Note from the Publisher: That rascal blockchain’s at it again, this time with new ventures in the music industry. Several new startups are highlighted below with a great analysis of this interesting sector by music academic Marcus O’Dair.
“In the decade and a half since Napster, it’s got harder for musicians to make a living, at least from recorded music. Falling CD sales, illegal downloads, the low payments from legal music streaming platforms, and a shift towards buying single tracks rather than whole albums all play their part…….
…….The transparency offered by blockchain technology could help attract new funders, including investors currently put off by the difficulty of seeing a clear route to profitability for musicians. It could also see the emergence of “artist accelerators” similar to those available for tech start-ups, where early support is rewarded by a stake in future income, monitored and paid automatically via smart contracts. The same transparency and traceability could encourage crowdfunding, with artists issuing shares to be cashed in against future earnings.”