Web 3.0 and the Music Industry - New Models for Distribution and Royalties

in Cent6 months ago

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Hi there everyone, TheRingMaster is back again with another Web 3.0 based blog. Lately I've been discussing the future potential of Web 3.0 and Hive in particular and the more I share, the more I personally realize the vast number of applications of this technology.

We see it in the government section, finance, business and Social media. Trust me it goes further and although we still need to improve on it, an advanced and scalable form of Web 3.0 can change the entire world literally.

The last few years have seen the emergence of Web 3.0 as a really transformative phase of the internet and you don't need me to tell you about the value of its decentralization. It gives power to users of different sectors. Interestingly, this technology is actually expected to cause a huge change in the music industry as well, especially in terms of how artists earn royalties and how music is distributed.

  • Music is a very huge industry in the world, and through that we've had famous and wealthy people made. Different genres of music have had legends formed from them. However, it hasn't been a perfect ride because of one word in my opinion "Centralization"

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Decentralized Distribution Platforms

You can't just make your own music and start becoming a superstar without an effective means of distributing that music. Sadly, all the major and even minor means of distributing your music or songs are centralized. This means organizations, managers or platforms that hold the responsibility of getting your music out there have more control over the royalties and how far your music goes or even to which audience the music gets to.

They literally control the artists.

Thankfully Web 3.0 has a solution to any system, organization or business that seems to be suffering the negative effects of centralization. I believe that Web 3.0 technologies like blockchain and decentralized applications (dApps) are reshaping music distribution.

Like I just explained, by tradition, artists depended on centralised platforms including recording labels and streaming services that often controlled distribution taking a good chunk of earning from them. So what you thought artist were making from their songs, well think again, it was way more. Of course not all artists get unfairly treated but a lot did and still do since centralized platforms remain huge.

Through blockchain, however, musicians can bypass intermediaries to distribute their work directly to fans via decentralized platforms, giving them more power over their content as well as increasing earnings per stream or sale for each artist involved. Blockchain has a special way of cutting out the middle man, and getting the content of authors or artists to the right audience.

I think more artists should jump onboard the Web 3.0 movement if they seek to have freedom and earn the right amount from their own hard work. Thankfully Web 3.0 music distribution platforms are rising and this could be a great solution to the problem.

Take for example, Audius and Opensea which depend on blockchain technology where artists upload their music directly without intermediaries. When you open their sites, you're greeted with the messages of freedom and control over your content which I believe is the sound of music to all artists that discover it especially the young and upcoming ones.

Infact here on Hive we've got a handful of music platforms and I hope that as we get bigger, popular celebrities will one day join in. Imagine having Justin Bieber, Taylor Swift or any of your favorite famous singers share a 3Speak video joining the VIBES contest on Hive, If that's not going to boost adoption I don't know what will, hehehehe. Let's just see what @lordbutterfly would say about this future possibility.

Of course Vibes is not the only music community, there are so many more on Hive and it brings me so much joy when I see Decentralized music communities thriving.

The Smart contracts of Blockchain can make this possible by allowing the artist to earn their dues with no stress as the traditional methods of payment would require.

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Tokenization and Fan Engagement

I believe that Web 3.0 will bring more ways for artists to earn more money from the same songs they've been making. The concept of Tokenization on Web 3.0 or Blockchain is exactly what I'm talking about.

I think it's going to be a very important aspect of music on Web 3.0. The artists can convert their musical works or songs into Non-Fungible Tokens (NFTs), which will enable them to create digital assets that fans can buy or sell. That's going to create more profit while the song streaming itself generates profits. I believe this would boost engagement of their songs a whole lot more than ever.

These tokens give ownership or entitlement rights to private content, physical products or even forthcoming revenue bases from the music. There's also going to be less copyright issues from this technology, I believe.

What could happen is that the artist can give away limited copies of NFTs tied to a new album he or she just released, whereby every token holder is granted backstage passes or receives a percentage of the record’s sale. Think about it friends, it's basically Curation Rewards from your favorite artist. That way when Justin Bieber makes an album, by buying the NFTs and selling it, you as a fan are benefiting financially from his music. What a world that would be right?

