How Blockchain Technology Will Change the Future of Music
The current music ecosystem is controlled by major intermediaries like label companies and technology companies like YouTube or Spotify. As a result, these companies control much of the distribution, copyrights, and monetization of the music that artists create. They pounce on every opportunity to put themselves between the artists and their listeners so they can extract as much money as possible from the process. As a result, the artists struggle to make ends meet.
With every new intermediary, artists are receiving smaller and smaller revenue cuts from their creative work. This makes it incredibly difficult for new artists to make a living from their music. In a sense, these big media companies are stifling creativity across the world because of the high barriers-to-entry for artistic career paths. Our current music and entertainment industry is not sustainable. But luckily, blockchain technology has the potential to reopen the creative doors of our society.
Blockchain-based platforms and smart contracts will provide artists with complete autonomy over their music. Instead of requiring a large middle-man company to distribute their music, choose their advertisers/sponsors, manage their digital rights, and control their revenue streams, artists could theoretically control everything themselves over the blockchain. These platforms will provide artists with a way to think more entrepreneurially about their work and more freely explore opportunities which are meaningful to them.
One ICO that’s looking to pioneer this new music ecosystem is ICST (short for Individual Content & Skill Token). They’re focused on revolutionizing the content sharing industry by leveraging blockchain technology to give all the power back to the artists. The ICST platform plans to incorporate a fully transparent rating system for artists and users to track the most popular content, as well as comprehensive analytics to give artists a complete picture of how their work is being received.
In addition, artists will be paid directly for the work they produce without having to pay a middleman for hosting and distribution. Monetization methods, creative licensing, and sponsorship decisions will rest in the hands of the artists themselves, liberating them from the restrictions of corporate control.
Utilizing the Ethereum blockchain network, ICST will offer an unparalleled level of transparency, efficiency, and security for the entertainment industry.
Blockchain technology is ushering in a new digital age. It’s time that artists and musicians receive the credit and compensation for the work they create.