For years, the music industry has been playing catch-up to the internet. Like most new technological advancements, the web disrupted the way the industry operated down to its fundamental goals. Although it brought a host of pirating issues and made traditional revenue streams obsolete, it was a new way to sell, distribute, and market music that opened up countless ways of making money with new ones being discovered or improved on daily.
Budding acoustic artist, Tatiana Moroz, believes she has found a better solution for crowd-funding, especially for musicians, in the form of Bitcoin. Bitcoin is a new currency technology that only exist digitally. It’s not connected to a company, bank, or country so it can’t be devalued by outside sources, extremely quick and cheap to transfer even in large or small amounts, and are ledgered in the public “Blockchain” which makes it transparent and secure for all to use.
In an interview with SonicScoop.com, Moroz describes several ways that she thinks all musicians can benefit from Bitcoins. One way she uses them is as “mirco-tipping.” Since they can be sent in small amounts with no fees, fans can support their artists with tips as small as fractions of a penny that they couldn’t via credit card. There are also websites to upload videos that are supported by small Bitcoin payments rather than advertisers. Musicians can even use the tech to manage copyrights to content and distribute transparent and automated payments to multiple copyright holders.
The Bitcoin trend, supported by a relatively small community, has been fast growing since its start a few years ago. It’s important for the music industry to catch whiff of these trends to stay ahead of the curve, instead of playing catch-up.
- Colletti, J. (2017, February 9th) Bitcoin for Musicians: Tatiana Moroz Makes the Case for “Artists Coins” and More. Retrieved February 10th, 2017 from http://www.sonicscoop.com/2017/02/09/bitcoin-musicians-tatiana-moroz-makes-case-artist-coins/?singlepage=1