Blockchain-Based Music Streaming Platform: Future Of The Music Industry
December 27, 2022
With the expansion of blockchain use cases, it’s no surprise that the technology impacts the music industry. Although centralized music streaming platforms like Spotify and YouTube music provided more freedom to artists to showcase their talent to audiences. But still, there is a huge void left between music artists and audiences.
This brings us to the question - Are decentralized music streaming platforms the future of the music industry?
Even though blockchain technology is in nascent stages, its growing influence can be seen in various industries. And the music industry is no exception. According to Statista, the music industry will surpass the 65 billion U.S. dollar mark in 2023 from 28.8 billion U.S. dollars in 2021.
With so much growth potential in this industry, blockchain music apps are seen as the future of the music industry. Music artists worldwide can convert their digital music files into non-fungible tokens, also known as Nifties, showcase their talent and earn royalties for a lifetime.
When users buy, sell, trade, or stream their music collection on a decentralized music streaming platform. The artists will earn a commission or royalty based on the platform's policy.
For this very reason, budding entrepreneurs worldwide are investing and launching their own blockchain-based music streaming platforms.
Ready to jump up the bandwagon with a decentralized music streaming platform? Then we have the right experience and expertise to turn your dream into reality.
At RisingMax, you can leverage our expertise to build a music streaming platform with top-notch features and be a part of the million-dollar industry.
Decentralized music streaming service has the potential to revolutionize the music industry and provide more control to the artists. These platforms cut out the intermediaries from the system that take up a huge chunk of profits of the artist’s revenue.
This post will discuss how blockchain-based music streaming platforms are revolutionizing the music industry.
What Is The Blockchain, And What’s The Fuzz in About?
Most people know blockchain as the technology behind Bitcoin and other digital cryptocurrencies. The connection between them is so strong that even the thought of them being the same is justifiable, though they aren’t inseparable. In this post, let us focus on technology and its role in the music industry.
To simplify things, you can think of blockchain as a self-updating data storing technology, where information stored is duplicated and distributed on a large network of computers.
Whenever information is added to the database, the system duplicates the data to ensure that the entire network has the same information with precision and accuracy.
Any attempt to manipulate, edit or delete information is of no use, and the information is kept on a decentralized network that is secure, verifiable, and easily accessible to anyone within the network.
Don’t worry if the things make little or no sense to you. Just remember, with blockchain technology, music artists can create their own NFT music collection and earn royalties for a lifetime every time anyone sells, buys, or trades them. Blockchain-based streaming is life-changing for the music industry and something that means a lot for an artist.
Ready to launch your own decentralized music streaming service platform. Connect with our blockchain development experts and discuss all your queries TODAY!!
Why Is Decentralized Music Streaming Service A Profitable Business Idea?
With a promise to remove the intermediaries from the system, many industries have adopted blockchain technology. Decentralized music streaming platforms enable music artists to streamline their royalties payments, cater to a wider audience, release their new music collection effortlessly, reduce their dependence on intermediaries, and give them the recognition they deserve.
Blockchain, as it inherits property, brings more transparency to the system. The technology redefines how music is being sold, listened to, streamed, and managed today.
Without a doubt, decentralized music streaming platforms are seen as the industry's future. Thus, launching a music streaming app that bridges the gap between the music artists and audiences.
For this very reason, investing and building a blockchain-based music streaming platform is a profitable business idea. And budding entrepreneurs partner with blockchain development companies and develop these futuristic business solutions for music artists and audiences worldwide.
Prominent Features Of Blockchain-Based Music Streaming Platform
If you have read and are ready to launch your own blockchain-based music streaming platform, this section is a must-read for you. Features of a music streaming platform play a vital role in the platform's success. Let us have a look at some of the most prominent features:
Music streaming platforms should be able to provide music artists with a reliable and secure platform to upload and showcase their music content.
The platform interface should be easy for viewers or listeners, and they can listen to the songs they are looking for without any hassle.
Cryptocurrency-based payment to subscribe or make payments to the artists.
The listeners or audience should be able to access the platforms based on the subscription plan with the music streaming application.
The online music streaming application should have a USP to attract more and more users to the platform.
Electronic automatic payments should be initiated with smart contracts whenever a song is played or downloaded.
All the transactions on the platform are stored on the digital ledger to ensure security and transparency.
In-build features like promotions and advertisements are great revenue-generating methods and allow artists to promote their creations.
In-built messaging features provide users a platform to easily connect with their favorite artists.
Adding a rewards system like rewarding a fan when they share music is a great way to create a win-win situation for both fans and artists.
