Although blockchain technology was originally invented for use in the financial services industry, yet it has proved beneficial to the music industry as well. For example, a new blockchain platform has been created to help musicians tackle the problem of royalty collection. However, before I introduce my esteem readers to this nice project, here are some things to know about music royalty.
What's Music Royalty and Why it has Become an Issue in the Music IndustryMusic royalties are the rewards paid to musicians or artistes for using their intellectual properties. Royalties may be in the form of fees paid for using music albums on radio and streaming platforms or in any other way. Normally, there are music royalty companies mandated by law to collect royalties on behalf of registered musicians. However, a lot of these firms operate in mafia-like fashions, collect high membership fees and deny musicians from their dues.
One would have thought that streaming services could solve this problem. Alas! The thinking was wrong.
Let's look at it from this angle. According to the Global Music Report published by the International Federation of the Phonographic Industry in 2017, music streaming revenues increased by 41.1 percent in the previous year. However, we need to understand somethings. To upload music tracks to Spotify, for example, musicians will need distributors. If we also take into account the complicated formula being used by Spotify to distribute music royalties, these distributors often collect a large part of the income. Again, the compensation the musicians receive varies with their respective labels- which means that musicians are never in control of their works and always at the mercy of third parties.
In recent years, even the top streaming services have become subjects of accusations for underpayment. Popular musicians, like Adele and Taylor Swift, have cited unfair rewards to remove their works from streaming services. If big musicians could face issues like this, how much more upcoming ones?
MFTU is for fair royalty payments to musicians
Mainstream For The Underground (MFTU) is a blockchain-based platform designed to resolve performing rights issues. MFTU is a public distributed ledger in which every registered user stands to keep a copy of the records of transactions in a secure environment. As a new musician, you can join at a minimal fee and start uploading your music tracks for fans and get compensated directly. Your music will have smart contract codes capable of interacting with fans to gauge use and calculate compensation for you. No more royalty collection company deducting from your earnings.
You also get promoted to a global audience on the massive Cyber-FM radio network. Besides, CyberFM isn't just any network, they boast of a decade of industry experience with strong partners as well as a formidable presence on social media where they will project your work to millions of international followers.
Final Thoughts
Joining MFTU has many benefits for musicians, both mainstream and upcoming. Apart from the affordability issue and transparency, the platform also allows artistes to be in control over their albums and revenues. You can track how your work performs and calculate your earnings by yourself without worrying about any intermediary.
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Thank you for reading !
Questions regarding MFTU are welcomed from our esteemed readers.