A survey performed by pioneering digital music retailer eMusic revealed that the majority of their service’s customers had been open to paying with crypto if it allowed artists to earn extra.
The survey — shared solely with Cointelegraph — revealed that 65% of eMusic prospects would use cryptocurrency if it was for the aforementioned causes. It’s value noting mere eight% of the respondents had used Bitcoin (BTC) or another crypto up to now.
Per the announcement, 800 eMusic customers answered questions on cryptocurrencies and their use within the music business.
Survey information revealed that 40% of music listeners overestimate the quantity of royalties that artists obtain when their music is bought or streamed. 87% believed “justifiable share” for the artists could be a better sum, with the preferred response being a 50% break up.
The report launched in Could by the Worldwide Federation of the Phonographic Trade confirmed that music streaming boosted music revenues to over $20 billion in 2019. Nonetheless, an evaluation by the music information web site, Soundcharts, estimates that artists are paid solely $zero.00318 per stream on Spotify.
Utilizing crypto to make royalties fairer
As Cointelegraph reported on the finish of Could, eMusic is constructing a decentralized music distribution system to cut back the price of inefficiencies and pay artists extra when followers buy and stream their music.
EMusic, which launched in 1998, is understood for being one of many first web sites to promote DRM-free MP3 music recordings. Firm information web site Owler reveals that the agency employs 278 individuals and has an annual income of $65.7 million.
The thought of creating music fairer utilizing cryptocurrencies isn’t new. Impartial tech advertising and marketing and PR guide Eric Doyle advised Cointelegraph final yr that there are in truth many tasks attempting to apply blockchain know-how to the music business.
The writer of this story contributed a few of the questions utilized in eMusic’s survey.