Adaptation of User-Centric Revenue Sharing Model on Blockchain in the Music Industry

Abstract

This study aims to research the objectives of “What are the pros and cons of the current royalty distribution models in music streaming businesses?”, “What might be the possible outcome of switching to a user-centric model for artists?”, “What might be the possible outcome of switching to a user-centric model for businesses?”, “How can the industry be adapted to a user-centric model?”, “How the blockchain technology can be adapted for royalty distribution to the music industry?”, “What are the effects of adapting blockchain technology to the music industry?” The findings of the research indicate that using a user-centric payment system can be beneficial for artists in the short term in the post-pandemic era and with the global blockchain adaptation all entities including intermediaries can operate in the well-managed and optimized industry. The indicated results reveal the possible adaptation techniques and bottlenecks for the industry and how those can be tackled by the industry entities. The findings have been concluded with qualitative interviews with executives of industry leading organizations that focus on technology, music business, digital rights management and blockchain. Findings have been backed by the secondary data obtained through literature and online research.