WEB3.0 - The New Music Industry?
Will Web3.0 further evolve the music industry and give rise to artists connecting to fans directly?
The music industry has utterly transformed over the last 20+ years. From the proliferation of illegal peer-to-peer downloading in the late 90s to the gradual adoption and maturation of streaming in the mid 10s (in mature markets), it begs the question - where are we heading now?
At Deadly Hits, we believe that this evolution of technology brings real opportunity. We focus our attention on the music industry to analyse how web3.0 is disrupting traditional practices, review its potential implications and create meaningful strategies for our clients.
We recognise that there's much to be confused about in this area which is why we work hard to provide clients with clear advice in regards to implementing meaningful activations and gainful partnerships. Our goal is to create lasting value for all stakeholders - musicians, consumers, rights holders and our web3.0 clients alike.
What is Web3.0?
Web3.0 is merely a catch-all term to describe the further evolution of the internet, involving technology that offers users more control and security over their data. This technology - namely blockchain, distributed computing and cryptography - is decentralised, meaning that there will be no Big Tech intermediary controlling (or monetising) user data and access. Users will have full ownership and control of their personal information and can decide who has access to it. This new era of the internet will revolutionise digital interactions and provide a higher level of privacy and security for its users.
How can Web3.0 affect the music industry?
Web3.0 technologies offer great potential for the music industry. Artists will have more direct access to fans, allowing for a two-way relationship and equitable compensation. Rights management, royalty reporting and supply chain are the big wins for rights holders, with data stored on an immutable, decentralised network meaning information is far less susceptible to error, delay or attack. This is further complemented by other emerging technologies like 5G connectivity which only expands the potential opportunities available to creators. In short, we are entering an era of unprecedented potential in the musical domain - one that offers many exciting possibilities for innovators across the world.
Web3.0 is a major game changer for the music industry, allowing unprecedented openness and democratisation. The benefits to both artists, fans and rights holders are clear - musicians can create new kinds of experiences for their fans, and simultaneously open up new possibilities for monetisation. This technology opens the door to literally untold opportunities, and we are excited to be at this dynamic frontier.
What have your experiences been so far? Head first, fully in? Dipping your toes? Wait and see? Baffled and steering clear?