Most Music Listeners Would Pay for Music With Crypto to Assist Artists

A survey carried out by pioneering digital music retailer eMusic revealed that almost all of their service’s customers have been open to paying with crypto if it allowed artists to earn extra.

The survey — shared completely with Cointelegraph — revealed that 65% of eMusic clients would use cryptocurrency if it was for the aforementioned causes. It’s price noting {that a} mere 8% of the respondents had used Bitcoin (BTC) or every other crypto up to now.

Per the announcement, 800 eMusic customers answered questions on cryptocurrencies and their use within the music trade.

Survey knowledge revealed that 40% of music listeners overestimate the quantity of royalties that artists obtain when their music is bought or streamed. 87% believed {that a} “fair proportion” for the artists could be a better sum, with the most well-liked response being a 50% break up.

The report launched in Might by the Worldwide Federation of the Phonographic Trade confirmed that music streaming boosted music revenues to over $20 billion in 2019. Nonetheless, an analysis by the music information web site, Soundcharts, estimates that artists are paid solely $0.00318 per stream on Spotify.

Utilizing crypto to make royalties fairer

As Cointelegraph reported at the end of May, 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 thought for being one of many first web sites to promote DRM-free MP3 music recordings. Firm knowledge 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 told Cointelegraph last year that there are actually many initiatives attempting to use blockchain expertise to the music trade.

The creator of this story contributed among the questions utilized in eMusic’s survey.

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