With all the connections needed to broadcast on the radio, and distribute CD albums across brick-and-mortar retail outlets, record labels were essential for a career in music. Historically, musicians with any hope of ever growing an audience required a record label. The trend continues today with accessible platforms for content creators like Tik Tok, Instagram, and Twitter. They could directly share their work with their niche audience and reap a majority of the profits generated to this effect. On the artist’s side, YouTube creators no longer needed to face hurdles in terms of signing a contract with a production studio or distribution platform. After that, more customized private channels were created, ultimately giving rise to video on demand (VOD), namely YouTube and Netflix. For example, in the 1960s, the large majority of TV programs were concentrated on four or five mass media channels.
The use of NFTs in the music industry will allow artists to be paid more fairly as well as generate more income by selling digital albums and NFTs for exclusive and backstage content, merch and unreleased music.In the creative industry, some consistent trends have ruled how creators come to generate and distribute their content. Spotify still seems to be in the exploratory stage of its Web3 journey. “This small and full-stack team is responsible for driving growth through new technologies, like Web3,” said Spotify’s ad. Snoop Dogg has ventured deep down this road from owning the famous BAYC NFTs to dropping his own Death Row Mix:Vol 1 NFT. Warner Music Group has partnered with The Sandbox, to build the first music metaverse. Universal Music Group has announced the launch of an NFT collection for its record labels and artists. Since the inception of the concept of NFTs, most of the market buying and selling has taken place of visual art, collectibles and games.Ģ022 has however seen the music industry enter the realm of this fever dream. Spotify is developing plans to incorporate blockchain technology and non-fungible tokens into its streaming service, fueling speculation in the crypto and music industries about the potential of NFTs to increase artist earnings. Spotify is hiring people to work on early-stage projects related to Web3. The speculation arises from two recent job ads posted by Spotify. Swedish audio streaming service, Spotify might hop onto the blockchain and NFT bandwagon.
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