The Future of Music: How Web3 is Empowering Artists and Fans
Emelie Olsson, COO and Co-Founder of Corite and Forbes 30u30 winner
Web3 technology is disrupting the music industry by enabling artists to have more control over their work and creating new opportunities for monetization and engagement with fans. By using blockchain-based platforms, artists can now retain full control over their content and earn a larger share of the revenue from sales. This eliminates the need for intermediaries like record labels and streaming services and provides a more direct connection between artists and fans.
The latest disruption in the music industry was digitalization. The streaming services made it possible for fans to access all the music in the world at the tip of their fingers, improving technology for creators and allowing them to create music and content without the need for having access to an actual studio or expensive equipment. Social media gave artists the tools to connect with and build their audience through their phones and the distribution of music today has become a commodity.
With the democratization of the industry, new challenges have emerged such as trying to break through the noise of 100,000 songs being released every single day. Or building a strong fan base when you have 5+ social media platforms to keep up with while trying to figure out how the algorithm works and what resonates with your audience and who they are.
Blockchain-based platforms also allow for new ways for fans to engage with and support their favorite artists, such as through crowdfunding, fan tokens, and other community-driven initiatives. For example, is a BNB Chain-powered crowdfunding platform that puts control back into the artists' hands by enabling them to invite fans to get a share in their music. This engagement with fans helps artists build a community, and strengthen their relationship with them while incentivizing fans to help market the music even further by rewarding them for doing so.
In addition, blockchain technology can be used to create a transparent and secure record of who owns the rights to a piece of music, preventing issues like copyright infringement and royalty disputes. Smart contracts can also automate the process of music rights management, making it more efficient and accurate.
NFTs provide even more opportunities for monetization and engagement with fans. Artists can use them to create unique, one-of-a-kind digital collectibles with utilities such as merch, lifetime access to concerts, pre-listening to all upcoming releases or anything in the world really.
Corite recently announced the upcoming sale of the presented by the producer Young Chenc and is a blockchain-based platform where Artists can fan fund their music projects by inviting their fans to become backers and by that receive a share of the streaming revenues. This not only allows artists to retain control over their content but also provides them with a more direct connection to their audience. By incentivizing fans to help market the music, Corite is helping artists build a community of dedicated supporters, which can lead to more engagement, sales, and opportunities. With our latest announcement of coming to Corite, artists can incentivize fans even further to engage by rewarding them for following an artist on Spotify, Twitter, or using a sound on TikTok and much more.
Blockchain technology and NFTs are not just a pipe dream, they are being actively explored and implemented by music companies all over the world. For example, Spotify announced in February that they’re exploring the field by
YellowHeart, for example, is a platform that allows artists to sell limited-edition NFTs of their music, merchandise, and other assets directly to fans. Ujo Music, on the other hand, uses blockchain technology to create a transparent and secure record of who owns the rights to a piece of music and who should be paid royalties. Choon is a platform that allows artists to upload and distribute their music on a blockchain-based platform, and earn royalties in the form of a cryptocurrency called NOTES.
RChain Cooperative is a nonprofit organization working on a blockchain-based platform for the music industry, which aims to create a fair and sustainable ecosystem for music creators and rights holders. Resonate is a platform that allows artists to release their music on a blockchain-based platform and share revenue with their fans through a token-based economy.
Opus is a platform that allows artists to upload their music and earn royalties in the form of a cryptocurrency called OPUS tokens. Audius is a blockchain-based music streaming platform that allows artists to upload and distribute their music directly to fans, and earn royalties in the form of a cryptocurrency called AUDIO. And VEZT is a music fan-funding platform that allows fans to buy a share of the royalties from their favorite songs, using blockchain technology to manage the transactions.
In conclusion, blockchain technology and NFTs are creating a new symphony for the music industry by empowering artists and giving them more control over their work. By using blockchain-based platforms, artists can distribute their music directly to their fans and create new opportunities for monetization and engagement. Blockchain technology enables transparency and security in music rights management, while NFTs create new ways for fans to engage with their favorite artists. The future of music is here, and it's exciting!