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Revolutionizing the Music Industry: The Potential of Music NFTs
Introduction Music NFTs have the potential to drive widespread adoption of NFTs, especially in the music industry. In 2022, the global music industry generated $26.2 billion in revenue, with streaming accounting for 67% of total revenue, followed by physical sales at 17.5%, performance rights at 9.4%, digital downloads at 3.6%, and syncs at 2.4%. However, artists and content creators only receive a mere 12% of the total revenue, according to a recent report by Citi. The problem lies in the co...
Revolutionizing the Music Industry: The Potential of Music NFTs
Introduction Music NFTs have the potential to drive widespread adoption of NFTs, especially in the music industry. In 2022, the global music industry generated $26.2 billion in revenue, with streaming accounting for 67% of total revenue, followed by physical sales at 17.5%, performance rights at 9.4%, digital downloads at 3.6%, and syncs at 2.4%. However, artists and content creators only receive a mere 12% of the total revenue, according to a recent report by Citi. The problem lies in the co...
