(Photo by Paul Saulnier)
In a previous post, I wrote about the problems the music industry faces in a post Covid-19 world when it comes to the distribution of rights and royalties. Now with the majority of live music shutdown and the industry reflecting on how to move forward in a profitable manner, there may be a possibility for more blockchain adoption. Recently, industry veteran Troy Carter discussed how the industry must evolve in order to be more equitable:
Mr. Carter is someone who knows what he's talking about. He was the manager of superstar artists like Lady Gaga and Eve at Los Angeles-based Atom Factory, working closely with the major labels. In 2016, Carter joined Spotify full-time as the platform’s global head of Creator Services, with a direct line into SPOT boss, Daniel Ek. There, Carter helped pave the record industry’s streaming-led future, while bringing Spotify closer than ever to artists. Two years later, Carter left Spotify before launching his own distribution and services company, Q&A, alongside co-founders Suzy Ryoo and J.Erving.
Regardless of what happens next, the music industry is standing at a crossroads where those who choose to take the lead and innovate will be the victors of what comes next for how music will be enjoyed by its fans. Although I may be biased, I still feel that one of the best ways to democratize the industry will be through blockchain and cryptocurrencies.
