There are many people who believe the music industry is broken. With physical sales plummeting to non-existent levels, digital and streaming music is the way the system operates today. However, artists are receiving only pennies for millions of plays and as much as 70% or more goes to the labels and distributors. A service called PeerTracks and a blockchain-based platform MUSE wants to change the way the music ecosystem works.
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PEOPLE ARE WILLING TO PAY FOR DIGITAL STREAMING IS GOOD NEWS. EVERYONE SHOULD BE CELEBRATING — BUT MANY OF US WHO CREATE, PERFORM AND RECORD MUSIC ARE NOT
— DAVID BYRNE, TALKING HEADS
The platform OpenLedger and Danish-based Bitcoin exchange CCEDK have partnered together enabling musicians to access a peer-to-peer network with better content monetization. The companies are implementing the MUSE platform, which is what they call a “brand-new third-generation blockchain based on the Graphene Toolkit.” MUSE allows its clients the ability to use its global database so they can apply copyrights, a royalty payment system, merchandise, and concert monetization, all within its distributed ledger. Artists’ revenue can now go more directly to the creators as opposed to a majority of the funds going to labels, and streaming companies like Spotify, or Pandora.
More https://news.bitcoin.com/peertracks-blockchain-3-0-platform-muse-set-transform-music-industry/