While the digital era has bitcoin and music many wallets in the music industry, it’s brought on a spate of innovations, particularly in recording, distribution and engagement. How the new technology that powers Bitcoin might reshape the music industry. 447 0 0 0 8.
604 0 0 0 2. 856 0 0 0 1. How the technology that powers Bitcoin might reshape the music industry. Launched just last month, TIDAL, a new streaming service owned by high profile artists including Jay-Z, shows how ownership and an emphasis on artistic intent can set new rules for consumer experiences. At the same time, digital music distribution has been made relatively simple by Apple, Spotify and others. Yet the connection between musicians and listeners remains loose and abstract. What if these services and interactions were powered by block chains?
A music block chain could offer a public, decentralized warehouse for artists to register ownership of songs, group them into albums, set distribution terms, and collect payment for distribution. It wouldn’t be a huge stretch for any of the major players to try this, but they haven’t. So, we’re imagining it as a new service called Bit Block Music. They fundamentally reshape the role of your record label, creating deeper connections and new forms of value. To show you what we mean, we’ve designed a new experience for a fictional electroclash band of the future called Rift. You want to help spread Rift’s music, garner the attention they deserve, and participate in their success because you believe their music is important.
You’re in love with the title track, so you buy 1 of the 100 open shares, instantly becoming part of a community of loyal fans and believers. While this might seem similar to Kickstarter, you are not only taking the place of a traditional label funding the band’s efforts, but also setting yourself up for gains if the album becomes popular. Block chains could enable shared ownership at a granular level, which record-keeping and outdated laws have made infeasible until now. We could program the rules of ownership into each album, and money could be routed automatically and proportionally to all shareholders, making the notion of partial ownership possible. This is a huge leap forward for the many labels and industry players that have been struggling to create a centralized database of rights holders, enabled in an entirely new way. As a fan-owner, you’re literally invested in Rift’s success.
They range from writing a press release to making connections to show venues. Being a graphic designer, you want to help out. Your posters will be used by the band, by show venues, and by other community members to help spread the word. Finding qualified people to provide services and easily paying a distributed network of helpers would be rough work today. Making Waves to each fan-owner. Although block chains can’t prevent all means of copying songs, each first edition has provable ownership and rights associated with it. Like many fan-owners, you make your first edition unique by adding to it.
Each first edition takes on its own value that can eventually be sold or transferred to someone else who wants that unique edition. Block chains could prove ownership and provide traceability for first editions. They could protect the song itself from modification, but allow fan-owners to participate in the art by augmenting it with new unique contents. As first editions spread, the revenue they generate can pass back through the network to the original fan-owner and the artist. A friend of yours happens to be tight with the GM at The Cellar, the biggest local music venue in your area.
You push them a copy of Making Waves to see if they’re interested in hosting a tour show. Later that week, you hear back that Rift is scheduled for next month. The show sells out, and they kill it. You’re curious how this impacted album sales. By openly tracking who owns what and who’s done what, block chains could help us accurately attribute effort.