A survey conducted by the innovative digital music store eMusic revealed that most users of its service were willing to pay with crypts if it allowed the artists to earn more.
The survey, shared exclusively with Cointelegraph, revealed that 65% of eMusic’s customers would use crypto currencies if it were for the reasons mentioned above. It should be noted that only 8% of the respondents had used Bitcoin (BTC) or any other type of cryptomontage in the past.
Blockchain disrupts the music industry and causes it to change its tune
According to the announcement, 800 eMusic users responded to questions about crypts and their use in the music industry.
The data revealed that 40% of music listeners overestimate the amount of royalties artists receive when their music is purchased or streamed. 87% believed that a „fair share“ for artists would be a larger sum, with the most popular response being a 50% split.
The report released in May by the International Federation of the Phonographic Industry showed that streaming increased music revenues to more than $20 billion by 2019. However, an analysis by music news website, Soundcharts, estimates that artists are paid only $0.00318 per stream on Spotify.
A startup will launch a blockchain-based investment platform for music royalties
Using crypt coins to make the royalties fairer
As Cointelegraph reported in late May, eMusic is building a decentralized music distribution system to reduce the cost of shortages and pay more to artists when fans buy and stream their music.
EMusic, launched in 1998, is known for being one of the first websites to sell DRM-free MP3 music recordings. The Owler company’s website data reveals that the firm employs 278 people and has an annual revenue of $65.7 million.
EMusic launches token for artists to earn more
The idea of making music fairer by using Cryptosoft is not new. Independent marketing and PR consultant Eric Doyle told Cointelegraph last year that there are many projects trying to apply blockchain technology to the music industry.
The author of this story contributed some of the questions used in the eMusic survey.