- Decentralized blockchain-based music streaming apps can help musicians via increasing income and decreasing censorship
Opus, which is a blockchain-based music streaming platform, has released a detailed report describing how decentralized blockchain-based apps can reduce income inequality in the online music sector, and in general would allow artists to keep most or all of the income they earn.
For example, according to another report, major platforms like Spotify and Pandora give artists so little money per song played that an artist’s songs would have to be played hundreds of thousands of times to make an amount of money equivalent to minimum wage. Essentially, major music companies generally pay artists very little.
A decentralized blockchain-based platform could theoretically solve this since artists would receive nearly 100% or all of their income rather than a small fraction. The Opus platform indeed offers artists nearly 100%.
Further, major music platforms are often quite censored, making it difficult or even impossible for a new artist to get discovered even if they are extremely skilled. Essentially, major music platforms usually only show the most popular songs and artists and filter out everything else. A decentralized blockchain-based system could solve this, since the censorship would be removed, allowing less popular artists to get discovered.
Thus, it appears blockchain has solid potential to enhance the online music business long term.
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