Music has seen a number of transformations over the years, most notably was the release of Napster back in 1999 that saw musicians be able to share their beautiful sound across the globe. Napster was a product made possible by the internet, but as the internet evolves and blockchain technology continues to find its way into the mainstream, you must ask yourself: What’s next for the music industry, and will the blockchain transform the music industry yet again?
Streaming services such as Spotify, Amazon, and Apple have become undeniably popular, and are the primary means for people to listen to their favourite musicians, and bands. These platforms are meant to empower artists by enabling them to focus on their craft and not worry so much about distribution. But is that really what they’re doing?
Short answer: Yes, but also very much No…
These platforms allow musicians to focus on their craft, but it does very little to help with exposure. Features such as the ‘Discovery’ feature in Spotify you’d think would gear you towards new bands and artists that you’ve maybe never heard of, right? Wrong. It’s simply another feature that focuses on those that have already ‘made it’ in the industry. In practise, it’s yet another trickle-up system that ends up crushing the little guy as time goes on.
So how do we combat the system and break free from the chains of trickle-up platforms and organisations? – NFTs of course!
Say you LOVE a band’s sound, well soon you could potentially own the first release of a new song!
You’ll purchase the release from the band as an NFT, and perhaps in time you’ll look to sell your first release as the band gets more and more popular. Your release has risen in value (Hooray!), and you make a tidy profit… But guess who else makes a bit of money from that sale? You guessed it! The band! A royalty would be paid to the band for every secondary sale of any of their releases, helping them to flourish and create more music that you love!
This new format will inherently help those lesser-known bands much more than the ‘Discovery’ feature on Spotify. If you’re looking to discover a new band, then I would definitely recommend ‘Sarpa Salpa’, a Northampton-based Alternative/Indie band with a phenomenal sound that only gets better!