The Challenge
The music industry is dominated by record labels. With a complicated network of intermediaries as well as free streaming sites, the artists themselves can end up with little in their pocket. But with $21.5 billion in global recorded music revenue, it’s clear the world still thrives on music.
To prevent value from leaking through to intermediaries such as record labels, Music-X wanted to bring back the connection between listener and creator. With millions of passionate fans willing to pay to support their favourite artists, the Music-X platform provides the unique opportunity to own limited edition items (from songs to movies and pictures), purchased using blockchain technology coupled with encryption.
Music-X picked up on the fact that – despite so many changes in the music industry in the last 30 years due to technology advances, artist expectations and consumer demands – the structure of the industry has remained stagnant. And although artists are the very essence of the music in our ears, they were not benefiting as much as they could do.
The Music-X platform entered the scene to provide artists with the opportunity to upload unique, limited edition soft copies of their pieces, to manage their own career and therefore their own revenue. Adding efficiency, connection and autonomy for artists, Music-X is built using ethereum technology to instil the infrastructure needed to manage intellectual property.
