{"id":425505,"date":"2022-04-02T16:08:00","date_gmt":"2022-04-02T13:08:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/record-music-streaming-profits-highlight-how-nfts-will-empower-content-creators\/"},"modified":"2022-04-02T16:08:00","modified_gmt":"2022-04-02T13:08:00","slug":"record-music-streaming-profits-highlight-how-nfts-will-empower-content-creators","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/record-music-streaming-profits-highlight-how-nfts-will-empower-content-creators\/","title":{"rendered":"# Record music streaming profits highlight how NFTs will empower content creators"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3844ceb3705\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3844ceb3705\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/record-music-streaming-profits-highlight-how-nfts-will-empower-content-creators\/#%E2%80%9D_Record_music_streaming_profits_highlight_how_NFTs_will_empower_content_creators_%E2%80%9C\" >&#8221; Record music streaming profits highlight how NFTs will empower content creators &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/record-music-streaming-profits-highlight-how-nfts-will-empower-content-creators\/#Building_community\" >Building community<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/record-music-streaming-profits-highlight-how-nfts-will-empower-content-creators\/#Immersive_digital_experiences\" >Immersive digital experiences<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Record_music_streaming_profits_highlight_how_NFTs_will_empower_content_creators_%E2%80%9C\"><\/span>&#8221; Record music streaming profits highlight how NFTs will empower content creators &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>The music sector hit record revenues at $25.9 billion in 2021, which amounts to an 18.5% growth from 2020, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ifpi.org\/ifpi-global-music-report-global-recorded-music-revenues-grew-18-5-in-2021\/\">according<\/a> to IFPI\u2019s \u201cGlobal Music Report.\u201d Of these nearly $26 billion, streaming drove the bulk of the growth, with a 24.3% increase relative to 2020. These patterns constitute great <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> for the emerging class of NFT musicians and highlight the demand for audio and video content.<\/p>\n<p>Even if the way that streaming is done changes \u2014 moving from centralized platforms, like Spotify to decentralized NFT marketplaces \u2014 streaming is here to stay. The rise in streaming is part of a broader transformation in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> and entertainment towards digital content \u2014 print media is quickly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.pewresearch.org\/journalism\/fact-sheet\/newspapers\/\">fading<\/a>. Digital media began replacing print media years ago with profound effects on the sector. Economists <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.brown.edu\/Research\/Shapiro\/pdfs\/jepmedia.pdf\">find<\/a> that the move toward national digital media is linked with the decline in local newspapers and partially explains the focus on national topics and heightened politicization. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/486fd237-75b1-4b33-9aae-1386f6dc8023.png\"><\/figure>\n<p>But, we have the opportunity to do things differently in the emerging Web3 era. We now are starting to see the emergence of individual musicians minting their own NFTs and marketing them \u2014 and keeping the bulk of the revenues, rather than cedeing them to record labels or other intermediaries.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Web3: Onboarding the next billion users \u2014 The road ahead<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Building_community\"><\/span>Building community<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Many commentators have already pointed out that community-building is important for successful NFT projects. Absent a centralized platform that helps disseminate content at scale, NFT artists have to rely on their own networks and personal connections to get the word out. In many ways, that requires a different set of skills than the production of the music, namely many soft skills and some financial shrewdness \u2014 at least enough to know when to say yes versus no to an opportunity. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/65035a87-d5a8-4b88-9f92-2725a80e4060.png\"><\/figure>\n<p>However, such skills are not taught in traditional music programs. Instead, they focus heavily on voice technique and music history, which are useful to varying extents, but not alone sufficient for a successful career as a musician. That\u2019s part of the reason record labels and centralized entities were so useful \u2014 they helped fill a lack that many musicians had through no fault of their own.<\/p>\n<p>But, community-building is not just a means toward the end of selling NFTs \u2014 it\u2019s also a highly interactive and dynamic process that feeds into an artist\u2019s underlying art. Unfortunately, the usual centralized model for media and entertainment not only requires musicians to part with the bulk of their potential revenues, but also their rights and governance. They cannot even make decisions governing their own music without getting <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval from their controlling entity.<\/p>\n<p>While some people might still be okay with that, artists across the board loathe giving up that sort of creative autonomy and control \u2014 especially when they are not compensated well for it. Wages for performing artists are <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/quillette.com\/2020\/05\/29\/covid-19-has-exposed-critical-weaknesses-in-global-higher-education\/\">projected<\/a> to experience limited growth over the next several years, suggesting that little is going to change unless we shift from the current trajectory.