The music industry is in a constant state of flux, and the advent of web 3.0 is likely to bring even more changes. For those who are unfamiliar with it, Web 3.0 is the next stage of the internet’s development, where users will have more control over their data and be able to interact with each other directly without going through centralized intermediaries. This is made possible by decentralized technologies such as blockchain and peer-to-peer networking.
One of the key features of Web 3.0 is that it will be much more user-centric than the current web. Users will own their data and will be able to monetize it if they choose to. This could have a big impact on the music industry, which has long been struggling to find a business model that works for both artists and listeners.
What Will Music Streaming Services Look Like?
It’s hard to say exactly how music streaming services will evolve when web 3.0 becomes the norm, but there are a few likely scenarios.
Services could move towards a subscription model, where listeners pay a monthly fee to access all the music they want. This would be similar to the current model used by many streaming services, but with one key difference: the artists would get a much larger share of the revenue. This would be possible because there would be no need to pay middlemen such as record labels or distributors.
Advertised Music to Help Struggling Artists
Another possibility is that music streaming could become more like a traditional radio service, where listeners don’t pay anything but are exposed to advertising. This model has been proposed by some in the industry as a way to support struggling artists. However, it’s not clear how popular it would be with listeners, who are used to having control over what they listen to.
A third possibility is that music streaming services could become completely decentralized, using blockchain technology to create a global database of music that anyone can access. This would allow artists to bypass the traditional music industry altogether and connect directly with their fans.
Finally, it’s also possible that we’ll see a mix of these different models, with some services offering subscription-based access and others relying on advertising or blockchain-based systems. If this happens, it’s likely that the different services will appeal to different segments of the market, depending on their preferences.
The rise of Web 3.0 is likely to have a big impact on the music industry, which has been slow to adapt to the changing digital landscape. It’s possible that we’ll see a more democratic and decentralized music industry emerge, where artists have more control over their careers, and fans have more choice in what they listen to.
However, it’s also possible that the industry will find ways to maintain its current structure, using new technologies to keep listeners locked into existing platforms. Only time will tell how the music industry will change when web 3.0 takes over.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. As the host of the weekly podcast “FULLSPEED,” Eric chats with pioneering entrepreneurs from diverse sectors. Through the “Eric Dalius Foundation,” he offers four scholarships to US students. Stay updated with Eric on Twitter, YouTube, Facebook, LinkedIn, Instagram, and Entrepreneur.com.