Reinventing the Music Industry: Will Blockchain Technology Cause a Revolution?
by Youssef Assal, Kieran Clancy,Dimitar Dimitrov, Gerda Uzubalyte and Alex Witkamp
Modern technologies, such as the Internet and streaming technology, have made the consumption of music easy, fast, and accessible to everyone. However, complicated intellectual property management, a high number of third parties, and decreasing revenues brought the music industry to the crisis phase in regard to the adaptive cycle, and proved the urgent need of innovative changes. This paper analyzes whether blockchain technology could be considered as a new combination leading the music industry to the equilibrium phase, and therefore revolutionizing the industry. By analyzing advantages and drawbacks of this particular technology and its implementation, the research substantiates why the blockchain technology currently cannot lead the music industry to the phase of equilibrium, but could be considered as a solution in reshaping the music industry in the future.
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