Brief Outlook: How Blockchain Can Change the Music Industry?
We bet you use one of the cloud music services that give you access to any track or album you need. Soundcloud, Spotify, Apple and Google Play Music — all those platforms constantly expand their libraries and enhance the quality of their services to satisfy the client. Of course, there is nothing bad about being customer-centric: this is a virtue, not a flaw. But do artists really benefit from your subscription?
They do, but not that way they wanted to. The services charge both users and artists fees for doing their job as intermediaries. The service is the only one who controls flows of money passing through the platform. That’s why the talented musicians often can’t receive a proper compensation.
Blockchain can change this by making music distribution fast and transparent. It won’t be centralized in one hands anymore. Users will establish a peer-to-peer connection with all right holders of the music they would like to listen. The musician, the label, the producer, and the rest of involved creators will get their fair part of revenue. And any of them will be able to track down the money trail in the open database of transactions.
The second (but not the last) use of blockchain in the music industry are tokens issuing. Musical projects can take an advantage of ICO funding just like any other company. Want to start a new label but don’t have enough savings? Befriend blockchain and proceed to writing your white paper — unlike other sources of funding, ICO is available to everyone who generates valuable ideas.
The Goals of Our Music Department
These two ways to connect music and blockchain are only the top of the iceberg. The team of Distributed Hub strives to find new methods to promote communities using blockchain technology and help young labels and musicians grow faster. The power that drives us is our strong personal interest: we have a great passion for both culture and technology, so we contribute to the evolution of two at the same time.
Our Plans and Achievements
Even though we are going to support artists of various genres, electronic music conveys our concept most precisely. It represents a unique fusion of art and technology, machine perfection and human imperfection, and the merged beauty of feelings and intelligence.
At the current moment, our department is focused on techno and house music events. We have already organized two parties: the first one featuring Aerea Negrot and Mad Dim live performances, and the second one featuring Lauhaus’ Dj set and lives of Sex Of Insects and TYOMA.
This summer we plan to run 12 dance parties. Each one goes along with live translations of DJ’s performances: those who can’t visit the event will be able to watch the recording online. Also, we prepare a series of open seminars to tell you more about our mission and explain the connection between music and blockchain in detail.
Who may be interested? Partygoers, budding DJs and artists, label’s and music project’s owners, event managers, electronic music lovers — we can continue the list almost indefinitely. Everyone who has at least a bit of interest in music or blockchain is welcome. Want to stay tuned? Join our Facebook and Instagram: we will post more information on the upcoming events there.