Blockchain in the Music Industry
If you have been following the music industry lately, you might have noticed that blockchain technology is becoming increasingly popular in this sector. Artists, music producers, and record labels are leveraging blockchain for different purposes.
Royalty Collection
One of the most important ways blockchain technology is being used in the music industry is through royalty collection. Previously, due to the lack of transparency and accountability, many artists had to deal with royalty-related issues. Blockchain technology ensures that royalty payments are automated and secure, leaving no room for any discrepancies. For instance, in 2021, Warner Music Group joined hands with Dapper Labs to create a digital marketplace for music-based NFTs.
Authenticity Verification
Blockchain technology is not just used for collecting royalties; it can also be implemented to verify the authenticity of any particular music product. This can be done through embedding metadata into music files, which can be stored in blockchain to ensure authenticity.
Funding
Moreover, the music industry can use blockchain technology for fundraising. It allows artists to raise funds from fans by issuing tokens that have monetary value.
Blockchain in The Film Industry
Similar to the music industry, blockchain technology has numerous applications in the film industry.
Funding
The film industry, like the music industry, can leverage blockchain for fundraising. It enables filmmakers to issue their own tokens, which fans can buy to contribute to the project's financing. This method of financing is known as Initial Coin Offering (ICO).
Intellectual Property Protection
The film industry also faces issues related to intellectual property protection, and blockchain technology can provide an efficient solution to tackle piracy. By implementing blockchain-based distribution systems, filmmakers can ensure that their movie is only accessible to authorized users.
Rewards & Royalties
Blockchain technology can also be used in the film industry to simplify and automate royalty payments to crew and other contributors. It can be used for reward systems in which each contributor receives a fair amount of ownership in the project for the work they've contributed.
Comparison
Although blockchain technology is relatively new to both the music and the film industry, we can say that it has made a significant impact on royalty collection and intellectual property protection. However, the music industry is further ahead in leveraging this technology to automate and simplify royalty collections than the film industry. The film industry, on the other hand, is making headway in leveraging blockchain technology for crowdfunding projects.
To summarize, both the music and film industry can benefit significantly from leveraging blockchain technology. It can streamline the royalty collection process, prevent piracy, provide accountability to the creators, and provide an efficient way to support funding projects.