Ease and accessibility are the gifts that came with the rise of modern streaming platforms in todayโs world of music. Never has it been easier to explore and listen to music at the touch of our fingertips since the groundbreaking release of the iPod decades ago. Yet, as we enjoy our tunes, probably unaware of the injustice experienced by musicians. Artists invest a lot of time and money in producing and promoting music on Spotify.
Two years ago, The Verge reported that an undisclosed musician signed to a leading indie label owed up to $40,000 in song royalties, where payments for 70 songs went accounted for at least 6 years. Imagine, they would never be able to collect it either. And this is only just one case.
What Is Going On Behind The Scenes? It Canโt Be That Bad..
But yes it is. Behind each captivating melody and touching composition lies the blood and sweat of artists who have invested their painstaking efforts to bring the music you enjoy to life. The rapid growth and competitiveness of streaming services have forced artists to settle for meager earnings making it painfully difficult for creative souls to thrive. Hence, despite their central role in the music ecosystem, a large number of musicians find themselves undervalued as they are unfairly compensated for their artistic contributions.
Why Itโs So Complicated: There Hasnโt Been A Way To Track Earnings Fairly Before
The mechanics in control of musicianโs compensation in the era of streaming are anything but straightforward. Spotify has employed complex algorithms to determine earnings, while taking into account variables such as stream counts within record deals. This intricate calculation, while designed to distribute revenue fairly, often winds up with minimal payments per stream.
Blockchain Technology To The Rescue: A Ray Of Hope For Fair Compensation
Blockchain, the technology behind the rise and successes of cryptocurrencies like Bitcoin has been acknowledged for its potential to fill the gaps of transparency, security and accountability. In 2017, Spotify embraced blockchain by acquiring startup Mediachain to address the attribution problem. While not much news has transpired since their acquisition yet as this technology is relatively new, this has still been a step in the right direction for musicians to be fairly compensated. If you are a musician and have been robbed of your royalties, not getting credited for your collaborations or not having control over how your music gets used, blockchain may be your savior.
Spotifyโs Blockchain Project Of 2023: Token-Enabled Playlists
This year, Spotify has been experimenting with blockchain through a new service called โtoken-enabled playlistsโ. Itโs currently undergoing its testing phase within the Fluf, Moonbirds, Kingship and Overlord communities in certain countries for Android users. This lets holders of NFTs (non-fungible tokens) listen to exclusive, carefully picked music which can only be accessed by community members through a unique link. What this could mean for music lovers in the future is a more intimate relationship with their favorite artists who may share their exclusive music or behind the scenes shows, unavailable to the general public. We look forward to it!
Last Updated on by ritukhare
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