Do you know that even Michael Jackson was exploited?
Music is known to be a source of comfort, inspiration, and entertainment for humanity. However, the relationship between music and the music industry has always been fraught with controversy. The music industry, especially record labels, has a history of exploiting artists and robbing them of their rightful income.
In this article, we will examine the relationship between music and web3, and how this new technology can offer a better future for musicians.
To begin with, let's take a look at the current state of the music industry. According to a report by Citigroup, record labels take a whopping 88% of the revenue generated from recorded music sales. This means that for every dollar earned by an artist, they only receive 12 cents. This is a staggering amount, considering that artists are the ones who create the music, and without them, there would be no music industry.
Now that’s how Michael Jackson was exploited!
This exploitation of artists has been going on for decades, and it's time for a change.
Enter web3.
Web3 is the next evolution of the internet, and it promises to be a game-changer for the music industry.
Here are five reasons why musicians have a better future in web3:
Decentralisation
Web3 is decentralised, meaning that there is no central authority controlling the platform. This means that artists have more control over their music and their revenue. They can distribute their music directly to their fans, without the need for a middleman.
Yeah that’s right, the likes of Spotify, Apple Music and audio Mack would no longer be able to steal your funds.
Smart Contracts
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. This means that artists can set their own terms and conditions for the use of their music, and they can be assured that they will receive their rightful income.
Isn’t this wonderful? Record labels like Warner music group, universal music group, Sony music entertainment and Atlantic records will no longer treat musicians like puppets, trust me web3 is the only way out for every musician out there.
Transparency
Web3 offers complete transparency, meaning that all transactions can be tracked on the blockchain.
This makes it easier for artists to track their revenue and ensure that they are getting paid what they deserve.
Fan Engagement
Web3 offers new ways for artists to engage with their fans. They can create their own tokens, which fans can buy and use to access exclusive content, merchandise, and experiences. This creates a new revenue stream for artists and a deeper connection with their fans.
Innovation
Web3 is still in its early stages, which means that there is a lot of room for innovation. This creates exciting new opportunities for musicians to experiment with new business models, revenue streams, and ways of creating and distributing their music.
Bottom line
it's clear that the relationship between music and web3 has the potential to be a game-changer for the music industry.
With decentralisation, smart contracts, transparency, fan engagement, and innovation, musicians have a brighter future ahead. It's time for artists to take control of their music and their revenue. The music industry has been exploiting artists for far too long, and it's time for a change.
Join the web3 music industry today, and take the first step towards a brighter future for musicians everywhere.
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