According to a survey by eMusic, music fans are willing to use cryptocurrencies if it would mean the funds they spent are directly received by musicians. As many as 65% of eMusic users said that it would only be fair if artists got more money for their work. Fans also stated that they would use cryptocurrencies to help their favorite artists.
The survey involved approximately 800 users of the eMusic platform, of whom about 8% have experience with cryptocurrencies. However, as many as 87% think that the artists are currently being underpaid and that they should receive more money for their work. The same result came from the analysis by Soundcharts. The analysis showed that performers receive as little as $ 0.00318 per one play of their song. The music industry is huge and the streaming services sector was worth up to $ 20 billion in 2019.
This may also be the reason why the eMusic platform is working on a new decentralized music distribution system. The platform wants to pay artists more through royalties. These should be fairer thanks to the blockchain technology as it would help eliminate the inefficient treatment of musicians' copyrights and get them more money.
EMusic is no newcomer in the world of music. It has been active in this sector since 1998 and was one of the first sellers of DRM-free MP3 recordings. Today, the company employs nearly 300 people and has an annual profit of more than $ 65 million. Given the company's experience, it is clear that should they create a decentralized system for distributing music with a fairer distribution of royalties, users of this platform would not hesitate to use cryptocurrencies. That would mean yet another sector cryptocurrencies would get hold of.