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Web3 and music: Decentralized models can help solve the long-standing woes of the music business without ruining what’s good, says Michel D. Traore, co-founder and CEO of another block.

The music business is plagued by paradoxes. Quick to change in light of new media and technology, the industry is tough to crack in terms of power structures. Even in the digital age, there are critical imbalances at hand. It’s easy to see why disruption is a priority for so many innovators working in this space – and why it lends itself so well to disruptive efforts.

Web3 and Music: What’s Good

But not everything needs to be affected. Digital music is on the right track in many ways. See the article : A place to play: the new competition, live music begins this weekend in Aura Lounge. A question worth asking: what is worth keeping as we push the industry forward?

Quantity. Between big players like Soundcloud, Spotify, Apple Music and the entire world of indie platforms, there is an almost limitless supply of music available to casual listeners and deep divers alike. On Spotify alone, available data suggests that up to 60,000 new tracks are uploaded every day.

Quality. The big label studio is no longer the only chance for good sound. Today, everyone from DIY home producers up to big stars can get hold of the right sonic tools to make good music, and streaming through your AirPods is great. At this point, there is hardly any perceptible difference between listening online and listening to a piece of physical music media for most listeners.

Accessibility. Reliable internet access is certainly not universal, but it’s a much lower barrier to enjoyment than having to constantly buy new gadgets. Today, a decent connection means access to almost anything in the history of recorded music, and unlimited, ad-free listening is available for a monthly cost equivalent to one CD – and maybe even less.

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What Needs to Improve

For all the doors that streaming music has opened, however, there’s still plenty of room for much-needed growth and change, especially around some key pain points: See the article : More than 200 Immigrant Rights Organizations Urge US House Leadership to Block Efforts to Extend Title 42 Mass Deportations – United States.

Ownership. Most creators do not own all rights to their creations. The revenue from streaming this music does not benefit the creators, which reinforces the unfair power structures that have long been part of the recording business. How can we correct this imbalance and give credit where credit is truly due?

Expensive intermediaries. Hand in hand with that issue is the 30% average cut that streaming services take. We have accepted that as an industry norm. It is time to ask why and how we can wear that model.

Experience. The question of how to keep a digital music event as enjoyable and engaging as a personal live concert or festival is still largely unanswered. Live streams are often reduced to background noise. How can artists put on a show that will truly engage and immerse audiences as events in general continue to move to virtual platforms?

Each of these issues represents an opportunity for intervention that the Web3 community is willing to offer. By taking the strengths of digital music and online decentralization and applying them to the needs of the industry, Web3 platforms have the ability to disrupt what needs to be deployed without throwing away music’s success.

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Web3 and Music Ownership

The most obvious starting point for Web3 is to address the ownership opportunity / challenge. Web3-based music ownership platforms have the power to leverage what blockchain does best: grant ownership on the internet. On the same subject : Apple Music is raising the price of its student plan in the US, the UK and Canada. Enabling more people to participate in music rights has several benefits:

Diversification. Allowing the average music lover to invest in music rights would mean decentralizing the entire industry, removing power from corporate hegemony and giving it to the people who love and value this music. By allowing those who consume music to benefit from its popularity, Web3 platforms can engage their audiences on deeper levels than ever before in the history of the recording industry.

Equity. Artists and creators will be able to finance their music directly through these platforms instead of dealing with business models that value their work and provide the benefit to external investors. Web3 models have the power to break the cycle of exploitation that is so rampant in the music business and allow artists to understand the true value of their rights as workers.

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Web3 and Music: The Future

Ultimately, decentralized platforms allow digital music to retain what it does best, allowing artists to own and benefit from their own work while allowing fans the freedom to participate and truly help shape the market based on what they want to hear, rather than what middlemen tell them they like. By leveraging Web3 models, music technology companies can move the needle on long-standing problems within the industry and stick to existing strengths, a perfect match.

I love seeing the creativity and projects coming up in the NFT music space (and if you have a project you’re working on, get in touch). The projects I enjoy the most are the ones that try to fix what is broken. We can use the powers of web3 to solve problems like ownership, as well as problems with legacy systems that we still see.

About the Author

Michel D. Traore is the co-founder and CEO of anotherblock, a community of music enthusiasts who build catalogs of music rights. Michel, together with entrepreneurs Sebastian Ljungberg and Filip Strömsten, founded the company in 2021 on the belief that access to music rights should be easy and democratic. By linking music rights to NFTs, another blockchain creates a smooth and easy way to buy and sell music rights. It is a community of music fans who build real catalogs of music together with artists. The founders of the company created another block to increase the value of music by introducing it to a free and open market. This will resolve the institutional imbalance of power within the industry.

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