Ensuring that the UI/UX design of the blockchain-based music streaming platform doesn't complicate the entire process.
What Does Blockchain-Based Music Streaming Bring To The Table?
Blockchain-based music streaming platforms are all about experimenting, developing, and pushing boundaries in the music industry. These provide freedom to the artists to easily reach their target audiences, boost viewer ship and swiftly enter the growing industry.
These are super fast, affordable, and secure platforms that are slowly changing the landscape of the music industry. Let us look at some of the major benefits of blockchain technology in the music sector.
Better Streaming Rights
Artists now can mint their newly launched music collection to non-fungible tokens and, through DAO records, enjoy 100 percent IP rights. Music artists enjoy better streaming rights by eliminating the intermediaries from the system that are taking a huge cut of an artist's revenue.
With blockchain-based smart contracts, artists can automate royalty splits and streamline the entire process with transparency. One of the biggest advantages of minting your digital collection to NFT is that artists can generate long-term revenue.
Bring Transparency To The System
Earning royalties is not new for artists and the music industry. However, when it comes to actual tracking of royalties and bringing more transparency to the system.
Things are quite tough and troublesome for musicians and content creators. With blockchain, things are looking quite bright for the future.
Music creators can use blockchain technology to convert their assets into non-fungible tokens and track all transactions in a transparent, smooth, automated, and immutable way.
Artists can take advantage of smart contracts to simplify the royalty payments and automate the entire process.
Reduce Dependency on Big Labels
Blockchain music platforms allow artists worldwide to showcase their talents to a wider audience without major labels or any other centralized streaming platforms.
This opens up endless opportunities for artists of different genres like Hip Hop, Techno, Rock, remix, etc. With decentralized music streaming service platforms, both artists and their fans can connect more spontaneously.
This reduces artists' dependency on the big labels to launch their new music collections.
Blockchain helps artists smoothen the entire process, add value to the system, and assist artists in connecting with their fans and showcasing talent.
Supporting The Future Of the Music Industry
The pandemic has affected every industry, and the music sector is no different. Decentralized music streaming platforms are pushing the music industry for a better future.
By converting their digital music files or albums to non-fungible tokens, artists can showcase their talent to the audience worldwide and earn simultaneously.
Whether finances, transparency, security, or any other betterment, all of this is achievable with decentralized music streaming platforms.
How To Launch A Decentralized Music Streaming Platform?
When it comes to developing and launching a blockchain-based music streaming platform, things are complicated. Reputed US-based blockchain developers can help you make your entire development a cakewalk. Next, we will discuss a few development tips that you can add to create a planned development approach.
Here’s a step-by-step development approach for the back end of the application:
Hire a trusted blockchain development company or team of developers.
Focus on creating a simple UI/UX design for your platform.
Choose a blockchain technology for your blockchain music app.
You can even develop your native token to make it
Rigorous testing of smart contracts to ensure the smooth and transparent working of the platform.
However, it is relatively quite easy when it comes to the front end of the application. It can be coded in any popular language with a smart contract at the back end of the application.
Our entire focus during the complete process is to develop a platform that is reliable, secure, and easy to use.
Whether you are looking for scratch development or a Whitelabel solution, our development team at RisingMax is ready to assist you with anything.
Why Choose Us As Your Decentralized Music Streaming Platform Development Partner?
Ready to set your foot in the music sector with a decentralized music streaming platform? Then we at RisingMax are here to assist you. Developing top-notch blockchain-based applications is one of our expertise and specializations. Here we have listed a few reasons for our claim as a reliable blockchain app development partner.
Web 3.0 Experts
Our development team is well versed with the leading web 3.0 technologies and leverages their expertise to build new-age business solutions. The in-depth knowledge of our developers helps in the launch of top-notch web3 business solutions within the agreed time frame.
Before discussing your web 3.0 blockchain app development idea, we sign NDAs with our clients. With this, we ensure that your web 3.0 business idea is safe and secure with us.
Maintenance And Support
Timely maintenance and support ensure that any blockchain-based application stays updated and technologically advanced with time. Our team is available 24*7 to handle and fix any technical issues with the software so you can focus on the business side.
Our development team is well versed in all the ins and outs of blockchain technology. With our tailor-made solutions, we can cater to the different needs of our clients and meet their expectations to help them achieve their specific business goals.
With the RisingMax development team by your side, you don’t have to worry about the complexities involved in the web 3.0 blockchain app. Jump the virtual world ban
Ready to jump up the bandwagon and launch your own decentralized music streaming platform. Then, contact our tech support team at RisingMax and discuss your blockchain project needs today!!