A survey carried out by pioneering digital music retail merchandiser eMusic disclosed that the majority of their service's customers have been open to paying with crypto if it allowed artists to earn extra.
The survey - shared entirely with Cointelegraph - disclosed that 65% of eMusic clients would use cryptocurrency if it was for the said causes. It is value noting {that a} mere 8% of the respondents had used Bitcoin (BTC) or every other crypto preceding to now.
Per the announcement, 800 eMusic customers answered questions on cryptocurrencies and their use inside the music trade.
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Survey information disclosed that 40% of music listeners overestimate the amount of royalties that artists obtain when their music is bought or streamed. 87% believed {that a} "fair share" for the artists could be a better sum, with the preferred response being a 50% cut up.
The report launched in May by the International Federation of the Phonographic Industry confirmed that music streaming boosted music revenues to over $20 billion in 2019. Still, an evaluation by the music information cyberspace site, Soundcharts, estimates that artists are paid entirely $0.00318 per stream on Spotify.
Using crypto to make royalties fairer
As Cointelegraph according on the finish of May, eMusic is constructing a decentralised music distribution system to scale back the price of inefficiencies and pay artists extra when following buy and stream their music.
EMusic, which launched in 1998, is thought for being one of many first cyberspace sites to promote DRM-free MP3 music recordings. Company information cyberspace site Owler reveals that the agency employs 278 individuals and has an annual income of $65.7 million.
The conception of creating music fairer utilizing cryptocurrencies will not be new. Independent tech advertising and merchandising and PR merchandising adviser Eric Doyle advised Cointelegraph final yr that there are in actual fact many initiatives making an attempt to use blockchain expertise to the music trade.
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