The invention of blockchain technology in 2008 revolutionized transactions, making it more secure and safe. The technology used to serve as the public transaction ledger of bitcoin, the cryptocurrency, has now expanded its horizon. It is now used extensively in many businesses filed. So, how can it offer fair compensation for the musicians? While the world has seen innovative applications as well as digital services in the music field, none of them have cracked the complex puzzle of fair compensation for the musicians. Most musicians feel underpaid for their creative work, leaving them dejected. But, platforms using blockchain can address the problem. An innovative platform using the blockchain technology can accomplish what other music trading sites Sweden have failed. Musicians or music enthusiasts can buy and sell music rights on the platform just like how you trade stocks on NASDAQ. So, you can exchange music rights like regular stocks using a trusted platform. It will benefit the musicians and buyers alike. Musicians who wish for better creative control over their projects can use such platforms for monetizing their work. Since they only sell partial rights to their composition, they get the money they are seeking while maintaining majority interest. Such trading platforms use best-of-the-worlds. So, it retains the music industry’s existing method of auctioning rights without leaving the musicians disillusioned.
Music Stock Exchange With Blockchain Technology Can Make A Difference
Do you know that the music industry has a revenue of billions? But, only 10% or less of the revenue goes to music composers. So, where does the lion’s share of the revenue goes? It is distributed among different services like record labels, online platforms, and radio stations. It results in music composer resorting to auction their music rights to get money. With the existing method, the winner takes all the outcomes. When the music rights change hands, it can get messy while following the current system. It is a loss to the original composer as they lose complete control of their catalog, which is financially and emotionally hurting. To prevent such horror stories, musicians need to access a music stock exchange Sweden designed by musicians who can relate to their peers. Only musicians can understand and relate to the common complaints of publishing music by fellow musicians. Adding blockchain technology to the platform will revolutionize the music rights exchange in many ways. The innovative solution is a game-changer as it offers better incentives to everyone.
Using the blockchain-based technology the artists, fans, and the labels can get better incentives without any complaints. If you are interested in crowdfunding, then choose a platform offering innovative solutions. The platform must also offer a method to share royalties proportionally while retaining partial rights to the composer using smart contracts. The use of blockchain ensures the system can accomplish all these without compromising the security. People interested to buy these stocks like music lovers and non-musician investors must have the opportunity to access the platform to ensure they can trade music rights without getting shut out.
If you are one of the people who like to trade music rights and get good money or thinking about getting more royalty for your composition, then choose a platform offering such trading facilities. Look for an innovative platform with new features and has easy mobile access. It allows people to access the platform on the web along with Android and iOS devices. The platform must help the investors to manage the debts with ease and accuracy. So, buyers can generate better earnings while reducing the dangers. The use of blockchain technology and ease of use for beginners will make the platform more attractive to the interested traders.