Interesting Ways In Which The Blockchain Improves The Music Industry - Improving Real Time Music Management #002

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Hello great minds,

With a humble heart I happily come before you all to discuss on an issue of great importance.

I trust you are doing perfectly fine and are enjoying your activities in the community today and you are actively promoting steemit on twitter and other social media platform.

In our last discussion, we learnt about real-time music management and in particular, we learn about the components of real time music management.

Today, we shall be learning about the significance of real-time music management, please stay tuned.

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SIGNIFICANCE OF REAL-TIME MUSIC MANAGEMENT

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The real time music management has grown in it's significance due to the following factors:

• INSTANT ACCESS:

In the world we live in today which is the digital age, listeners expect to have an instant access to music.

The real-time music management helps to ensure that artists can promptly release their work to the global audience.

Thus banking on the demand for immediate gratification.

• ARTIST AUTONOMY:

Artist autonomy helps to explain that artist now possess control over their careers and can independently manage their music in real time.

Here, they can build engagement with fans, they can also release their music and monitor their progress without being dependent on traditional record label.

• AUDIENCE ENGAGEMENT:

The overall music experience is being enhanced by real-time interaction with fans.

Artists are able to connect to their audience during live performances, give polite response to feedback and build a loyal fan base through continuous engagement.

• DATA-DRIVEN DECISION MAKING:

Artists are being able to make data driven decisions based on the availability of industry professionals and real-time data analytics.

This most times has to do with the adjustment of marketing strategies, making plans for tours and also tailoring content to suit audience preferences.

• REVENUE GENERATION:

Revenue streams are boosted by real-time music management.

Here artists can merchandise sales, monetize live streams and fan club membership, thus providing an extra source of income aside the traditional album sales and streaming royalties.

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CHALLENGES IN REAL-TIME MUSIC MANAGEMENT

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We shall be discussing few challenges being encountered in real-time music management and some of them are:

• TECHNOLOGY DEPENDENCY:

One challenge experienced by real time music management is technology dependency and this implies that it is totally dependent on technology for it's operation.

Whenever there is a slight break in technology, it can have a huge effect on live musical performances.

• COPYRIGHT AND LICENSING:

The management of copyright in real time can be a big challenge, especially when there are multiple parties involved in the development of a project.

Ensuring that all contributors receive a fair compensation remains another challenge.

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CONCLUSION

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We have examined the significance and challenges associated with real-time music management.

And this is for us to gain a proper understanding of what real-time music management is all about.

Out main context for this topic is the examination of how the blockchain helps to improve real-time music management.

Please stay tuned for our next discussion.