The music industry is booming for the first time in nearly two decades, entirely because of streaming. In 2016 the music industry’s revenues hit $115.7 billion and are projected to keep rising, in large part because of the 100 million people globally paying for a subscription service. The internet has come full circle and is now the music industry’s silver bullet.
So why is it so damn hard to build a successful online music business?
Read Article: Vulture
Arena Music has announced that it will begin offering royalty payouts for music streamed through the Arena platform in Bitcoin worldwide starting in June. The company has been testing the digital currency in Phoenix and Atlanta over the last 6 months. In March, Bitcoin reached parity with gold for the first time since its inception. It’s been deemed the “most exciting monetary experiment in modern times.”
The company is an on-demand merchandising storefront that leverages a free streaming service to help artists monetize their content in an industry where consumers no longer buy music to own. By using the music as a loss leader, Arena helps artists and labels redirect consumer attention to exclusive merchandise offerings.
Offering payouts in the popular cryptocurrency highlights the company’s forward-thinking approach and alliance with independent content creators by offering them compensation with another form of capital or investment–one that can never be offered by any subscription-based streaming platform.
According to a recent report from the Financial Times, music streaming is set to overtake CD and vinyl as the largest generator of income for British record labels in 2017. The report states that as more people opt for subscriptions to streaming services such as Spotify and Apple Music, revenues in the sector were pushed to a five-year high last year. Total income generated by the U.K. music industry increased by 5 percent to £925 million ($11.6 million) in 2016, from £881 million ($11.1 million).
Yet despite the popularity of the music industry, musicians often find themselves unfairly compensated.
To rectify this problem, the Open Music Initiative (OMI) and Ujo Music, among others, are attempting to change outdated modes in the music industry to ensure long-term sustainability, with the intent to use blockchain technology to support the creation of music.
Read Article: Bitcoin Magazine
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