🎵Music
The global recorded music market generated $21.5 billion in revenue in 2020. Streaming music accounted for 62.1% of total revenue in 2020. The overall recorded music market will grow by 6.5% in 2021
Web3 social media platforms have the potential to revolutionize the way people interact with music and provide artists with more financial opportunities, freedom, and ownership. By leveraging blockchain technology and decentralized finance (DeFi) protocols, web3 social media platforms can provide users and artists with various financial and creative opportunities.
One of the key benefits of using web3 social media platforms for music is the increased transparency and security provided by blockchain technology. By recording transactions on a decentralized ledger, blockchain technology eliminates the need for intermediaries and provides greater security and transparency for artists. This can help to reduce the risk of fraud and ensure that revenue from music sales is adequately managed and allocated.
Web3 social media platforms can also use smart contracts to automate revenue distribution to artists. Smart contracts are self-executing agreements that automatically enforce the terms of a revenue-sharing agreement. This can streamline the payment process and ensure that artists receive their fair share of the revenue from music sales.
Regarding music services, web3 social media platforms can provide users access to music-related products, including streaming services, music purchases, and concert ticket sales. They can also provide artists with opportunities for crowdfunding and fan engagement. Using tokenization, web3 social media platforms can allow artists to sell their music shares to fans, providing fans with a new form of investment and artists with a new form of revenue.
Web3 social media platforms can give artists greater ownership and control over their music. Using blockchain technology, artists can record their music on a decentralized ledger, ensuring they have ownership and control over their intellectual property. This can help to reduce the risk of copyright infringement and ensure that artists receive proper recognition and compensation for their work.
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