Musical performers and recording artists, especially ones that aren’t pop selling icons still spend grueling man-hours in studios creating content that people would want to listen to. Artists are reciprocated by earning a living via album or track sales and live performances.
This system is flawed due to the interference of various intermediaries or middle-men such as distributors and publications that eat into the hard-earned money of the artist and extract extra value from the creator, all the while giving much less value in return. There is a way to solve this glitch in the system and the answer is – blockchain.
Jesse Grushak is one individual with a particular set of skills and an idea that couldn’t stand by and watch the ‘industrial system’ continue to take place. So, he decided to help construct Ujo Music in collaboration with ConsenSys – a New York – based Blockchain software development company.
“We are building a platform that allows musicians to automatically license their works through Ethereum.”
The goal or the mindset behind applying blockchain technology to Ujo Music is to eliminate people who take away value from hardworking, talented individuals and enable artists to receive payments immediately and also earn a bigger portion of the profit. The idea of using a decentralized and distributed ledger is to facilitate instant payments, thus, creating a level and barrier-free playing ground for artists in particular.
The music industry hasn’t been fair to budding and independent musicians who have to go through the process of finding a publisher, manager, releasing with a label, and giving up ownership of their work.
Artists are slowly picking up the pace with reclaiming ownership and making the bold move of using Ujo Music and one such individual is dance artist RAC – aka André Anjos who released his new album EGO through the usual channels. But he also launched his own webstore selling the album using the Ether cryptocurrency. RAC worked with startup Ujo Music, which previously helped Imogen Heap release her ‘Tiny Human’ track in a similar manner in 2015.
“I don’t think this is going to replace Spotify or iTunes, but being able to support the artist directly is pretty important,” said Anjos.