It isn’t a new thing for music artists and writers of songs be able to produce a song that is a hit, earn money from it but would still owe cash the record company. For instance, Jimi Hendrix, as described by the Rock and Roll Hall of Fame was “arguably the greatest instrumentalist in the history of rock music”. Just before his death, he was so broke that he had to borrow money from one of his band members in order to feed himself. This is just one example of how record labels have had a long and repugnant history of screwing over musicians and composers. Crypto signals such as Bitmex, blockchain, and cryptocurrencies, in this digital age, music artists are now employing these technological wonders to take charge of their future financial opportunities and expectations. One of the more enthralling possibility is the usage of digital currency to aid in monetizing music royalties.
Different from most society’s knowledge, the musician who sings a song that is a hit may not be the one who predominantly benefits from it fiscally. Those who profit are in fact the composers or songwriters which is why both the song artist and the writer of the song will fight over who gets recognition or credit for a song. Every time a song is used commercially, individuals who are credited for the song are the ones who are compensated. This can be from a solitary person up to 15 persons or even more. Looking at it, this is a pretty enormous deal, particularly in this period of streaming. The Recording Industry Association of America or RIAA approximated that the income from streaming for the first half of 2017 was more than $2.4 billion and this accounted for about 62% of the whole market.
Whenever a song is utilized in a film, for an advertisement, purchased online or in a shop, or legally streamed, money from that specific project or piece of work is remunerated to those who possess the royalties. In due course, this could result in a substantial amount of cash. The brilliance of virtual currency and the blockchain is that it excludes the numerous middlemen who stand in between a music artist, the record label, and the community. This permits for added money to for those who possess the royalty rights of the music in a much more prompt manner as well.