In an article by the Financial Times, Spotify seems to be expanding its Web3 presence.
Two job ads posted by the company, one for an engineer and a manager who each specializes in Web3, appeared on job search boards. This is Spotify’s first meaningful solo foray into the space. The applications of this tech probably became too obvious for the streaming platform to ignore.
The platform has had the blockchain on its radar for a while now. Back in 2019, when Spotify was helping Facebook with their failed Diem project, Spotify’s CEO said:
“a service like Spotify . . . to be able to pay artists directly”
in reference to the applications of blockchain and cryptocurrency in music streaming.
What Does Blockchain Music Streaming Look Like?
The applications of not only NFTs but blockchain technology in the music industry are happening right now. Platforms like:
are leveraging blockchain technology to change the way we consume music. These platforms use the peer-to-peer nature of the blockchain to improve the streaming experience for all parties.
Audius leverages the blockchain to cut out the middle-man in the streaming industry. Specifically, Audius does not take a cut of the streaming revenue. All traditional streaming platforms manage the library of music uploaded, and therefore manage the streaming revenue. On Audius, the artists have complete ownership over the music uploaded. From there, 90% of the streaming revenue goes to the artists. The other 10% goes to stakers who support the network.
Emanate takes this a step even further. Their Play-To-Earn model rewards users as well. Not only do artists receive their fair share, but users also receive rewards. Listening to new music, curating popular playlists and referral rewards are a few ways users can earn $EMT.
With very little info available on Spotify’s foray into the space available at the moment, we can only make predictions. But, it’s probably safe to say they will follow a similar model to these other platforms. If not, eventually artists and users alike will flock to sites that offer them a better UX.
$AUDIO and $EMT Performance
Audius’ $AUDIO token has performed quite well over the last little while, according to CoinGecko. Over the last two weeks, the token has risen 31% and 38% over the last week. On the other side, $EMT has also seen some steady growth. The last two weeks have been fruitful for $EMT holders, with a 24% increase in price. Currently, the token sits at $0.017, up 33% over the last 30D. It seems as if these music streaming tokens are starting to pick up steam!
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