Let’s dive in and see how these technologies can benefit emerging artists.

Previously, artists would spend years making music and trying to get discovered. They had to create their own music, do their own production, distribute their music, interact with fans, book their own gigs, and market themselves… A pretty tough job even for the most multi-talented and disciplined artist.

And then, most artists would make it big only if they signed up with a label that would help finance and promote them.

But all that is changing!

Blockchain and NFTs for the Music Industry

Blockchain technology introduces a decentralised model for the music industry. Unlike traditional systems where record labels, DSPs, and intermediaries dominate, blockchain allows artists to connect directly with their fans, sell their music directly, and allows fans to invest in them and share in their success.

NFTs have introduced a novel way for artists to monetise their work. By tokenising music, album art, or exclusive experiences, artists can sell unique digital items to fans. These NFTs can include special perks like backstage passes, limited-edition merchandise, or exclusive content. This not only creates a new revenue stream for artists but also strengthens the bond between artists and their fans.

Because NFTs are digital assets with a limited supply, their value naturally increases as the popularity of the artist increases. Just like an original vinyl record of The Beatles is now worth way more than its original resale value due to a limited supply, so it is with NFTs. And if artists add additional benefits on top of that then the value of those NFTs can go up even more, allowing fans and early supporters to directly benefit.

How AI is set to transform things

AI is another amazing tool that is going to help artists more and more in the coming years. Many aspects of our daily lives are becoming automated through AI, and the same is true for the music industry.

Take content creation and marketing for example. This is an area that artists have traditionally struggled with, as it is complex and is not necessarily part of their skill set (they are best at making music).

Now with AI tools, artists can create a music video in minutes just by dropping in their latest track and selecting a few preset values and prompts. The same with social media content - now anyone can create great looking posts in no time.

Facebook, Twitter, TikTok, and Google have all made marketing relatively easy even for non-experts, but it can still be tricky for the non-technical. AI is changing all that. AI can generate ad campaigns, create content, split test ads, measure conversion rates, and promote only the most successful ads, all at the push of a few buttons.

What’s in it for the fans?

Fans are also changing. Whereas before fans were happy to be passive consumers, fans now want more and more interactivity in their lives.

Blockchain and AI tools are helping with that.

Fans are not only able to be active investors and participants in their favourite artist’s careers, but they will be able to create fan-generated content, remixes, or anything else that new AI tools come up with, and generate revenue thanks to blockchain technology through doing so.

Conclusion

Blockchain and AI technology are going to change the way the whole world interacts with and participates in online universes, and the music industry is no exception.

More and more, artists using Web3 tools such as AI and blockchain will be able to manage their own careers without the need for intermediaries, labels, or even teams.

This will allow even the smallest artists to find their niche and to make a successful career (or at least a living) from doing what they love best!