Why The Music Industry Should Consider NFTs - Integrating Blockchain Into Entertainment

There is no denying that streaming platforms are making a fortune through musicians and listeners, and this is because Web 2.0 has been our way of life for a very long time. For a very long time, the interaction has been one-sided; now, Web 3.0 promises to be different, involving both the producers and the consumers. I am glad that artists are being compensated for their labor through streaming since it is only fair that they be compensated for the hard work that went into making the songs. Additionally, that is their line of work and main source of income. Even still, many streaming platforms underpay the artists even though they make a lot of money.

Monthly subscriptions and advertisements are how music streaming platforms generate money. Considering accessing any music on Apple Music requires paying a monthly subscription fee, Apple Music is exclusively a subscription service and does not permit advertisements. Many individuals pay for this subscription on a monthly basis, however Audiomark gives you the option to subscribe for free or for a premium rate. There are terms and conditions associated with the free subscription, including the requirement that 2 minute advertisements always play in the background while your songs are being played. You won't hear advertisements if you subscribe to the premium service, though. They must listen to advertisements since they are paid for by audiomark if more people choose the free plan over the premium one. This is how audiomark generates its income. That's a very wise choice.

But why don't listeners themselves receive rewards? Because, in addition to enjoying the music, fans also invest time and money in it, and without them, artists would not exist. Crypto seeks to address this with playlists that require a token.

Suppose if music streaming services like Audiomark and Apple Music incorporated a blockchain-based cryptocurrency-rewarding music platform, where there is a marketplace where you can buy an songs as NFT, connect your wallet, and earn tokens for listening to songs. You will need to pay a subscription fee in order to listen to these music, which will increase the platforms' income. The marketplace, where users may exchange their NFTs, will also increase the platform's income. Take a look at the money NFT revenue brought in Rarible marketplace .

Receiving rewards for listening to music is a good concept since it will enable many individuals to make a living doing what they enjoy—listening to music.