Completing a cryptocurrency certification is a great way to elevate your knowledge and skills in a digital currency that is making waves across all industries! From startups to big banks, crypto is building a reputation as an alternative to fiat currency. However, in this article, our focus will be on how it impacts the music industry. Read on and find out what it means for those in the music business.
Building a More Competitive Streaming Platform
With the tight competition in the music industry, businesses are shaking things up by being innovative in their offerings. Spotify, for instance, once offered free Google Mini to qualified premium subscribers as a way to lure more people. You need to offer something new to captivate attention and overtake other players.
By tapping into cryptocurrency, music streaming platforms are doing something to become more competitive. They are showing their penchant for innovation while also attracting a new niche – those who are using cryptocurrency.
Offering a New Mode of Payment
Whether you are signing up for membership in music streaming or you are buying an album from your favorite artist, you can use cryptocurrency. You will not be limited to only paying through credit and debit cards and the payments are processed in an instant. There will be no transaction costs. There are no subscription fees, contracts, and add-ons, which will make things more affordable for listeners.
More so, cryptocurrency challenges the legacy system, making it quick for artists to process payments. Traditionally, they have to wait for months. With crypto, on the other hand, they will be paid quicker. From royalties to usage fees, cryptocurrency will offer a frictionless payment system that will benefit artists. This is great for on-demand music services, which will allow artists to be paid as soon as their songs are played on a streaming platform.
Removing Intermediaries in the process
Anyone who has experience in the music industry will know how difficult it is to sell a song or an album. From publishers to producers, intermediaries are present, and in the end, can cut into the profits that the musicians enjoy. Third-parties often take a cut of whatever the artist will earn. Using cryptocurrency is a promising solution as it eliminates middlemen. This way, musicians can sell directly to their fans which also means instant monetization and higher earnings.
However, while it is a good thing, it can also be a drawback for some artists. Especially for those who are starting their music career, it may be difficult to land an audience. The backing of record labels is often necessary to reach a large audience, so cutting them out can pose a huge challenge for amateurs.
Undoubtedly, cryptocurrency is a global revolution. The music industry is jumping in and adopting the digital currency as a way to become more competitive and to cut middlemen out of the picture, resulting in instant and higher earnings!