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Blockchain technology offers solutions to reward artists for content, especially musicians.

I am a bit of a music nut – music is a constant companion which entertains, excites, reminisces, inspires and so forth – most people have a quasi relationship with their music.

Youtube famously did not contain a single Prince song until his untimely passing. Prince Image Credit: Photo by Richard E. Aaron/Redfern

The reason was that the distributable proceeds were all soaked up by underserving intermediaries. The copy/paste brigade earned more than the performers.

Deezer, Spotify, Soundcloud, 123Music, Mixcloud, Youtube etc all give me access to music for absolutely nothing. My Adblocker ensures I am commercial free.

 

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George Michael refused to record after Sony attempted to reduce his cut to a level which he found untenable. Image: NewsIn.Asia
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U2 ‘gave away’ their last album on iTunes (there was a financial deal!) Image Credit: Apple

Blockchain technology can deliver a song through a ‘smart’ contract between artist and customer. It is envisaged that the artist could receive up to 95% of all revenues.

Piracy still hangs there as a threat with so many recording and distribution formats. One solution mooted is that a blockchain song can only be played on a .bc site with proof of purchase.

It cannot be too tough to record a live data file can it? Social Media platforms are seeking to circumvent this practice via alternative market mechanics.

BitTunes is seeking to reward consumers through a sort of ‘curation’ model.

PeerTracks is attempting to commercialise the fan base of an artist; there is also the idea of producing ‘Notes’ – like a cryptocurrency which is linked to an artist and gains value along with record sales and artist’s profile.

UjoMusic beta-tested their platform last year with “Tiny Human,” a song by award winning British singer and songwriter Imogen Heap, and it plans to go mainstream in early 2017.

Heap, herself a technologist, is pioneering her own blockchain-based offering, Mycelia, a fair-trade music business that gives artists more control over how their songs and associated data circulate among fans and other musicians.

One of the major hurdles which any Blockchain technology will have to address is price. We are too spoiled by free access. Why change?

Who is the techy in Github developing the music platform?

Still, much as I enjoy the access I am afforded by music sites, the current thinking that music is free is an attitude which must be wrong.

 

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‘Money for nothing and chicks for free’, Dire Straits. Image Credit: YouTube

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