Mattias Tengblad is the co-founder and CEO of Corite, a Stockholm-based digital music distributor; Emil Angervall is the co-founder and Chief Operating Officer of Corite.
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There has been a shift in the way music is sold and distributed over the last decade as artists and record labels try to keep up with the times and find new ways to make money. YouTube, Apple Music, and Spotify have a lot of power because they allow people to listen to music on the go. In the near future, the market for this and other things will reach a value of around $ 23 billion. These people, and a few others, are in charge of that.
People who listen to music on streaming platforms are at the heart of modern music distribution. However, while they have given a lot of power to independent artists, their control makes it hard for people to make money from their work. It’s a good idea to use non-fungible tokens (NFTs) to make the industry more transparent and make it easier for people to agree on things.
Getting money to pay for music, not to pay for music labels
Monolithic businesses decide how much artists get paid. This is a little more in-depth about the artist-music label situation. Music styles and how people see them also change. NFTs allow artists to cut down on their dependence on other people by getting money from their fans.
NFT fan-funded models have shown that it is possible to sell digital items, such as music, to help artists get more attention. NFTs help artists make more money by giving them more information and cutting out the middleman. They can also end the artists’ dependence on record labels.
To collect revenue, NFTs can help because all transactions are kept on the blockchain. This is very different from how corporations collect royalties, which can be hard to understand and make it seem like the artists are getting less money than they should.
In an NFT setup, unique metadata and source codes that are linked to an artist’s music keep things open. As a result, the artists can sell or give the rights to their work to someone else if they need to.
Keeping fans amused during lockdown.
It was bad for the music industry when the coronavirus pandemic started in the early 1900s. Following shutdowns are thought to have cost the sector tens of billions of dollars in lost income. Changes in the world led to a moment where many musicians had to rethink how they reached out to people. At this point, NFTs became a viable source of income for many artists.
Marshal Bruce Mathers III, better known as “Eminem,” was one of the first well-known artists who jumped on board. It was no surprise that he made GBP 1.3m (USD 1.7m) from his first “Shady Con” NFT Collection.
NFT concerts can also help artists who want to use NFTs. Swedish House Mafia has already done this by working with Live Nation. They are easy to broadcast and can be used to make money from live videos. Bonus content and discounts can also be given through NFT systems.
This means that people will start to invest in art and music more often.
In the past, only people who could afford to invest in music and music labels were allowed to do so. NFTs, on the other hand, have made it possible for fans to pay for their favorite artists’ songs.
The NFT technology can also allow parts of a song to be sold to a person who wants to invest. With these kinds of abilities, people can help and promote promising artists and earn money from their work as their popularity grows and their songs become more popular. Investment in NFTs is a good way to diversify your portfolio and put money into something you think could go very high, while also supporting new music and art that you like.
In music, what’s next?
A lot of power is given to artists by NFT and blockchain-based projects today. These projects help artists get paid fairly and get more money for their work. They also help artists control streaming rates and copyrights, and reward active fans as collaborators, not just consumers.
In a nutshell, non-fungibles can be a powerful elixir for artists who want to break free from exploitative music distribution. This elixir is already in high demand in the industry.
Find out more:
On Spotify: Saxo Bank made a “outrageous prediction” about NFT-based platforms taking over Spotify. NFTs need an on-chain IP management system because creativity is so fluid.
This is how NFTs might change the TV and movie industries. NFTs caused a lot of damage in the most recent South Park special.
This is how the Wu-Tang Clan’s USD 4 million album reflects the group’s beliefs about crypto. The American music producer who made the album made USD 11.7 million in NFT sales.
