Blockchain-Related Trends I’m Seeing Take Shape in the Music Industry

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Over the past decade, the music industry has changed drastically, rocked by key technologies that seek to install the artist in the driver’s seat. Even so, it’s not been a smooth ride.

The Benevolent Internet

From the phonograph to the digitization of audio tracks in MP3 format, music has undergone several technological revolutions. For decades, music and its medium were inseparable, but the digital evolution shatters this dependence, dematerializing art and triggering both challenges and opportunities for artists.

Today artists use social networks to grow their careers. The internet transcends the limitations of TV and radio, connecting fans to their favorite artists — their art, homes, relationships, finances and everything. With streaming, there has been success in many aspects. According to findings from MIDiA Research, the recording industry generated $18.8 billion in 2018, an increase of $2.2 billion over 2017 — with streaming contributing nearly half of that, or $9.6 billion. The reservoir of social media users being so immense, with 2.85 billion Facebook active users and roughly 300 million users on Twitter, labels are taking advantage of it to increase the notoriety of their artists.