Blockchain verifies the validity of each content creator and greatly simplifies the payment and rights management processes, helping musicians earn a fairer amount.
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Music is a universal language enjoyed and created by people everywhere. The traditional methods of paying artists and buying songs aren’t nearly flexible enough for today’s consumers. Consequently, this is how and why streaming platforms have transformed the ways in which music is now consumed. Music royalties have always been a headache for artists. Now, a number of new platforms use more equal and fair methods to pay artists for their work. For example, one nonprofit startup collects and redistributes royalties by combing through billions of lines of online data. It processes millions of recordings from radio and streaming services to give artists and record labels their fair share of revenue.
As for copyright in the arts, blockchain helps ascertain who owns what. A Taiwan-based startup uses blockchain to create distributed consensus on property rights to digital assets. Those assets include original photography, music, video, digital art, online papers and data. Combining the transparency of blockchain with connectivity is Volareo’s smart speaker. Listeners stream music as they would with any other speaker. The difference is the way in which artists receive payment. When a listener likes something, they clap or tap the speaker to make an immediate contribution to the artist.
Additionally the Volareo speaker uses Musicoin blockchain and currency. The current rate of payment is 0.10 USD per play per song. Should anyone wish to pay a musician more, listeners use the accompanying app or simply clap their hands. The smart speaker picks up the sound of the clapping and awards financial rewards to the creator. Each speaker has a unique wallet address that makes the payments possible. The speakers work via voice commands, and listeners are able to leave audible comments on tracks. As well as more fairly compensating an artist for their work, the speakers also provide more direction communication with fans. Musicians choose who to share exclusives with, and when. In what other scenarios does getting closer to the creator make for an enriched experience?