BLOCKCHAIN & THE MUSIC INDUSTRY
NEW ‘LANEZ’ BEING CREATED
The music game has officially changed.
The song economy, characterised by the monetisation of consumption, is fast being replaced by the fan economy which is characterised by monetisation of the fandom. Models are shifting towards a more fan-centric structure where artists and rights holders directly monetise their relationships with their true fans instead of just casual listeners - with blockchain technology and the development of smart digital assets being the key underlying mechanisms facilitating this shift.
Having been actively following developments (and increasingly working directly) in the blockchain and digital asset space for the last 2-3years – particularly at the intersection of these new technologies with legacy entertainment businesses and intellectual property assets – I am in no doubt that the increasing integration of intellectual property rights (art, music, video etc) with blockchain technologies is ushering in the evolution of the music (and wider entertainment) bu…