As the music industry evolves, different music streaming platforms are rising in popularity. However, the advent of decentralized music streaming platforms has benefited artists.
Let’s discuss what decentralized music streaming platforms are and which of them are currently the most popular.
Centralized music streaming platforms had a fixed model for allowing artists to earn. The same system applied to all the artists. The artist’s fan following and market share were the only distinguishing factors.
Decentralized music streaming platforms were introduced to give artists more flexibility in selling their content. Artists can let their fans access the content using a one-time fee or sell NFTs. Moreover, such streaming platforms erase the middleman between the platform and the artist and allow artists to keep a significant share of their earnings.
Since the demand for decentralized music streaming rose, various platforms initiated using the artist-oriented model. Here are the four most in-demand platforms.
Audius is the first-ever decentralized music streaming platform that has investors such as Nas, Katy Perry, and Steve Aoki support the platform. The platform is solely committed to creating an ecosystem for music lovers. Artists and fans benefit significantly from the decentralized model.
Audius is based on Ethereum and pays royalties to the artists using the platform’s native token, UPPER, whereas fans access the platform using USNBT. Artists also don’t need to pay any fees for uploading their work. The platform can be a base app for other decentralized music streaming platforms.
Musicoin is another popular decentralized music streaming platform that’s based on blockchain technology as well. However, Musicoin uses crypto as its base currency to generate native coins. Fans pay the artists directly using this platform, where artists can publish their songs. Various independent musicians use Musicoin to expand their fan base.
The platform has no ads or additional fees for usage. Fans can pay for the music they love. Musicoin also allows fans to engage with their favorite artists and provide feedback to improve their craft.
VOISE is another Ethereum-based decentralized music streaming platform that supports independent artists and allows them to earn up to 100% commission. Fans can buy their favorite artist’s music using native VOISE tokens or listen to them for free.
The transactions made on the blockchain platform are secure as they are visible on the blockchain reducing the risk of hacking, theft, or deception.
Artists and fans can now engage on the platform to share music and sell NFTs using OnChain Music’s native token, $MUSIC, based on crypto. The value of this token gradually rises and allows artists to earn more royalty over time.
The constant evolution of the music industry is promising for fans and artists. While artists earn their fair share of royalty on their craft, fans can easily access the work of their favorite artists. Hence, decentralized music streaming platforms that bridged the gaps in centralized systems are finally becoming the currently accepted norm in the music industry. What does the future hold for us?
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships.Along with his work at MuzicSwipe, he also conducts in-depth interviews with prominent entrepreneurs on his weekly podcast “FULLSPEED.” Eric also dedicates himself to educational initiatives through the “Eric Dalius Foundation,” which provides four scholarships to US-based students. Keep track of Eric’s endeavors on Twitter, Facebook, LinkedIn,YouTube, Instagram, and Entrepreneur.com.