These ambitious ventures could very well change the music industry

Cryptocurrency: Is it taking over the music industry?

One of Asia’s largest music streaming companies known as KKBox,
has formed a partnership with blockchain asset management firm Bitmark.
KKBox also organizes concerts and live events.

 Music Industry: Cryptocurrency partnership, Photo by Ken Alcazar 

 Together, they are creating a blockchain-based music rights platform to pay artists immediately, starting with dozens of Asian artists such as Khalil Fong and Diana Wang. Bitmark isn’t the only one with this idea.

The Los Angeles-based blockchain startup Vezt raised more than $4.7 million through token sales leading up to the launch of its royalties management platform. The Vezt platform is scheduled for a beta launch this spring. They’ve acquired almost 30 songs, including hits by Dr. Dre, Kanye West, Jay-Z, John Legend and Drake. In 2017, Drake’s song ‘Jodeci (Freestyle)’ was the startup’s first “initial song offering.” Vezt CEO and co-founder Steve Stewart told International Business Times his team is still busy building the online platform. The startup will distribute royalties while allowing users to store profits on the platform.

Many blockchain companies are launching cryptocurrency platforms for the music industry, from SingularDTV’s SingularX to the iTunes-inspired BitTunes. They target some of the biggest pain points in the industry: It can take months for everyone who worked on a song to get paid. There are dozens of middle men who chip away at the artists' earnings along the way, from concert revenue to royalties.

Cryptocurrency creates transparent systems for immediate payment processing, a solid legal support and a pragmatic outlook on rolling out products in waves.
These ambitious ventures could very well change the music industry as we know it.
Read Full Article By Leigh Cuen / IBT. 

One of the greatest disruptors in the music industry:
Bitcoin isn’t just for geeks and hackers anymore.

The music industry is going gaga for blockchain technology.
Here’s why: It gives artists more control over their careers than was ever possible before. 'The power of the artist, and the art in their hands'.