessi, MA
ADMP, Senior Social Media Analyst.
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