Advancements in technology have provided a way for emerging startups in Africa’s music streaming industry to compete favourably via blockchain. With the emergence of blockchain technology on the continent, startups are creating a way for new music streaming businesses to grow fast. The integration of this, according to report, has the potential to transform the music industry.
Africa’s music streaming industry was projected to reach $242 million in 2021, with an expected annual growth rate of 16.12% and a projected volume of $439 million by 2025. Also, Africa and the Middle East region increased by 8.4%, mainly driven by the Middle East and North Africa region with 37.8%.
The increase in Africa’s music streaming industry has also seen the evolution of some music platforms that use blockchain. Report has it that, Ujo, an Ethereum based ConsenSys-backed music software, is designed to allow listeners to make direct payments to creators, thus addressing issues such as delay in payments.
Altostream, a blockchain-powered music platform, allows users to pay directly to music creators using blockchain technology. This platform will empower Afrobeats creators, curators, and listeners in Nigeria by utilising a Blockchain payment layer. Leveraging on this will ensure fair value to creators, curators and the entire music industry.
Through crypto smart contracts, Altostream will reward creator, curators, and community members on the platform. Also, the music community can leverage the limitless opportunities of the $ALTO token. It can be used to pay community members for promotional work and encourage them to be creators or curators.
Also, by modernising the rights and royalties process in the music industry, blockchain has the potential to save billions of dollars by ensuring that artists, authors, publishers, and everyone else involved in the music industry is fairly compensated. In the same vein, lost revenue, legal charges, and late payment can be avoided. For this to happen, the industry must work together and have standard practices based on trust in the technology.