I think with this concept, not only will fans be more involved in music, but also new revenue streams are opened up beyond ordinary sales and royalties. It's a win-win for both the artists and the fans.

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Transparent and Equitable Royalty

Web 3.0, thanks to Blockchain technology provides a great advantage, Transparency and this will be very good for royalty payment. We already know that in blockchain technology, there's a decentralized ledger that securely and transparently records every transaction made whether it is streaming or purchase.

So everyone both the Music organization and the artists can see clearly all transactions made. The smart contracts execute automatic royalty distributions based on the predefined terms of agreement on how much should be paid to the artists, manager, sales team and the music organization. This would ensure that all contributors to the music creation process receive fair compensation without delays or disputes or even downright fraudulent activities.

There would be less confusion and disagreement on the payments of royalties with Web 3.0 involved.

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Challenges and Adoption

Of course with a great technology comes an equivalent challenge in implementation.

I realize that the acceptance of Web 3.0 in the music industry is slowed by a number of issues like its inability to scale up, user experience, and regulatory compliance. Also the government already has it's hands deep in the music industry and so trying to involve a Decentralized technology like Web 3.0 in music is basically cutting them off and as we've seen in the news, governments hate Decentralized systems.

It is very important that these obstacles are overcome for broad-based or hopefully world wide adoption and approval by artists, fans and other industry players. All the parties involved in everyday music creation would have to be in agreement before this can happen.

Another problem is knowledge and awareness of Web 3.0. Even till today, some don't even know about the existence of Web 3.0 or Blockchain. At the moment, the only thing they may be aware of or have heard before probably in news or social media feed is cryptocurrency. But sadly most still see crypto as a trading asset and not a technology that brings Decentralization, full control to the user or owner and transparency to reduce the chances of fraudulent activities.

We would need to keep educating people about the Web 3.0 world before Web 3.0 and the music industry can merge beautifully.

I am however hopeful that this will happen sooner than later. Thank you so much for the time and as always, would love your feedback.

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Blockchain technology offers many things to different industries. There are challenges but not impossible, only if people involved have the intention to learn how things work.

You're so right about this, I really the "It's not impossible" part. As we keep learning and spreading the word of the power of this platform, it will grow bigger. Thank you so much for stopping by dearest FG !PIZZA

Artist will have to have knowledge on old and new to check which works for them, if more advantageous to keeping their music safe, earn accordingly removing middle men from the equation it would be beneficial.

Too many artists have lost financially due to rouges in the industry.

Absolutely dearest, they would need to be aware of the value of Web 3.0. you're so right, a lot of Lost so much money in the industry. So grateful for your contribution to this blog, a big thank you dear friend

Hopefully people will be able to have more control in music and art, original only, no tricks.

Value4Value is still small within music but growing. You see more and more artists that distribute their songs via one of the shows there and get streamed some Bitcoin for it.

Absolutely brother is this a classic example of how great Web 3.0 will be in the music industry. Can't wait to see the future of this wonderful technology. I'm so grateful for the comment

organizations, managers or platforms that hold the responsibility of getting your music out there have more control over the royalties and how far your music goes or even to which audience the music gets to.

The above is the sad reality. Unfortnately, these guys reap the biggest rewards of efforts they know nothing about. Imagine what it takes to write a music script, design lyrics and make the video. These take long and enough financial input. At the end a platform takes a higher percentage of royalty. The middleman has killed music.

Web3 will give back full ownership of content and distribution to the artist, ensuring that they earn all royalties as long as the music sells. Web3 comes with a huge promise. The protection of intellectual music property is there, protection from fake reproduction of music is there, transparency of all transactions and most important, censorship resistance.

