Innovation Heroes: Turning up the volume on a new blockchain use case
A game-changing platform is set to disrupt the music industry
The music industry has long been plagued by issues of inequality, particularly when it comes to compensating artists fairly for their work. Many musicians struggle to make ends meet, even as their music generates millions of dollars for record labels and streaming services. But a new Web3 startup called Labelcoin is working to change that.
On the latest episode of Innovation Heroes, host Ed McNamara speaks with Labelcoin’s CEO and former recording artist, Mark Miller, to learn about how blockchain technology can be leveraged to stamp out artistic poverty.
“Most artists do not have good business sense, and that was my case, too,” says Miller. “Many of us believe the idea that, ‘Hey, the more exposure, the better, right?’ Well, that’s not going to end up paying your bills. You really need to have something that’s equitable, where music gets valued and where people’s work is valued. And if people are using NFTs, why can’t the music industry?”
Labelcoin is building a platform that uses blockchain technology to help artists and labels manage their royalties more effectively. The platform also allows fans to invest in their favorite artists directly, using cryptocurrency to purchase “shares” in the artist’s future earnings. This not only provides artists with much-needed financial support but also creates a stronger connection between fans and their favorite musicians.
“The way that we’re using blockchain technology right now is really on the transparency side specifically, and the smart contracts ease of paying out royalties,” says Miller. “Within our app, people can buy, sell, trade, and earn, right there, based on real world value. We’re not basing the value on speculation or rarity – the money goes directly to the artists.”
Through the power of Web3 and blockchain technology, Labelcoin is creating a more sustainable future for musicians around the world. To learn more, listen to the full conversation here.