A proposal has been made for a “Democratise Music” panel to feature on the Future of Music Track at SXSW 2023. Voting is open to the public, and you should give your support. Here’s why…
World famous music, film, and arts confernece SXSW is returning in 2023. As always, there is already a host of fantastic events and panels to look forward to. Future of Music Track could be getting a blockchain addition.
The Future of Music is a series of sessions that explore and discuss streaming, artist rights, artist payments, music marketing, touring, game industry integration, and new audio-centric technologies. Panels can be proposed and voted for via PanelPicker.
This year, BSV Blockchain proposed a panel discussion on how peer-to-peer technology might democratise music. The company revealed their endeavour just a few days ago on Twitter.
Blockchain technology and web3 applications could massively benefit artists. But, because the technology is still relatively new, many people are unaware of its properties and practical uses. Bitcoin Association, linked with BSV Blockcahin, aims to change this with its proposed panel.
You can vote for the proposed panel here, but if you want to first hear why you sohuld vote – we’ve got you!
Helping Independent Artists
If Bitcoin Association receive enough support, the Future of Music Track could feature a panel that seeks to empower and educate independent artists.
Largely focussed on diversifying means of making revenue, the panel looks at the unevenness of power. It also challenges the fairness between record labels and artists trying to make it on their own.
The music industry relies heavily on digital streaming, which accounts for over 60% of revenue made from recorded music globally. The world consumes music predominantly through streaming now. Whilst many streaming platforms have made some efforts to champion lesser known artists, companies still prioritise major artists. This is because larger artists generally bring in more subscriptions to services, which is the main moneymaker for them.
Since independent artists don’t have record label backing or pots of money to fall back on, they rely solely on their music. Because streaming pays out infamously little amounts per stream, it’s incredibly difficult for artists to make a living.
Cutting Out the Middlemen
There are lots of steps in between artists releasing music and it being heard by the public. The middlemen involved take a cut of revenue, which leaves independent artists with even less.
Companies are moving to evolve the music industry, and cut out the middleman altogether. Many of them are basing their ideas on blockchain technology. Why?
Blockchain technology is transparent, trustless, permissionless, and fast (to name but a few benefits). Creating an infrastructure based on the blockchain would enable artists to connect with their fans and create new revenue streams that they are in cotrol of.
Not only are blockchain-based solutions beneficial to independent artists, they also create benefits for signed major artists. The transparency provides the same opportunity for both types of artist to get closer to fans and explore new ways to make money from music.
Future of Music Panel
The proposed panel, “Democratise Music”, will explore the ways in which musicians can use blockchain-based solutions to capitalise on their music in ways which aren’t currently offered via streaming platforms.
At present, there are four speakers lined up for the panel. These are: Marc Scarpa, founder of DeFiance Media; Shem Booth-Spain, co-founder and CEO of Blarecast Systems; Michal Scislowski, CEO of Soundoshi; and Luke Rohenaz, CEO and founder of Jamify.
Again, this panel will only go ahead if it is voted for enough. So, if you’re an advocate for fairness within music, and the education of creators to help better their careers, go and vote now!
Fractis is a blockchain-based music streaming royalties NFT marketplace. We’re passionate about creating opportuities for independent musicians, and rewarding dedicated fans.
Learn more about our blockchain-based music industry solution here!