Changing the music industry with blockchain – Nairametrics
Over the past two decades, we’ve seen more innovation in the music industry than since Napster. Napster is either credited with killing the music industry or revitalizing it, depending on who you ask.
There’s no denying that Napster has transformed and revitalized the music industry, whatever side of the argument you find yourself in.
On to something else, the recorded global music market increased 8.2% in 2019. In fact, it has increased for five consecutive years. Revenues increased in many markets, including nine of the world’s top 10 markets.
After growing 22.9% in 2019, digital music revenue now accounts for more than half (56%) of the global record music market. At the end of this year, 341 million people worldwide had subscribed to streaming services.
Several music streaming services are available, including Spotify, Apple, Amazon, and Google Play.
Those looking to enter the streaming space won’t find many customers who haven’t already chosen a platform. In addition, it would be impossible to compete in terms of customer value with these well-established multibillion-dollar behemoths.
Apple and Spotify both offer unlimited downloads and playback for $ 14.99 per month. This is a strategy by Amazon and Google to keep users within their clustered ecosystems: “Listen to music from Amazon so that you are interested in what we have. “
It is clear that streaming startups entering the music market cannot compete with unlimited gaming for less than the price of a cup of coffee. Not just to enter the music streaming market, but to completely reverse it, that would be great.
Apple’s iTunes Store has usurped the music industry by using new technologies, such as larger hard drives to store songs and a faster Internet connection to download them.
Altostream asks the question, “What’s the leverage point in the music streaming space?” The answer will be to pay fair value to the three Cs of social music: creation, curation and community, and this will be accomplished by leveraging the Blockchain network.
Curators or even creators can pay community members in $ ALTO to engage in promotional activities, enticing them to become curators or creators themselves.
Thanks to the $ ALTO token, the Community can create a new musical economic platform where the only limit is its own imagination.
Altostream offers users the option of paying directly to the creators of their favorite music using blockchain technology. Using a Blockchain payment layer, Altostream will empower the creators, curators and listeners of Afrobeats in Nigeria with its revolutionary platform.
Crypto smart contracts will allow Altostream to reward value fairly to creators, curators, and community members on the platform.
Unique identifiers provided by service providers, contributors, infrastructure providers, application developers and validators, including listeners and artists, can be used by any music content platform to identify and record all contributions made by all stakeholders.
Curators share the music of creators and promote their works, while members of the community interact with them.
Additionally, Blockchain has the potential to save the music industry billions by revolutionizing the rights and royalties process, ensuring that artists, writers, publishers and everyone involved in the value chain of music are properly remunerated.
The technology behind a distributed ledger is known as blockchain. Blockchain allows us to store and manage data much more securely.
Blockchain technology could simplify the management of rights and royalties in the music industry by providing a unique and accurate version of the truth, regardless of territories and rights ownership details, ensuring that everyone is paid on time and in the correct amount.
Avoiding lost revenue, late payments, and legal fees could save the industry billions. Industry needs to come together to establish a standard practice and build trust in the technology and in each other to make this happen.