In recent times, cryptocurrencies such as Bitcoin and Ethereum have exploded in popularity. To explain in simple terms, cryptocurrencies are digital currencies that do not have government backing.

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Role Of Cryptocurrency In The Music Industry
In recent times, cryptocurrencies such as Bitcoin and Ethereum have exploded in
popularity. To explain in simple terms, cryptocurrencies are digital currencies that
do not have government backing.
Bjork, the Icelandic singer, songwriter, and actress is credited with being one of
the first artists who realized the potential of entering the crypto music space by
partnering with AudioCoin, the cryptocurrency launched by the startup Blockpool,
by accepting Bitcoin and AudioCoin from her fans who purchased her 10th album
titled ‘Utopia.’ 2

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As far as the music sphere is concerned, it is no longer just the musicians who are
making the big leap to cryptocurrency. Monero, one of the largest
cryptocurrencies, has also started targeting the music industry by chasing top
icons. So far, more than 45 major artists have confirmed that they accept Monera
on their online stores. Let us analyze the impact of cryptocurrencies in the music
streaming domain from the following aspects:
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1.Competition
To understand how competition in the music industry has increased exponentially,
one needs to take a look at last year’s events. Spotify is the perfect example of
how competition has forced companies to pursue new users with a vengeance.
Spurred on by services such as Google Play, Amazon Music, and Apple Music,
the company began the year by providing subscribers free access to Hulu, its
video platform.
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Spotify hoped to go gather new users by offering a ‘two for one’ deal. Last week,
Spotify announced its plans to offer a free Google Home Mini, the smart speaker,
for all premium users. This shows that the music industry is growing more
competitive by the day by using cryptocurrency for music streaming.
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1.Old Tech ,New Tech
The internet has a major role to play in revolutionizing the music world. But the
internet is also a harsh taskmaster as it makes people come up with new ideas
and become better constantly as new innovations appear that make the
competition even stiffer each day. One perfect example is the cryptocurrency
which is rightly called by many as the ‘tech world’s newest darling’ that is used
with distributed ledger technology.
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It is being used in peer-to-peer [platforms as it provides musicians with the
opportunity to sell their music directly to listeners. Statistics reveal that with older-
model streaming services, musicians only earned around 12% of the total
revenue. This system will eliminate the centralized authorities and institutions that
take profits from creators.
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1.Challenging The Status Quo
Both musicians and listeners are turning their attention to understand the various
ways in which distributed ledger technology will change the industry, given the
ability to bypass a majority of the profit-taking. The perfect example of this is
Tune.fm. Tune.fm is a music streaming platform that makes use of cryptocurrency
(the JAM token) that is powered by the distributed ledger technology network
Hedera Hashgraph.
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JAM helps musicians automatically receive micropayments for every second of
music that is streamed. Cryptocurrency for music streaming aids artists in
receiving their payments faster when compared to legacy systems that may take
even months or even years. This system is highly beneficial for listeners also. With
no add-ons or contracts and no subscription fees, listeners can access the music
they love at a much lower price.
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Conclusion
Music has always been a universal leveller of some of society’s many races,
classes, and gender divisions. Though cryptocurrencies have a great scope in
music considering the large group of music lovers and artists, the answer to the
question of whether cryptocurrencies will continue to stay and create a positive
impact, depends greatly on the way fans receive it.
If you are interested in cryptocurrencies and want to know more about
cryptocurrency certifications, check out Blockchain Council.
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Blockchain Council Certifications
You can check out our certifications, and kick start your career in the Blockchain
space today.
● Certified Blockchain Expert
● Certified Blockchain Developer
● Certified Smart Contract Developer
● Certified Solidity Developer
● Certified Ethereum Developer
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