Blockchain for Music Industry
Everyone is familiar with the problems faced by artists and how they are not paid properly for their work and art. Depending on the country you are in, there are different rules and laws related to the PROs (Performance Rights Organizations) and how the money is distributed to the artists, song-writers and publishers.
Countries like India have their PROs run by the government and as we know how "great" the government is, around 70% of the artist's money is gobbled up by them. Even in the States where we have privately run organizations like ASCAP, BMI and SESAC, the whole process of getting the money to the artists is too long and is not transparent at all.
I believe blockchain has the capability of streamlining and automating all these processes, where we will no longer need any PROs, and on top of that artists will be able to build real relationships with their fans directly on a platform which is decentralized.
One person who is trying to achieve this, is an amazing artist I have been following for a long time now - Imogen Heap
She's been in the scene since she was 13 years old. Taught herself guitars and drums at a young age, and she's a kickass engineer as well.
Her project Mycelia for Music is designed to empower a fair, sustainable and vibrant music industry ecosystem involving all online music interaction services. On this platform it will be ensured that everyone involved is paid and acknowledged fully.
Here is an interview of Imogen describing her vision for the industry moving forward. It's a pretty good conversation with some insightful comments.
Enjoy!
https://steemit.com/travel/@jakvier/conosce-the-mountain-of-the-7-colors-cusco-peru
nice post
Thank you. :)
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This looks like an excellent initiative...
Thanks for bringing it forward here on Steemit!
😄😇😄
Yes, it is.
Though there are some other projects which are working on a similar platform like musicoin, audiocoin etc., but I don't know yet which one will survive or which one will be better.
But whatever it is, in the end the artists will win and the music industry will thrive if this is implemented properly.
Cannot wait for it. :)