The transition of royalty payments into the blockchain should empower artists in the music industry by increasing their bargaining power for asking higher payouts, claims a study that blockchain-based digital music platform, OPUS has shared with Cointelegraph.

According to OPUS' study, given the novelty of introducing blockchain to the digital music streaming services market, they see great potential growth.

The blockchain-based platform says that artists may be attracted to decentralized platforms because of the potential for relatively higher earnings, compared to conventional platforms.

OPUS believes that a shift to tokenized royalties would too diversify personal portfolios of artists.

In recent years, the research observed a "substantial" increase in the cashflows payable on the grounds of royalty-related contracts in the amusement and media industries.

Regions with a growing interest in blockchain solutions in the industry

Fees for the utilize of intellectual belongings increased at an annual rate of 8.99% in 2022 and 5.81% in 2022.

The report predicts that blockchain's office in the music industry will exist particularly notable in emerging economies such as China, Brazil, Bharat and Russia, despite the dominance of mainstream platforms such equally Spotify, Apple, Amazon and Google.

The Asian giant is the one that stands out the almost, as its royalty payments quadrupled between 2022 and 2022.

Another country of involvement is Venezuela, equally OPUS states that there is a growing adoption past blockchain technology.

Instruction as a key cistron to raise awareness

Withal, OPUS claims that the open up-source decentralized music platforms of the hereafter should non just focus on increasing the musicians' final share in the royalties, just also brainwash them on applicable aspects of financial literacy.

The report adds that new platforms will have room to grow:

"Equally this market is currently dominated by a few large players, there is a significant room for new platforms to change the mode and amount of royalties distributed to private musicians, podcast producers, and all other artists. In particular, the Blockchain is here to modify the condition quo."

In 2022, Cointelegraph reported several utilize cases of blockchain applied in the music industry such every bit the global media behemothic Warner Music. Warner announced that they would start creating digital tokens using a public blockchain backed by the creator of CryptoKitties.