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>The Metaverse will change the live music experience, but will it be decentralized?<\/em><\/strong><\/p>\n<p>Music was never designed for centralization. Artists create experiences for others to enjoy with others. Although record companies talk about building community, the proof is in the pudding \u2014 musicians across the board struggle, and often not due to a lack of talent, but rather a lack of financial and business expertise that leads them into contracts with record labels that do not serve their interests. Fortunately, we\u2019re seeing an emergence of decentralized options, including most recently the announcement of MuseDAO, which aims to bring classical musicians together and spearhead local meetups and get togethers with the goal of enjoying and growing culture.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Immersive_digital_experiences\"><\/span>Immersive digital experiences<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Prior coverage from Cointelegraph has already highlighted the financial benefits that music NFTs offer artists through the initial sale. We don\u2019t need to look too far to see the windfall that talented musicians have brought home, most notably Justin Blau, known under his performing name 3LAU, as one of the early movers through his <em>Ultraviolet<\/em> NFT drop last year.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Journeys in Blockchain: 3LAU, DJ and Producer<\/em><\/strong><\/p>\n<p>However, what the latest numbers on streaming highlight is that there is a growing audience for music NFTs beyond just streaming \u2014 if that was all that there was, then we would expect to see steady, not exponential, growth. Instead, we saw continued momentum as consumers look for more audio and video content to consume and enrich their lives in place of traditional print media.<\/p>\n<p>NFTs have the potential to unlock an incredibly exciting and new market in the creative economy. If we think of artists \u2014 and content creators more broadly \u2014 as people who help build experiences for others, then NFTs become the vehicle to transmit and authenticate unique artistic content.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/99dc5c16-6786-4e40-b1ce-2f2b4990dd96.png\"><\/figure>\n<p>While there has been some talk of buying music-related NFTs in the Metaverse \u2014 most notably for fashion \u2014 imagine if creators came together in the Metaverse to create immersive digital experiences that combine audio, visual, and potentially other forms of content simultaneously. The creative options are limitless, and the NFTs can be used to facilitate more than just leisure activities \u2014 such immersive experiences can also directly advance educational and training needs. <\/p>\n<p>Although there are now several examples, Arizona State University, in partnership with Dreamscape Immersive, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/news.asu.edu\/2020-09-18-discoveries-dreamscape-immersive-asu-partnership-virtual-reality-learners-worldwide\">launched<\/a> the Dreamscape Learn project in 2020. As Michael Crow, President of Arizona State University, said:<\/p>\n<p>\u201cWe\u2019ve always known there is huge potential to unlock new learning realms for students by merging VR \u2014 and all that it empowers educationally and socially \u2014 with advanced, adaptive educational experiences.\u201d<\/p>\n<p>The latest streaming revenues and expansion of the music sector is great news for content creators across the board. The data show that there\u2019s more demand than supply, so NFTs and Web3 tools are poised to help creators leverage these trends to not only become financially sustainable, but also to create even more compelling and immersive experiences in the Metaverse for society at large.<\/p>\n<p class=\"post-content__disclaimer\"><em>This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/em><\/p>\n<p class=\"post-content__disclaimer\"><em>The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>Christos A. Makridis<\/strong> is a research affiliate at Stanford University and Columbia Business School, and the chief <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> officer and co-founder of Living Opera, a multimedia art-tech Web3 startup. He holds doctorates in economics and management <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">science<\/a> and engineering from Stanford University.<\/div>\n<\/div>\n<p><template data-name=\"subscription_form\" data-type=\"nifty_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/record-music-streaming-profits-highlight-how-nfts-will-empower-content-creators\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Record music streaming profits highlight how NFTs will empower content creators &#8220; The music sector hit record revenues at $25.9 billion in 2021, which amounts to an 18.5% growth from 2020, according to IFPI\u2019s \u201cGlobal Music Report.\u201d Of these nearly $26 billion, streaming drove the bulk of the growth, with a 24.3% increase relative&#8230;<\/p>\n","protected":false},"author":1,"featured_media":425506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvM2Y5MjVmOTYtNGMyNy00YTUzLWJmM2EtMmNlNWY0OTUwMTJlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74983,95118,93542,74355,117,48,39579,4965],"class_list":["post-425505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-decentralization","tag-nft","tag-web3","tag-adoption","tag-business","tag-internet","tag-music","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/425505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=425505"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/425505\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/425506"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=425505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=425505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=425505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}