Was it Napster that shifted the music industry? Was it music sharing platforms or corrupted secondary ticket markets? Today decentralization and blockchain are being touted as the answer to the industry’s problems. Here are 7 examples of blockchain companies changing the music industry.
Located in New York City, this company is an actual peer-to-peer, blockchain database used to share data across various organizations and applications. It also works with performers to ensure fair payment. It also issues smart contracts that are free of third-party involvement. The company was acquired by Spotify in 2017 in order to assist in solving rights holders and royalty payment issues within the industry.
YellowHeart is a made-in-NYC, blockchain live event ticketing platform powered by distributed ledger technology and built exclusively for the benefit of artists, teams and their authentic fans. YellowHearts’ mission is to eliminate scalping and bad players in ticketing and put artists back in control of how their tickets are distributed and traded. This platform is built BY ARTISTS, FOR FANS.
The Open Music Initiative
Found in Boston, Massachusetts, the OMI has approximately 200 members. They comprise a nonprofit organization promoting an “open-source protocol” within the music industry. They are also looking into using blockchain to provide transparency and identify the rightful originators and music rights holders so they are paid their royalties. Netflix, Sony, Soundcloud, Spotify, and YouTube have also joined the OMI.
Base in Hong Kong, China this is one of the comparatively newer music streaming platforms. Their blockchain platform and promotes the making, purchasing and actual distribution of original music in “a shared economy” via a secure and transparent peer-to-peer sharing of said music. The company’s coin, MUSIC, is reportedly a worldwide global currency that can be utilized in all music-related transactions and purchases.
Headquartered in Ljubljana, Lithuania is reported to be the largest music database on the planet. It includes 90,000 venues and over 300,000 entertainers. The company’s files will reveal the latest trends and note any performer’s music videos, social media engagements, and upcoming shows. The business employs blockchain to maintain literally millions of specific data points, profiles, and even real-time rankings.
This is a competition held in Miami, Florida. Contestants must come up with a winning idea that involves the use of decentralized blockchain in the music industry. The yearly event has introduced many new blockchain-based concepts such as decentralized streaming services. One recent winner is HyperValence, a crowdfunding platform that utilizes Proof-of-Fandom that allows users to promote artists by buying collectibles.
Launched from Irvine, California, this is a social networking site specifically focused on music. Here blockchain is used to assist unsigned artists to interact with fans and share their music. Here music trends are established based on crowdsource artist rankings. It focuses on paying both performers and fans in the company’s own cryptocurrency known as $OUND Tokens. Before its official launch 18,000 artists had already registered to stream their work.