Music downloads have undergone tremendous change since they were first made possible by the use of the internet. The way we consume music today is drastically different than the way we did two decades ago.
One of the more recent changes to the music industry is the adoption of cryptocurrencies, albeit sparingly. Digital currencies have caused significant disruption to the financial, and they may soon do the same to the music industry.
The biggest issue in the music industry was always how to ensure that those responsible for making the music receive the compensation they deserve. That might finally be possible with the advent of blockchain technology and cryptocurrencies.
Eradicating the intermediary processes between musicians and their audience is the, and cryptocurrencies are doing just that. It is allowing artists to receive payment for their work directly from their audience.
The large music download platforms such as Apple Music, Spotify, Amazon, and YouTube were the first to experiment with cryptocurrencies as payment. Smaller platforms are increasingly being drawn into the sphere of cryptocurrency denominated payments.
Cryptocurrency Effect on Digital Music Downloads
More and more players in the digital music sphere are willing to break the mold and embrace the blockchain music movement.
You can trade Ethereum to get access to their decentralized music, which allows artists to receive fair compensation for their efforts.
The blockchain technology will also ensure that payments made to artists are more secure; hence they reach their intended destination. Transacting using other platforms online leaves you prone to many sorts of financial malevolence.
There are other types of innovations happening in the music industry due to blockchain, such as shred music economies. The more cryptocurrencies are adopted in the music industry, the more similar innovations you can expect.
Future of Cryptocurrencies in the Music Industry
The future of cryptocurrencies in the music industry will be determined by the artists. There are artists who have advocated blockchain payments for a while but only now are many artists getting interested in the idea.
You will definitely see more and more use of cryptocurrencies in the music industry in the future due to the many benefits it, especially to the artists. Artists may have finally found a way to get the money they deserve for their work.
With upside, there is a downside and there are some elements of the music industry that are bound to disappear as the use of cryptocurrency becomes more popular. Third-party distributors are particularly going to face a rough time since an artist can simply create a website and offer her music from there.
You may even see some artists creating their own cryptocurrencies as other artists have tried to do. Using cryptocurrencies to buy music will definitely be part of the mainstream in the future.
You can definitely use cryptocurrencies to purchase music today and more so in the future. There are plenty of benefits to the artist and the user, as we have seen above. Though no one can say anything about the future with certainty, the relationship between cryptocurrencies and music will continue.