Can the AudioCoin cryptocurrency be the answer to music royalties?
AudioCoin cryptocurrency is the latest ploy regarding fair payment in the music industry.
With rights, streaming, digital downloads and all these new forms of buying music, it’s become a cacophony regarding payment.
Imagine a world where these payments can be automated and perfectly tracked.
Artists wouldn’t have to sue streaming platforms (Spotify, YouTube), small bars and restaurants wouldn’t need stress over harassment from performance rights organisations, and content creators would get their fair share, every time.
It sounds so plausible, but unfortunately such a world doesn’t exist, not yet anyways.
The problem lies in the disorganization of music data and licenses, with everyone from congress to RIAA and BMI with their own solutions – mainly a unified global database.
Naturally, everyone bashes each other’s possible solutions, trying to win while the artists lose.
With the takeover of cryptocurrencies, can blockchain technology succeed in rectifying the music industry’s payment problem?
Off the (Block) chaaaain
According to Digital Music news, Blockchain start-up Blokur scored 1.2 million in funding in September to tackle this very problem.
The company represents more than 3 000 music publishers and 10 000 songwriters and have worked with major artists like Radiohead, Imogen Heap and will.i.am.
Even Spotify is getting in on the action as they acquired blockchain tech company Mediachain Labs in order to avoid further lawsuits attributed to unattributed songs on its platform.
Mediachain Labs co-founder Jesse Walden believes that the problem can be solves using blockchain tech and metadata:
“If we want to enable maximum value flow and creation, we’ve got to solve the data problem first. Given that context, we should view a blockchain solution as a simple metaphor for shared, networked, media metadata.”
Based on the BitCoin protocol, AudioCOins let fans “buy things like regular cash” and trade “against other virtual currencies.”
There are 3 ways of earning AudioCoins:
-Stream/download music
-Share content via Twitter or Facebook
-Refer friends to the website
You can also buy AudioCoins on virtual currency markets like Bleutrade.
Time will tell whether the AudioCoin cryptocurrency can save the music industry or not.
