When blockchain technology was introduced to the market, experts predicted that it will bring major disruptions to all aspects of the market. Every industry will be affected and businesses will have to change the way they handle their transactions. And boy, did this prediction come true!
In a first, Russian musician and pop singer Oleg Kenzov has become the first person ever to transfer the digital rights of his song through blockchain technology. He used a government-backed blockchain platform for this purpose.
The BlockChain Agreement
The studio that represents Oleg Kenzov, Soyuz reported that it is in the process of finalizing a licensing agreement for Kenzov’s song ‘Po Kaifu’. The song will be available for download by stores, restaurants, and gyms. They can use it in their marketing strategies. The licensing deal was made between Soyuz and FONMIX, a music distributor. You too can partner with a blockchain technology company to create your own blockchain app and become a pioneer in your industry just like Oleg Kenzov.
The event was a major one in music history (understandably). You can even call it historic. And that is why top music industry artists and players were present when the rights were being transferred. These included Warner Music Russia, Sony Music, Universal Music, Zhara Music label, and more.
Experts are predicting that music companies will join some blockchain app development company and streamline their distribution channels. This will greatly affect local artists who will be able to distribute their music easily. The transference of digital rights will also become much easier.
One of the ways that artists will be able to benefit from this move is by receiving all their payments instantly. When Oleg Kenzov transferred the digital rights to his song, the entire process took around 10 minutes. That is exactly how much time it will take for a local artist to transfer the digital rights to their songs and get paid.
Blockchain development company IPChain is one of the companies that are providing various tools for musicians. The songs may be distributed around the world and the best part is that the local and national legislation regarding music can be taken into account. Using the geo-restriction tools, blockchain companies can easily handle artists and music from various parts of the world and not be afraid of the different legislations in different regions.
The President of IPChain Association, Andrey Krichevsky had this to say, “What we did has no precedent,”.
A blockchain is a complex tool and not many people understand it. The hazy information that they get makes sure that they never dabble in it even though it is for their own good. But that concept is gradually changing. People are more interested in this technology and they are getting more and more information about the technology so they can take advantage of it. Soon there will be a plethora of blockchain development agencies and companies that will cater solely to the music industry.
This case is a first in the music business, but hopefully not the last. Musicians, music managers, and more are in the perfect place to earn more money by using blockchain technology. Oleg Kenzov has paved the way for future artists and music distribution companies.