There has been much concern about the death of music industry in recent years. However, its revival is just around the corner. Musicoin allows artists and consumers to exchange music and value on a frictionless platform.
The digitization of music crumbled the old music industry. Peer-to-peer music file-sharing programs, as pioneered by Napster in 1999, eradicated any obligation towards the artist. Music is downloaded without permission or compensation. While this makes many listeners happy, it cannot be sustainable in the long term as musicians are left with little gains from the process.
Record sales, which once were the main measurement of a musician’s success, have dropped by 84% in the last decade. Instead, listeners rely on streaming on apps like YouTube, Spotify, SoundCloud, iTunes and many others. No matter how many Facebook likes, Youtube views, or Spotify followers an artist has, it does not guarantee them a financial success. It is widespread knowledge that these companies pay minimal amounts to the artists through obscure contract systems. The focus is on the listener’s (and advertiser’s) convenience, and the intermediaries keep 80% of the revenue.
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