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The music industry is one of the industries that face the biggest possibility of disruption by blockchain. With the help of blockchain, an individual can purchase a song and be sure that they own it. Blockchain will also make it possible for artists to receive royalties automatically, without having to go through a third party such as Spotify or iTunes.
So, far the music industry is still dominated by big centralised companies, whether it’s record labels or Spotify. Audius tried to change this, but this blockchain startup seems to be fading due to various issues, including intellectual property rights. But does this mean that this mean that the disruption of the music industry through blockchain is over? Far from so.
The Open Music Exchange
Clay Hawkins is the CEO of the Open Music Exchange a company that is revolutionising the world of music through blockchain. Clay is a musician himself and he has come up with a great model of song ownership that combines the power and innovation of NFTs, with more traditional ways of ownership like vinyl records. On this podcast we discuss with Clay his views on what blockchain can do for musicians, and what the future holds for this space.
You can watch the interview in the video below.
Data science, AI and blockchain
If you are interested in topics such as blockchain, tokenomics and DeFi make sure to get in touch! I would be happy to hear from you. Me and my team help design and implement token economies, so if you have a blockchain-related idea, I would be more than happy to hear you out and see how we could help you.