How Web3 is ushering in a new artist-centric era – Music Business Worldwide
I recognized it would not be an easy path, but I was so enthralled by the possibilities of digitally distributed music – not just a local record store’s inventory but ALL music – that I knew this was what I wanted to do.
While that didn’t seem remotely possible in the early years, I never stopped believing it.
Now, 22 years later, as I look at Web3 decentralized technologies and their accompanying experiences, I feel the same ...
...level of excitement and unbounded opportunity for how music can benefit from this next iteration of the internet.
While it’s easy to get mired in the details of coins and crypto, smart contracts, metaverse worlds, and the nascent applications running on decentralized ...
...tech, if we go up 50,000 feet, there are three significant differentiators in Web3 that have the potential for transforming music.
This is a paradigm shift for labels and publishers who now must follow their artists’ interests and collaborate, instead of leading and controlling digital initiatives.
The value propositions of Web3 vs Web2 for artists are also dramatically different.
Web2 products and experiences are most commonly about accessing a broad catalog of music in one place, whether a streaming service, a UGC platform, or a social media site.
For Web3, it really does not matter if there are millions and millions of songs or artists in existence. In fact, ...
...I would argue that less is much better. Does anyone really want a metaverse with hundreds of millions of songs?
“For Web3, it really does not matter if there are millions and millions of songs or artists in existence.” The closest thing we’ve got is sync licensing, which struggles at scale.
“Web3 is a natural extension of the creator economy, with nearly all Web3 platforms building creator tools directly into their technology — ...
...assuming a musical creator can be as nimble as a non-musical creator, and bring everything they need with them to activate an experience.”
Web3 is a natural extension of the creator economy, with nearly all Web3 platforms building creator tools directly into their technology — ...
...assuming a musical creator can be as nimble as a non-musical creator, and bring everything they need with them to activate an experience.
Of course, those troublesome music rights now convolute the matter.
The bespoke nature of most artist deals further complicates the platform-artist integration because each artist deal is unique; Web3 platforms and ...
...metaverse worlds cannot assume just because one artist is set up in a particular way that they can easily replicate the approach for all artists.
While there is enormous potential in how artists may use the technology to express themselves creatively, the utopian view that decentralized technology will solve all problems is highly flawed.
Music stakeholders will benefit from gaining first-hand knowledge. I also believe there is room for everyone in Web3.