This lead makes it easy to put off change, yet more complicated to embrace it. DSP, Disrupt ThyselfĭSPs own the current digital music market and all of the listeners in it. The industry, so loath to grapple with derivative works like remixes, needs to change its view of licensing and copyright completely. This means new business models for labels, when primary copyright claims are waived to let a community create derivative works and build the long-term value of the community and brand of the artist. Web3 communities want to create to earn, similar to gaming’s play-to-earn model. Part of the answer to this is licensing, more specifically a Web3-friendly licensing framework, one that accommodates approaches like CC0.
They’ll need a different frame of mind and new tools the question will no longer be “how do we sell this?” but “how do we grow an artist community?” Labels need to undergo a serious cultural shift to thrive in Web3. it’s the same thing labels have always done, the same way they’ve always monetized. Web3 marketplaces are simply a new distribution channel. Labels appear to be applying their legacy market-oriented model to Web3, doing deals with NFT marketplaces, for example. Web3 is about incentives translated into new tokenized business models, like listen-to-earn.
Swifty tech series#
They see it as a series of distribution channels that need to be monetized. They see the market in a way that’s challenging to harmonize with Web3. However, they have never been good at building community. It is a call for realism about what music companies and streaming platforms need to do to be strong partners in this emerging Web3 world, since they are unlikely to call the shots.ĭespite many decentralization maximalists’ dreams of a direct artist-to-fan connection ending the need for all intermediaries, labels will still exist and have important roles to play. Music companies have a lot to learn to reach the same level of expertise and engagement perfectly tuned to thrive in Web3.
Swifty tech how to#
They know how to sell in-game digital collectibles and virtual goods and fire up virtual economies.
Game companies also know how to create digital characters and avatars that gain cultural resonance with these communities. Game companies already know how to do community for many of the most popular games, gameplay is secondary for players, who join to meet friends and talk to others. (AI generated music is already in development for gameplay.) “Active” is a big part of interactive, and active communities are more important than scale in web3. This smattering of recent examples shows how far game companies have already gone toward the immersive, interactive, virtual world where music will be a part-an important part, but just a part - of the experience.
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