In the past, if you wanted to buy a song or an album, you had to connect with the artist in a very specific way. First, you’d have to track down a record store (or some sort of music supplier) that carried the products you wanted. If you were lucky enough to find it, then you’d have to pay for it and take it home.
Of course, this was just the beginning of your relationship with the artist. The next step was finding out about when they were touring and going to see them live. You were limited by the artists’ tour schedules and geographic locations. If the artist didn’t make any stops close to where you lived, you might never hear from them again.
With blockchain/web3, things are completely different.
These technologies have the potential of transforming the relationship between artists and their fans, opening up new opportunities for improving brand loyalty, monetization and revenue performance.
Now, artists can release music as soon as they finish making it—there’s no need for record labels or other gatekeepers anymore. These technologies are providing opportunities for musicians to enjoy the patronage of a wider segment of fans .Even better? Fans can download it as soon as it’s ready! There’s no waiting for a special release date or anything like that; once an artist creates content and marks it for sale, fans can start buying it right away.
These technologies can change how fans support their favorite artists. For example, NFTs can allow fans to buy more merchandise from musicians. The benefits they derive from owning a virtual asset from their favorite musician can improve the quality of their relationship and their emotional connection.
They can create opportunities for fans to directly support musicians. They can donate to them more easily because they know the funds are going to them. Moreover, they can identify a song they enjoy, and pay for it immediately.
Fans can also fund the development of new songs and projects, with the revenue being potentially shared among diverse stakeholders. This means that more artists may find the resources they need to achieve their goals and compete with mega stars who are dominating the contracts with record labels.
These technologies support direct community engagement, which can allow musicians greater creative freedom and control over their work. By appealing directly to their fans, musicians can readily create content that allows them to appeal to as many people as possible. They can also benefit from increasing interest in their work and the opportunities it provides to make a difference. As musicians become more accessible to their fans, their name recognition and loyalty is likely to increase.
Web3 technologies such as DAOs, or Decentralized Autonomous Organizations-can facilitate decision-making during music projects. These human-driven enterprises increase the likelihood of an artist achieving positive outcomes. For example, when their fans invest in new projects, they are able to exercise greater creative control and flexibility. The fans may also become more invested in their success, turning them into active partners in their creative career.
Many fans have been turned off by the treatment of musicians by record labels. There is a need to ensure that more artists, and not just mega stars benefit from their talent and their work. Remember Prince, as big an icon as he was, complaining that he was being treated as a slave by his record label. Other musicians have also complained about the one-sided nature of contracts and how it undermines their creativity and work.
Although a focus on NFTs has undermined the ability of stakeholders to understand the full potential of blockchain and other web3 technologies, more people are now recognizing the immense opportunities offered by web3 and blockchain technologies. There is also a lot of opportunity in ensuring that these technologies evolve and are more responsive to the preferences of their fans.
Social tokens are providing new opportunities for artists to leverage patronage and achieve positive outcomes. The collective pooling of financial resources can provide a mechanism for ensuring that more artists are able to achieve desirable outcomes.
These technologies are playing a profound role in facilitating the rise of the content economy. They can broaden the availability of platforms for musicians and ensure that appropriate efforts are taken to allow them to exercise greater choice.
These technologies are providing opportunities for stakeholders to build a democratic ecosystem that allows for greater inclusion and sharing of opportunities. Musicians can leverage these technologies to take greater ownership of the fan experience and to meet their unique needs and aspirations.
In instances where user-friendly solutions are developed, there is an opportunity for musicians to derive a lot of value from delivering experiences that not only meet, but also exceed the expectations of musicians. These technologies allow the personalization of experiences in ways that can improve the quality of relationships between musicians and fans.
Moving forward, there is a lot of opportunity for improving the relationship between artists and fans. These can play a key role in improving the fan experience and the impact they have on the creative process. This can allow for fans to feel they have a greater ownership of the music.
The power belongs to the artist.