Role of Cryptocurrency in the music industry

1
(No Transcript)
2
Role Of Cryptocurrency In The Music Industry

• In recent times, cryptocurrencies such as Bitcoin
  and Ethereum have exploded in popularity. To
  explain in simple terms, cryptocurrencies are
  digital currencies that do not have government
  backing.
• Bjork, the Icelandic singer, songwriter, and
  actress is credited with being one of the first
  artists who realized the potential of entering
  the crypto music space by partnering with
  AudioCoin, the cryptocurrency launched by the
  startup Blockpool, by accepting Bitcoin and
  AudioCoin from her fans who purchased her 10th
  album titled Utopia.

3

• As far as the music sphere is concerned, it is no
  longer just the musicians who are making the big
  leap to cryptocurrency. Monero, one of the
  largest cryptocurrencies, has also started
  targeting the music industry by chasing top
  icons. So far, more than 45 major artists have
  confirmed that they accept Monera on their online
  stores. Let us analyze the impact of
  cryptocurrencies in the music streaming domain
  from the following aspects

4
1.Competition

• To understand how competition in the music
  industry has increased exponentially, one needs
  to take a look at last years events. Spotify is
  the perfect example of how competition has forced
  companies to pursue new users with a vengeance.
  Spurred on by services such as Google Play,
  Amazon Music, and Apple Music, the company began
  the year by providing subscribers free access to
  Hulu, its video platform.

5

• Spotify hoped to go gather new users by offering
  a two for one deal. Last week, Spotify
  announced its plans to offer a free Google Home
  Mini, the smart speaker, for all premium users.
  This shows that the music industry is growing
  more competitive by the day by using
  cryptocurrency for music streaming.

6
1.Old Tech ,New Tech

• The internet has a major role to play in
  revolutionizing the music world. But the internet
  is also a harsh taskmaster as it makes people
  come up with new ideas and become better
  constantly as new innovations appear that make
  the competition even stiffer each day. One
  perfect example is the cryptocurrency which is
  rightly called by many as the tech worlds
  newest darling that is used with distributed
  ledger technology.

7

• It is being used in peer-to-peer platforms as it
  provides musicians with the opportunity to sell
  their music directly to listeners. Statistics
  reveal that with older-model streaming services,
  musicians only earned around 12 of the total
  revenue. This system will eliminate the
  centralized authorities and institutions that
  take profits from creators.

8
1.Challenging The Status Quo

• Both musicians and listeners are turning their
  attention to understand the various ways in which
  distributed ledger technology will change the
  industry, given the ability to bypass a majority
  of the profit-taking. The perfect example of this
  is Tune.fm. Tune.fm is a music streaming platform
  that makes use of cryptocurrency (the JAM token)
  that is powered by the distributed ledger
  technology network Hedera Hashgraph.

9

• JAM helps musicians automatically receive
  micropayments for every second of music that is
  streamed. Cryptocurrency for music streaming aids
  artists in receiving their payments faster when
  compared to legacy systems that may take even
  months or even years. This system is highly
  beneficial for listeners also. With no add-ons or
  contracts and no subscription fees, listeners can
  access the music they love at a much lower price.

10
Conclusion

• Music has always been a universal leveller of
  some of societys many races, classes, and gender
  divisions. Though cryptocurrencies have a great
  scope in music considering the large group of
  music lovers and artists, the answer to the
  question of whether cryptocurrencies will
  continue to stay and create a positive impact,
  depends greatly on the way fans receive it.
• If you are interested in cryptocurrencies and
  want to know more about cryptocurrency
  certifications, check out Blockchain Council.

11
Blockchain Council Certifications

• You can check out our certifications, and kick
  start your career in the Blockchain space today.
• Certified Blockchain Expert
• Certified Blockchain Developer
• Certified Smart Contract Developer
• Certified Solidity Developer
• Certified Ethereum Developer

12
(No Transcript)