Paradigm shift in the music industry: Adaptation of blockchain technology and its transformative effects

Abstract

The music industry is undergoing a profound transformation thanks to blockchain technology. This article extensively examines how the core components of music – production, distribution, performance, and presentation – are undergoing radical changes through the integration of blockchain technology. The traditional music industry faces significant challenges, particularly in vital areas like copyright management, music distribution, and artist compensation. These challenges have become even more complex with the digitization of music and the rise of online platforms. However, blockchain technology, with its decentralized and transparent structure, has the potential to overcome these obstacles. This technology takes important steps in addressing disputes related to copyright by enhancing the traceability and verifiability of music works throughout their lifecycle, thereby contributing to fairer compensation for artists. Moreover, this article also delves into other intersecting domains related to the music industry, focusing on safeguarding intellectual property in music and presenting innovative solutions to the intricate music economy. Relevant data gathered through qualitative research methods is systematically presented to comprehensively explore the potential role of blockchain technology in the music industry’s future. This exploratory analysis also investigates blockchain-supported platforms, providing an in-depth examination of their current development status and business models. The article places special emphasis on fundamental concepts such as copyright, ownership of artistic works, cultural heritage, and the role of blockchain technology in shaping the music industry, artists, and the ongoing digital transformation. In this rapidly evolving dynamic process, the transformative role of blockchain technology in the music industry and its potential must be continuously monitored, serving as a foundation for future-oriented initiatives. This comprehensive approach reflects the concerted effort to understand the effects of blockchain technology, which is shaping the trajectory of the music industry’s future, from a broader perspective.