As shown by a survey conducted by the eMusic platform, 65% of its customers would be willing to use cryptocurrency to allow artists to get more revenue sharing from music.
A survey by pioneering digital music store eMusic revealed that most of the site’s users are open to paying with cryptocurrency if it allows artists to earn more money.
The study, which was passed on to the Cointelegraph portal, revealed that 65% of eMusic customers would use cryptocurrencies if it were possible, for the reasons mentioned above. It’s worth noting that only 8% of respondents have used bitcoin (BTC) or any other digital asset in the past.
At the time of writing this article, 800 eMusic users have answered questions about cryptocurrencies and their use in the music industry.
The data also revealed that 40% of music listeners overestimate the fees artists receive when buying or streaming their music. 87% of people thought that a “fair share” for artists would be a higher figure, with the most popular answer being a 50/50 split.
Report released in May by the International Federation of the Phonographic Industry showed that streaming music boosted music revenues in 2019 to over $ 20 billion. Still, an analysis by the music news website, Soundcharts, estimates that artists are only paid $ 0.00318 for a single Spotify play.
The use of cryptocurrencies to make royalties fairer
At the end of May We learned that eMusic is building a decentralized music distribution system to reduce the cost of inefficiencies and pay artists more as fans buy and stream their music.
EMusic, which was launched in 1998, is known to be one of the first websites to sell MP3 music recordings. As revealed by Owler – a website with data about companies – eMusic employs 278 people and generates annual revenues of 65.7 million dollars.
The idea of making music fairer with cryptocurrencies is not new. Independent technology marketing and PR consultant Eric Doyle said last year that there are actually many projects trying to apply blockchain technology to the music industry.