As one of the oldest entertainment industries in existence, the music business has experienced many technological advancements that have fostered widespread adoption. The digitization of music has meant that artists can reach any audience around the world, and digital distribution has given people unlimited access to music.
With these distribution advancements came some drawbacks to music monetization. The way musicians make money in digital formats has reduced profits from media and video revenues. As the online landscape is filled with middlemen who take a piece of the pie, artists are being pushed to generate revenue from offline endeavors such as concerts and merchandise sales.
“Web3 and our existing platform will help us build a new chapter in the music industry,” Takayuki Suzuki, CEO of MetaTokyo — Web3 entertainment studio, told Cointelegraph. Now it’s very accessible via streaming. ”
A new paradigm of Web3 tools is giving creators a way to reach their existing audience and convert it into a community.fan relationship has become important And they’re closer than ever with Web3’s artists.
Marcus Feistl, chief operating officer of Limewire, a music NFT marketplace, originally a free software peer-to-peer file-sharing music-based platform, told Cointelegraph:
“The music and creator industry is definitely on the verge of a transition from a Web2 model focused on content consumption to a Web3 model focused on content ownership. We’re just starting to figure out how to get the most out of Web3.”
in many use cases Non-Fungible Token (NFT)the most prevalent is Ability to form communities About token holders.The Rise of Experimental Decentralized Autonomous Organizations coordinate these communities in a digital native way. All of this creates potential opportunities for indie artists willing to innovate in the next iteration of the music space.
disrupt the music industry again
The music industry has always tried new things. Mattias Tengblad, his CEO and co-founder of Corite, a blockchain-based crowdfunding music platform, told Cointelegraph: Often these adoptions start slowly but eventually become mainstream. ”
The Web3 platform is in its early stages. The majority of users are crypto-savvy and have a basic technical understanding of on-chain interactions. As the space develops, the Web3 music platform could become an important factor in how labels and artists do business and market themselves.
The opportunities presented by this technology promote connections between like-minded individuals and break down previous barriers to forming communities. “It was hard to maintain great relationships in this industry,” Suzuki recalls.
These innovations are not just for music industry incumbents, they can open new doors of expression and monetization for young talent from Web3. It encourages relationships between artists, intermediaries and fans to move into the community.
Musical innovation empowers artists who are testing new technologies and provides the opportunity to become the next generation of next established artists. This can reduce the importance of record labels to an artist’s success. Many record companies are involved by shifting some of their activities to chains and releasing NFT collections.
“Record labels are always needed, but I think labels that are not able to adapt to the changing situation risk being left behind,” added Tengblad.
“Once we have a group of loyal supporters, we believe this technology will allow us to directly monetize our work while sharing the benefits of our success with our supporters.”
The success of the Music NFT drop shows how Web3 can disrupt the funding model by allowing artists to fund their fans directly. Artists who engage with their communities and strive to build direct relationships with their fan base will benefit most from Web3.
From audience to community
Audience is generally understood as a one-way relationship, but community suggests a two-way communication between artists and their fans. For a community to be productive, stakeholders must enrich the creative process by actively listening to each other’s needs and proposing solutions to improve the community as a whole. .
As artists move to a more community-driven approach, blockchain and NFTs will allow artists to raise money from fans without middlemen, offering unique benefits and opportunities to those who contribute. The pervasive platform remains an important tool for community building and music distribution that complements the Web3 strategy.
“Affordable digital recording has led to an explosion of musicians reaching out to the community for collaboration, instant feedback, live streams and more on YouTube,” comments Tengblad. Discord gives people who are interested in what you do a chance to engage more with your content and connect with you. ”
When an artist posts a new video on Youtube, the community can contribute to the artist’s work by providing immediate feedback and suggesting new ideas to help the artist grow and develop.
Activities undertaken by the community tend to enjoy greater impact and have an immediate impact on the artist’s development. With the support of a strong community, artists have a solid foundation to build their careers on.
The engagement process between artists and their communities should be as simple as possible. Mr. Suzuki explained:
“Web3 will give more power to artists and creators, so education will be needed.
This starts with clear communication and making NFTs accessible to everyone. Bringing NFTs and content ownership models closer to fans creates a much stronger and exclusive connection between fans and creators, which ultimately drives the artist and his community.
“For creators, this means an easy-to-use self-onboarding process that allows them to create their first NFT project in just a few clicks,” concludes Fesitl. No need to own a wallet or connect directly to an external wallet, he offers a complete Web3 experience. ”
The artists most prepared to succeed in today’s industry are those who are willing to use all the tools available to build an interactive and engaging community around their work.