Just as you mentioned, there are challenges to implementation. But as web3 continues to get better, these challenges would be overcome. The music industry needs a facelift and web3 would provide it

Yes said it exactly so brother, the middleman has completely killed music. Hive and all other web 3.0 platforms will keep growing brother, at the point these unfair situations will seize. The efforts of artists needs to be rewarded accordingly and Web 3.0 has the solutions. Wow thank you so much for your comments, it means so much to me. Let's keep growing this platform !WINE

Gradually, even musicians and other creatives would come to see the middleman as what it is - greedy ripper. Web3 needs more publicity, more marketing to these target creative industries. I think if they understand what it offers, a lot would like to at least try it out.

Yes bro, it's an education issue, we'll need to do that. Infact yesterday I thought a young boy about Web 3 and he was so fascinated. He wants more knowledge so he can take advantage while it's still young

Sure it needs robust marketing. Once many comes to understand it properly and misconceptions are cleared, then we are one step closer to mass adoption.

Yes brother I really can't wait for that day. The whole world will so change for the better

I can see this having a lot of potential !

I've seen that on Hive, some of the highest paying posts (and deservedly so) are for music. At one point, I even thought "could Hive be the new MySpace ?"

For it to work to attract existing musical celebrities (as well as really helping our own new ones along), there are a lot of other pieces of the jigsaw that need to be put in place. Mainly because right now they're tied into contracts with companies like Sony, who heavily restrict what they can do.

Some of the things that would be needed include;

  • Finding ways to increase the rewards that can be earned. A $50 post is great for someone who has put it up as a side-hustle, but isn't enough for a talented musician to make a living or consider braking a contract.
  • Enable ways to index the music better. Right now Hive is a kind of "listen and then move on" experience, and the current system of bookmarking is clunky compared to (say) being able to put together a playlist which can just play.
  • Find new ways to promote the music and musicians to the wider world. We'll be competing against multi-million dollar budgets from well-established corporates with shiny marketing departments.
  • Find ways to replace all the production services the corporates offer that add to the performance. Video production, coaching, organising live gigs, all that kind of stuff. Hive could do this, through a combination of putting people in touch with each other and the clever use of AI when it comes to generating music video.

But when it comes down to it, it's about generating momentum and driving mass adoption. That's what'll bring in the money to enable professional musicians to earn a living.

Wow brother such a good and long comment... First of all when it comes to the earnings.,I believe it would come naturally with an increased number of Hive users high HP. I think the earnings can even be more on Web 3.0 than outside. What happens when 1 million users that can curate let's say 10 USD decide to blast a new video streamed on 3 speak. That's 5 million dollars in the pocket of the artists instantly. With the bookmarking it's truly a bit clunky. No doubt there's so much work to be done for this to become a reality brother but I'm hopeful it will happen soon. You're so right it's all about momentum and adoption

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organizations, managers or platforms that hold the responsibility of getting your music out there have more control over the royalties and how far your music goes or even to which audience the music gets to.

The above is the sad reality. Unfortnately, these guys reap the biggest rewards of efforts they know nothing about. Imagine what it takes to write a music script, design lyrics and make the video. These take long and enough financial input. At the end a platform takes a higher percentage of royalty. The middleman has killed music.

Web3 will give back full ownership of content and distribution to the artist, ensuring that they earn all royalties as long as the music sells. Web3 comes with a huge promise. The protection of intellectual music property is there, protection from fake reproduction of music is there, transparency of all transactions and most important, censorship resistance.

Just as you mentioned, there are challenges to implementation. But as web3 continues to get better, these challenges would be overcome. The music industry needs a facelift and web3 would provide it

ye it is definitely changing the landscape!

Wow my favorite boys, it's an honor to see your comment on my blog.. thank you guys for the support. Stick up Boyz all the way

Getting Ready For Tomorrow's Post Too, Thank You All for the comments and support !WEED

@theringmaster!

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I think a future where music and web 3 gets to merge is already near and only those who rakes advantage of it now before that time would really benefit greatly from it.

You're so right brother, that's why we need to grow now that it's still young and soon when scalability is solved and more people get on board, it would be so cool. Thanks so much for the comment, I appreciate it

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