The music business can sometimes seem monolithic but over the last couple decades, we have seen more innovation since Napster. Depending on who you ask, some might say Napster killed or revitalized the music industry. Regardless of what side of the argument you are on, there is no doubt that Napster fundamentally reshaped and revitalised the music industry. Fast forward to the present, blockchain companies are the new kid on the block that is stirring up the music industry.
In this article, we will explore 10 companies that are utilizing blockchain in music technology that are reshaping and re-energising the entire industry.
Be sure to stay until the very end so you don’t miss out on any key information!
Blockchain is the technology that sits behind a new kind of database called a distributed ledger. It is a more secure way to store and manage data. This data is shared across a network, and everyone in the network has their own identical copy of it.
Therefore, if anyone changes the data, it shows up in all the copies immediately. This makes it more difficult for anybody to attack a blockchain database compared to a single one, where the data is all in one place.
It’s also harder to tamper with the data. This is because the members of the blockchain network will immediately spot a change to one part of the database.
Blockchain music companies are able to compensate artists with equitable royalty payments. Additionally, they can easily trace music streams and instantly pay all artists who contributed to songs or albums.
Blockchain music companies tend to pay their artists instantly in cryptocurrency (digital currency). This could further allow artists to be paid more directly and efficiently. Instead of having to wait up to six months as they do now.
In the era of streaming, top streaming platforms such as Spotify, Apple Music, SoundCloud, and Tidal are the offspring of the Napster revolution. The top ten music streaming platforms have over 250 million monthly listeners.
Leading the emergence of blockchain upstarts are several game-changers. They are looking to disrupt the music game that tends to favor established artists over independent musicians.
Therefore wielding more financial rewards for independent musicians.
We’ve discussed what blockchain companies are, now let’s take a look at some companies.
Without further ado, here are the top blockchain music companies looking to disrupt the music game.
First on our list of blockchain companies is Ujo Music.
Ujo Music is a privately funded blockchain music company located in NYC and it was founded in 2015.
Ujo utilizes an Ethereum decentralized blockchain platform that generates a music database of music ownership rights and easy payout. This is via their automatic royalty payment system.
The decentralized platform makes it easier to detect music ownership and pays the artist sooner than later. They do this via intelligent contracts and cryptocurrencies.
Artists such as Imogen Heap, Giraffe, and Grammy winning artist RAC have all partnered up with the blockchain music company.
eMusic is a blockchain-based music platform that is located in NYC. The New York blockchain company operates as a decentralized music distribution and royalty management system. This is to better reward artists and their fans.
Additionally, the main goal and focus of eMusic is to ensure that the artist is fairly compensated. They also want to ensure that listeners get the best rewards and services when they use eMusic’s membership tokens.
They truly are one of the best blockchain companies USA.
eMusic’s decentralized music platform enables artists to receive instant royalty payouts. Including rights management and tracking database, back-catalog monetization for copyrights holders, and opportunities for fan-to-artist crowdfunding.
Furthermore, music blockchain company also offers fans incentives for their support of the artist by offering them exclusive artist content, competitive price relative to other similar platforms, and other promotional incentives.
eMusic’s mission is to build a music distribution platform that achieves balance in the supply and rewards flowing between fans, artists, and music service providers.
OnChain Music is a privately held music streaming company based in Santa Monica, CA.
When it comes time for an artist to get paid, Onchain Music will cash out your tokens and send you either USD or USDT (Tether). In addition, the California-based music blockchain company’s main focus is to make it easier for artists to navigate the treacherous path of making an income in the music business.
Therefore, the artist can focus on their music while receiving more money for their music.
Onchain distributes music to all known blockchain platforms, including creating and listing of NFTs for sale.
Onchain recently made some significant developments in the past weeks where they now have their own Music token ($Music).
Their Music token is a hybrid cryptocurrency combining characteristics of being a utility, governance, and revenue share token. The Music token is live, and currently trading on Uniswap and PancakeSwap.
Inmusik is a music company based on a blockchain database. The Irvine, California blockchain company began in 2015.
The platform is a fusion concept where it supports the music industry, streaming, verification, and social interaction. It also includes transparent payouts to both content curators and contributing fans/listeners.
Inmusik’s game-changer is their token is the first cryptocurrency that attempts to accurately enable the industry to thrive in this new digital age, including pushing the boundaries in a new digital space to create potential new advancements not yet imagined.
The blockchain company also incorporated a new revenue model where fans can invest in the music.
Additionally, fans/listeners can simply pick and invest in a song they believe is a potential hit. Additionally, they can receive monthly payouts based on the song’s success.
