Could this be the Spark to the Web3 in the Music Industry?
A recent study by Pex, a tech company specializing in the analysis of copyrighted content, has brought to light a startling fact: there are over one million "manipulated" tracks on streaming platforms like Spotify, Apple Music, and TIDAL. These altered tracks, often sped-up or slowed-down versions of original songs, typically lack legal licensing, thereby denying rightful royalties to the original artists.
This revelation uncovers a hidden dimension of the streaming industry, where altered versions of popular songs like Lady Gaga's 'Bloody Mary' and Childish Gambino's 'Heartbeat' accumulate millions of streams without proper attribution or compensation to the creators.
The situation highlights a significant challenge within the music industry – the balance between creativity and copyright compliance.
Pex CEO Rasty Turek, in an interview with Music Business World, acknowledges the public's appetite for such content. He points out the popularity of Nightcore mixes and similar creations, suggesting that while there's a legitimate interest in this type of music, the need for proper attribution and licensing is paramount. The responsibility, he suggests, lies more with the platforms and services than with the artists themselves to regulate and ensure compliance.
This discovery comes at a time when Spotify and other platforms are grappling with the massive volume of music being uploaded, coupled with the challenges of fair royalty distribution. Recent data revealed that about a quarter of music on streaming services goes unplayed. Furthermore, Spotify's new policy demands a minimum of 1,000 streams for a song before it can start earning royalties, reflecting the complexities of the digital music economy.
The European Union's recent call for changes in the streaming business, advocating for higher royalty payments and better visibility for artists through "correctly allocating metadata" resonates with these findings. This situation lays the groundwork for a potential shift towards web3 technologies in the music industry.
Web3 offers a unique proposition in this scenario. It stands as a beacon of hope for a more equitable music industry, where artists can receive direct support from their fans. In a web3 ecosystem, artists can leverage blockchain technology to have more control over their music, ensuring proper compensation and fostering a closer connection with their audience. This shift could revolutionize how music is consumed and monetized, offering a more transparent, artist-centric model.
In summary, the issue of manipulated tracks on streaming platforms underscores the need for a more sustainable, fair, and artist-focused approach in the music industry. Web3 emerges as a promising solution, potentially reshaping the future of music consumption and artist-fan engagement. As the industry navigates these changes, it will be fascinating to see how these new technologies redefine our relationship with music and the creators behind it.