One of the biggest industries of the 21st century is the music streaming business.
Due to this booming business, popular apps like Spotify and Apple Music have become the main moneymakers. The good news is that these apps work well for all as more people worldwide have access to the streaming apps, which keeps all the music lovers tuned to their favorite beats.
In addition to this, independent musicians and artists with low exposure can also rest easy knowing that their songs will be hand.
But here comes the bad news. These streaming apps give very little compensation (or sometimes none) to artists! Moreover, they also deal with issues with transparency and complicated record contracts.
So how do you overcome these challenges? With blockchain technology, of course!
What is the Role of Blockchain Technology in the Music Industry?
As an artist, getting yourself involved with music streaming apps can be a boon and a bane. While these apps can help you reach great heights, you can also have a plethora of other issues, including management, payment, and so on.
However, as mentioned before, blockchain technology is the perfect solution for these problems. With this tech in hand, you can easily decentralize the entire model for music streaming, contracts and make these processes less complex and more straightforward.
In simpler terms, artists will now have more transparency and see how much they cash on with their beautiful songs. This is extremely fruitful to independent artists as they will reap the benefits of their hard work!
And, of course, music lovers will continue to groove to the beats of the latest hits! This makes blockchain technology a perfect win-win for all!
Top 5 Best Audio/Music Crypto Coins
Now that you have a good understanding of how blockchain technology can thrive in the music industry let’s come to the big question of the hour: “Which is the best audio/music crypto-powered streaming app of today?”
Well, we’ve got you covered!
We are starting this list with Choon because they are the ultimate game-changers in blockchain-based music streaming apps. It was co-founded by Gareth Emery, a British DJ, and aims to solve the problems of independent artists across the world.
Choon works because musicians and artists can upload their songs and get paid for the number of streams. However, unlike most music streaming platforms that exist today, Choon makes it possible for musicians to use their songs as cash cows and earn what they really deserve.
Moreover, Choon agreed to give the musicians nearly 80% of the total amount from the streams and keep only 20% of it. In addition to this, artists get their payments done quickly and without any trouble.
Furthermore, Choon has also partnered with Smart Record Contracts for music contracting, licensing, etc. This, in turn, helps to simplify the legal process while also ensuring maximum efficiency and transparency.
Another noteworthy fact about this platform is that it uses the Notes currency, exclusive to Choon!
Next, we have Voise, an Ethereum-powered, decentralized music streaming app created for independent artists and music lovers.
This streaming service works by purchasing hits and songs from the artists, giving 100% commission for all the skill, creativity, and hard work. Moreover, Voise allows artists without a music label to upload their albums, making this platform open to all musicians everywhere!
On the other hand, fans can also access Voise easily and pay big bucks for their favorite music! All payments are completed directly to the artists with VOISE tokens without intermediaries or extra hidden fees.
To ensure maximum safety, Voise uses a decentralized P2P system, making it difficult for hackers to take down the platform. Moreover, all transactions are completely transparent and visible, making it a win-win for both the artists and the fans!
Yet another stellar blockchain-based music streaming app is Resonate. This is specially created to eliminate the dichotomy existing between ownership and music streaming. Whether you are a listener, an artist, or a developer, you are all welcome to use this platform.
Resonate works by using a stream2own model, which allows both the artists and the fans to get the best experience while streaming music. Moreover, the artists get paid a fair amount while the listeners enjoy the music.
In layman’s terms, this model works with a slow yet steady increase in the price of music. Therefore, the song starts with a low price until it reaches a point of high, frequent downloads.
This helps musicians to get more profits for their creativity and hard work. And for what it is worth, this streaming platform has already signed up a few labels like Haycon Veil, Planet Mu, and RVNG Intl!
Unlike the other decentralized music streaming platforms mentioned in this article, BitSong works with a difference. This Ethereum-based streaming platform offers generous bonuses and benefits to all users, including the artists and the fans!
At BitSong, artists and musicians can create their music and upload them at their own pace. And while musicians were the only ones who got paid with the previous platforms, BitSong helps the fans to earn as well!
This allows independent artists to fend for themselves without the support of renowned record labels. And what’s more, is that BitSong even enables the artists to resell their songs on social media to help them build a loyal fan base!
Last but not least, we have Musicoin, which has the same goals as the other blockchain-based streaming services on this list.
Artists and musicians can upload their music to these services and get paid with the pay-per-play model. In other words, more plays will give them more money. However, you will be elated to know that you can dance to your favorite music for free as a listener!
It is also interesting to note that Musicoin has its own form of cryptocurrency that fans can use to support the best artists! And the best part is that the fans can directly communicate with the artists to let them know how awesome their music sounds!
Whether you are a creative musician or a dedicated fan, you are sure to be completely thrilled with the power of these blockchain-based streaming services! And the best part is that artists will finally get the pay they deserve and keep their fans fully engaged with their music!
So keep your eyes peeled wide open to see how the music industry gets transformed and revolutionized with the power of the digital ledger.