Music Industry — a Blockchain Model for Other Verticals
The following thoughts are based on results from BlockchainExpo Europe.
I recently had the pleasure to curate a panel at BlockchainExpo Europe in Berlin. The panel gave insights into the status of Blockchain in music industry. Due to the diversity of perspectives, it fueled a lively discussion. I hope it is possible to continue it as a series of Blockchain panels and workshops for the entertainment industries. One-off panels are great but the topic needs continuity, and BlockchainExpo is the matching frame. Content industry, as a matter of fact, can provide a template, a Blockchain model for other industries.
BlockchainExpo is a unique conference with a cross-industry focus on the Blockchain concept. The global conference series aims at more than discussing the implementation and opportunities of Blockchain. The conference also focuses on how verticals can adopt the concept that is still new. This is the perfect environment where coders, customers, and strategists can meet.
Requirements for a Blockchain Model in music industry are higher than in other verticals. Click To Tweet
The music panel represented just one industry amongst lots of others. It rather stuck out as a niche market between logistics, finance and more. Despite its exotic touch, there are several reasons for increased attention towards this very niche in Blockchain:
- Compared to verticals like financial, energy, and government, music industry is a market that is by far less critical and therefore more suitable for studies.
- Approaches for Blockchain projects in music go beyond a scope that is narrow at first sight only. Music business has an immediate impact on the entire entertainment and content industry. Besides that, there are strong parallels with Intellectual Property (IP) based markets in general. This includes life cycle management and workflow around patents which by nature are essential to most industries.
- Entertainment and media industry are nested with a large number of other markets. Some examples are marketing and online services. But the same applies to automotive, software and computer industry, or telcos. All of which undeniably have a much more significant turnover than the music business.
- Nevertheless, the complexity of transactions, ownership, processing, monetization and distribution in content industries and intellectual property is incredibly challenging. Actually, it is more complex than common products and services.
The threshold for acceptance of a Blockchain Model in music is challenging but balanced. Click To Tweet
But, the music business in particular is also very sensitive. The awareness of potentially disruptive changes as a result of technology is high. On the one hand, the Napster phenomenon has led to a nervous fear to miss out on another technological opportunity. Yet, on the other hand, there still is a tendency to be highly sceptical.
The result is a dilemma between “we must do it” hype and angst-ridden “don’t change it” blocking. The good thing is, there’s a balance between a healthy drive for progress and a cautious control of details.
No matter how small, no matter how “niche” it is — it is important to pay attention to the Blockchain debate in music. If one can come up with a hands-on and reasonable Blockchain solution for content licensing, he will succeed. But, the solution ultimately has to be based on stakeholders’ requirements. The result, in architecture and workflow modeling, could be a Blockchain model for other industries. It can be a Blockchain model for verticals that are less complex yet more critical, and that are more significant in turnover.
Like Sinatra sang: “If I can make it there, I’ll make it anywhere.”
We need far more constructive criticism in Blockchain discussions to achieve useful solutions. Click To Tweet
This exactly is why we need more discussions, including a cross-industry exchange. We need discussions and workshops in Blockchain that enable constructive criticism. It’s necessary to dig deeper. A look at selected proofs of concept only is not sufficient.
That’s why I’m looking forward to BlockchainExpo in Santa Clara.