Spotify Acquires Blockchain Startup - Ethereum opp included

in news •  2 years ago  (edited)

Spotify gone shopping in the blockchain space

Interesting acquisition announced today to build a blockchain-based music platform - sure a lot people here like @kevinwong @edje @luzcypher and others are interested in that news. Spotify from Sweden (see awesome CEO Daniel Ek below) is now officially entering the blockchain space!

Music Blockchain Deal - a connected Music Platform

With the new mission "a connected music platform" Spotify and its new "investment" Mediachain is planning to reward artists in a fair way - watch this space!

Spotify, background and approach

For people not aware about Spotify, this is global dominating music streaming service that allows users to find music on numerous devices such as computer, smartphone and tablet. This acquisition is probably a huge step for Spotify towards new customers and to be an established leader and innovator in the music industry by using blockchain technology to reward artists in a fair way!

The new combined team will work towards a more fair, transparent and rewarding music industry for music artists - that sounds really great, even it is PR only maybe or is there more?

This year Spotify found itself amidst legal troubles over unpaid royalties with its connects artists, labels and producers which led to Spotify settled a $25 million deal and a $5 million penalty over unpaid and unmatched songs. This step is a logical reason for Spotify.

Mediachain Labs has as explored how open, peer-to-peer protocols and blockchain can empower artists to reach their audiences more effectively. They did create a decentralized data infrastructure as well as built applications to enable attribution for creators.

Mediachain is integrating with Ethereum technologies, meaning Spotify could be using Ethereum in the future!

Sources: Techcrunch, Nasdaq, Music Business Worldwide, Pixabay

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  ·  2 years ago (edited)

Your are absolutely right I like to know this news. I was even earlier than you, fro the 'normal' news feeds I got to learn this info. But thanks for mentioning me, so I could write this comment immediately after you posted this post!

Spotify has some troubles to actually grow. I suppose they also have some issues to earn enough money. They also get more competition, not only from the Apples, Googles and the lot, but also streaming and music services such as TIDAL who snoop away exclusives from the BIG artists and Soundcloud getting more and more popular.

The inclusion of Blockchain technology shows at least the Spotify guys and girls are not denying the future, but try to embrace it. That is for a sure a recipe to be able to survive not only in short term but also longer term.

Thats a good deal for Spotify....

Others certainly are interested. I made a post about this yesterday with some quotes from the CEO. Spotify showing interest in using blockchain to aid their legal team sets an important precedent. For-profit corporations can benefit immensely from open blockchains/protocols.

Thanks mate -did not see yours, checking in a minute

  ·  2 years ago (edited)

So you flag my post because you wrote about this earlier lol? You can do what you want but be careful with flagging especially when you hit people with real SP - i am little fish only but others might not appreciate this. I personally would avoid the "I am flagging" mention in your profile description - good luck though @kyle.anderson

Flagging is for disagreement with rewards. Users should not be afraid to flag others because "they may not appreciate it". I am very clear about my intentions and do not mean for any hurt feelings.

Maybe some people could flag you for disagreeing with your opinions, or your nationality, or whatever subjective reasons they might think of. It would make equal sense.

People could sure flag me for whatever reasons they see fit. They might not want to; collecting on my curation rewards is probably pretty lucrative lol. The importance here is that users should not feel restricted from using their Steem power to vote, whatever those reasons may be. Money is on the line here, the economics favor everyone acting in their own best interests. When I see a lackluster post making 10s of dollars, I will flag accordingly. The reward pool is for everyone, and everyone can cast their say on how it is distributed.

I know what you mean - no worries. If i would do this daily by visiting the trending page hmmmm I might also not be in agreement with several post rewards there :-) - I use Flag / Downvote for abusive / spammy stuff only - if at all. Have a nice evening

I am certainly not of much influence on this site, however I hope to use that influence to make the site more how I like. I feel that is the mindset everyone needs to take on a platform where money is directly involved. I happen to have a problem with some careless posts getting more than a few bucks so I make frequent use of my flag. Who knows how that affects everything.
Cheers - followed