This is a great model that brings in additional revenue for the artist outside traditional music revenues.
MediaChain is a privately held company based in Brooklyn, New York. They are a peer-to-peer blockchain database platform for sharing information across different applications and organizations.
The blockchain platform uses content addressing, tamper-proof data, including enabling location-independent collaboration with no central point of control.
As a result, this system has a unique identifier for each piece of information, therefore making it difficult to replicate.
MediaChain also works with artists/curators to ensure fair payouts. The music blockchain company in NYC also issues smart contracts to artists that directly state the stipulations of their royalties. They do this without the hassle of confusing third parties or contingencies.
Additionally, in 2017 music streaming behemoth Spotify acquired MediaChain to help solve royalty payment and rights holders issues that exist in the music industry.
Musical Blockchain is a privately held company that was founded in July 2018. The music blockchain company’s concept is without a doubt one of the more out the box ideas in the new digital space.
In actuality, Musical Blockchain is an AI music composer. They take users’ data, analyze it and use the analysis as the basis to convert the data into a musical composition.
The blockchain and AI company’s game-changer is their connected blockchain utilizing an AI + Blockchain model to create a sequence of sounds, including melodies based on the user’s data.
Musical Blockchain is a multi-awarded, world’s first psychology-based Creative AI music composer and generative cryptoart/digital art creator.
In addition, a sample of Awards received: 2019 — “Artificial Intelligence Awards” — Musical Blockchain: Best AI-Powered Music Composing Solutions Provider 2019 by Wealth & Finance International. Most Innovative Creative Industry AI Software 2020.
Musicoin is a music streaming platform that originates from Hong Kong, China.
The Hong Kong music blockchain company supports the creation, consumption, and distribution of music in a shared economy.
The company’s blockchain platform enables the transparency and security of peer-to-peer transfer of music. Their MUSIC “coin” is a global currency that supports trade that involves music and music-related consumption.
Additionally, Musicoin eliminates the need for third-party companies, therefore artists receive 100% of all streaming revenues.
Volareo smart speakers have integrated Musicoin into their speaker technology. This means that so artists are instantly paid.
The blockchain company’s focus and goal is to allow fans/listeners to follow their favorite musicians and stay up to date in their activities and creations. This includes communicating with them directly and showing appreciation for their content. They can do this by providing feedback, tipping, sharing songs, and curating playlists.
IndieOn is a privately held company based in New Mexico. They were founded in September 2017.
The platform is powered by blockchain technology. This improves the ability and opportunity for artists to monetize and manage their creative content.
Users can also vote on the quality of the music. Therefore, creating a democratic atmosphere for crowdsourced quality control that helps to regulate how an artist can be paid.
In addition, engaging fans are also rewarded with NDI tokens. Therefore both artists and fans have an incentive to remain active on the music blockchain platform.
IndieOn has a unique feature of interoperability amongst applications in the blockchain and cryptocurrency ecosystem. This means new capabilities can be rapidly developed and deployed.
Blòkur is a company that is based in Oxford, United Kingdom. The company utilizes AI and blockchain technology to combine different sources of rights data into one database.
The blockchain company’s AI can determine if there are any source disputes by scanning pertinent information from the system to make sure that the correct artist receives payment.
The UK blockchain company ensures musicians and music companies that their rights get represented accurately. This includes helping them receive their pay what they should and when they should in a timely fashion.
The music blockchain platform has a new feature that enables users the ability to request sync or incense from the publishers of a song directly from the platform in a few simple steps.
More than 50,000 songwriters, including 7,000 publishers have submitted their works on Blòkur’s platform. 70% of the music publishing sector uses Blokur to manage their rights more effectively.
Companies such as UMG brands use Blokur to clear publishing rights, including UK’s legendary electronic band, Massive Attack use Blòkur to track rights attribution for a major premium playlist campaign.
That was our guide on the best blockchain companies!
Blockchain is the new kid on the block that came in to disrupt the game supposedly in favor of the artists and fans. Blockchain companies allow artists to earn more and instantly. Including rewards for dedicated fans/listeners.
Additionally, these blockchain music companies are solving some of the ongoing issues that currently plague the music industry. Blockchain enables artists to receive equitable royalty payments, record companies can easily track their music streams and pay their artists sooner than later, including music venues that are better able to curb counterfeit tickets.
Blockchain can help artists and in particular emerging artists to have a better way to channel their music while earning a modest living. Will blockchain be able to change the music directly or indirectly?
There were a few hits and misses by a few blockchain companies and distributors but only time will tell if blockchain music companies are the ultimate game-changers.