Throughout this year, we’ve written occasionally on how blockchain can solve a lot of the problems associated with streaming music sites. The biggest issue is proper payment of royalties to music artists. While many of the top music streaming sites (like Spotify) continue to use the standard methods, they’ve run into legal snags due to no digital record for payments.
It had to take an independent company to amend things. A decentralized music site called VOISE just created a new on-demand radio station using blockchain technology for direct-to-fan music sales.
How VOISE Uses Blockchain to Help Music Artists
The intention behind VOISE is to help musicians find a source to share their music directly with fans and receive royalties without complications. Current methods still involve third-parties and record labels taking a big chunk of profits earned.
You also have the problem of conventional intermediaries that don’t provide an accurate record of all transactions. With cyber theft also a possibility, it’s no wonder so much confusion exists with royalty payments to known and unknown artists.
VOISE promises to give artists 100% of all royalties after an artist’s song plays on their radio platform. This is an unprecedented system undoubtedly spiking interest from major musical artists who continue to fight the digital royalty battle.
Inspiring Others to Distribute Creative Works Online
VOISE hopes to set a domino effect so blockchain gets used to help distribute payments to all artists posting their work in cyberspace. It doesn’t have to stay within the music industry. Eventually, we’ll see it apply to any creative work from e-books to direct marketing products.
So far, it’s inspired others to follow suit. Recently, a similar service called token.FM went live, offering music directly to fans and using blockchain technology for artist payments. With this service, and others soon emerging, it’s already increasing earning potential for artists compared to mainstream companies.
Now we have to wait until major musical artists switch to these blockchain services to finally acquire the earnings still owed to them.