How Will Web 3.0 Influence The Music Industry?

To understand the impact of Web 3.0 in the music industry, firstly, let’s get an overview of this Web 3.0 technology. Web 3.0 is a changing concept. It is a network of applications in which talking and exchanging data will be easier, and everyone with the internet and a computer can participate. To sum it up, Web3 development is the future of the internet. 

The music industry is undoubtedly one of the most popular in the entertainment sector. Making songs is the most common way an artist earns a living, but even after making hundreds of them, most talented artists still wait to earn enough to afford a good life. 

Why is that so? Why are artists not paid enough for working hard on an album? How does the middleman take most of the money? How will Web 3.0 resolve these issues for an artist?

For a better understanding, let’s dive deep into the topic. 

What Is Web 3.0?

Web 3.0 is difficult to understand; to put it simply, let’s say it’s a third dimension of the internet. Regarding previous versions of the web, Web 1 allowed us to read; Web 2 allowed us to read and create simultaneously, but for a platform. The new version, Web3 dvelopment, will allow users to read, create and control what they make. 

It is considered an experimental version of the internet that will use 3D graphics to create data. It will be decentralized with the help of technology like cryptography, distributed computing, and blockchain. It will give full control of data to the users. But how will this be useful for artists in the music industry? Let’s find out.

Drawbacks Faced By Artists In The Industry 

For a music artist, creating music is an art that requires dedication, and it will shine when you have put your heart and soul into it. But even after all these efforts, somehow, they need help to earn a good amount of money. 

What is the reason? The artist’s earnings depend heavily on the number of people and organizations involved in filling the gaps needed to transfer music from artists to the audience. It includes record labels, middlemen, distributors, managers, etc. They are responsible for each artist’s project, giving them zero power over their creation. 

In the previous decades, there were record companies at the most advantage. Still, nowadays, in this era of technology, streaming platforms like Spotify, Apple Music, and YouTube take a hefty cut from the total amount leaving less money for artists. 

So how will Web3.0 help the artist gain control over their artwork? The answer is simple, by providing them with a part of its ownership.

How Will Web 3.0 Change The Music Industry?

A well-known fact no one can deny is that middlemen, record labels, and streaming platforms are nothing without creators and their art, which makes an artist the soul of the music industry. Like every other industry, the music industry is continuously evolving. Web 3.0 is determined to work in favor of both artists and fans.

From what we have observed, blockchain will focus on two main aspects: Decentralization ownership and transparency. Below are some changes Web 3.0 will make in the music industry.

Unified Remunerations

So far, a creator is only paid once for his overall creation, regardless of how the song does. It gives them little opportunity to grow if the song becomes a hit, and there are no direct financial benefits. However, with Web3 expert can be paid for every music play, and even the audience can pay the artist for helping them create more music. This implies no longer need for a middleman or record companies. Artists can manage their contract and minting process to guarantee that collectors can access the mint they buy. 

Strong Relationships Between Artists And Audience 

With complete control of their work, artists can achieve a high level of understanding of their audience and requirements. Thus they can try their best to meet them. Blockchains and NFTs will make earning every penny they deserve for their work easier.

Challenges In Integrating Web 3.0 With The Music Industry

As said previously, Web 3.0 is still evolving, and we can only partially predict how it will benefit the music industry. The least we can predict is that it will help artists gain control over their careers and will help them establish deep connections with the audience through decentralization. 

Similar to the fact that everyone’s work is different, the focal points for each artist will be based on the creator’s personal goals and target audience. With all these fair advantages, several challenges are required to meet, a long way to go, especially for artists, because most of its aspects are still evolving. 

Summary 

The emergence of Web 3.0 was quick, but it still has a long way to go. The era we are in is the age of social media, where every third person can access the internet and its drawbacks. Web 3.0 will resolve most of the problems of the internet and will be revolutionary for the music industry. 

Artists with web 3.0 still have a long way to go with a lot more experience and experiments. But, if you are someone who wants to make a career out of  Web3 development or you are an artist who wants to learn more about the upcoming Web 3.0 revolution. You should check out Blockchain Council and learn more about Web 3.0 through their free-to-access modules.