How Cryptocurrency Could Completely Change The Music Industry
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Written By Jaron Lewis
When a song is written and recorded, there is never only one person involved. There are the people who wrote the song, the person who sings and records the song, and there are all the people involved in the recording and mixing process. There are record labels and producers. When all is said and done, there are a lot of people who need to be given credit for the finished product that is a recorded song.
So many people being involved with a song, often makes certain things very complicated. The information about who owns what becomes scattered, with different people and places having different information, and no one wanting to share it freely.
This can make figuring out rights and royalties a tedious process. It also makes things very difficult for someone who wants to purchase rights to the song to use it for one of their own projects – a commercial for example.
What Is It?
A cryptocurrency platform like Bitcoin could be a solution that changes everything completely. Bitcoin is hard for a lot of people to understand, but it is essentially just a digital currency. It functions the same way our physical currencies do. Another thing about Bitcoin though, is that it also provides a network. Everyone’s address on the network is private, but information and transactions can be viewed publicly.
Who owns the rights to what are simply facts, and there is no reason these facts can’t be made available to everyone. Putting everything on a central network like this would make the process of tracking down the ownership and rights of a song much faster and easier – which does in turn benefit the creators and everyone else involved. It will allow the people who want to give them money for their work to find them faster.
Royalty Payments
It would also be a great way to automate and organize royalty payments. Within the network, each song, rights-holder, creator, etc., would have its own address. A “smart contract” could then be set up, which would connect all of these addresses and automate their interactions with each other. So, each song would have its own address, connected to everyone who is affiliated with the song.
Any time a service like YouTube or Spotify used the song, they could issue a payment through the network. The payment would then be split and redirected appropriately to the addresses of everyone who is entitled to a piece of the payment. They will also be able to tell where the payment came from.
Wrapping Up
Not only would this make receiving royalty payments easy, instant, and reliable, but it would provide valuable information to the song’s creators. They would be able to see which songs make the most money, and from where.
Ultimately, putting music onto a centralized network like this will make a lot of lives easier, and a lot of complicated and tedious processes a lot faster and simpler.
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