Could Blockchain Technology Save The Music Industry?

In the 15 or so years that it has existed in the internet economy, the music industry has seen vast improvements from the early days of illegal file sharing and Napster. However, despite increased consumption and improved streaming services (iTunes, Spotify, and Pandora), the digital music industry has shrunk financially and become drastically more complicated. Many of the problems stem from one of the internet economy’s most major technological issues: transparency and clarity of music ownership. Benji Rogers, co-founder of PledgeMusic, quotes major record executive Stan Cornyn to recognize the issue, “In the race to adopt new technologies the music industry historically has finished just ahead of the Amish.” Along with a growing number of other professionals, including David Byrne and Grammy-winning singer-songwriter Imogen Heap, Rogers is enormously optimistic that the issue of digital ownership of music can be solved through the application of blockchain technology. Furthermore, that blockchain technology has the potential to disrupt the current business ecosystem of the music industry by reinventing the way listeners discover and pay for an artist’s music. In a two-part post on Medium, Rogers lays out a blueprint for how blockchain could financially heal the music industry. He explains that blockchain technology…

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