The rise of the internet has been a double-edged sword. Take the music industry for example. On one hand, there are streaming services available that take out the tough middlemen and distributors. This means that new artists can break into the scene on their own merit without having to audition for a top music label. On the other hand, musicians now have a tougher time trying to generate sufficient revenue from their art.
This is due to the fact that streaming services like Spotify pay the artists as little as $0.0033 for every play. It is truly shocking because roughly 83% of the music industry’s revenue came from streaming services in 2020. Around 55% of the musicians in the market get all their income from live performances, not record sales or streams.
But things are looking up for musicians, thanks to Privi Trax. This decentralized application utilizes blockchain technology to give artists their due. The recording artists will now receive their fair share in revenue thanks to Privi Trax’s unique technology. It blends the implementation of the principles of decentralized finance (DeFi) with the utilization of non-fungible tokens (NFT).
The Future of Musicians
What this means is, the artist will have full ownership rights to their songs. The artist will also gain control over their creation cycle. They decide where, when, and how to produce their art. Privi Trax will also provide full transparency on its blockchain open data. Every song will transform into an asset, using non-fungible tokens (NFT) and stable-coin liquidity.
The Music Industry as we know it could change forever with applications like Privi Trax. Musicians have been at the mercy of rich producers and distributors since the birth of the recording industry. But now for the first time in history, the power can be restored to the artist.