The future of music

Beatport.io hosts music professionals to a discussion about Web3 music

November 21, 2023
Beatport
Source: Leonardo AI

Highlights

  • Beatport.io hosted the “Digital Resonance” panel at Gateway Korea.
  • The panel session presented by Beatport.io explored the deep influence of web3 on the music sector.

The scoop

To add to the growing conversation around Web3 Music, Beatport.io hosted the “Digital Resonance” panel at Gateway Korea, which had a fantastic cadre of speakers speaking from different angles of the global music industry. 

Web3 encapsulates the rise of decentralized music platforms that operate without an intermediary. These music platforms guarantee that musicians retain complete control over their work, that royalties are distributed fairly, and that the music transcends the physical boundaries of their community to reach a global audience.

Musical talents blossom when there is financial support, and many times, this is found in the hands of traditional labels infamous for their crooked management of funds earned by musical artists. History is fecund with record label clashes, and artists without the grit to forge on are forgotten, and the focus leans on a new set of artists who are oblivious of the bile in the global music industry. The traditional music industry landscape is fraught, and beneath the elegance frolicking in the media rounds is the stifling hardship of the industry.

Splendid music concerts have been held on web3 courtesy of the amazing work done by some web3 platforms. In 2022, the Bored Ape Yacht Club (BAYC) hosted an annual event that brought legendary musicians like The Roots, LCD Soundsystem, Haim, Lil Baby, Lil Wayne, and others to perform.

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To usher in a fresh breath, Web3 provides amazing music platforms with well-built dynamics for artists’ struggles at the hands of traditional labels. Regarding royalties, artists can have their heads high with pride because web3 music platforms ensure they are appropriately compensated. 

The panel session presented by Beatport.io explored the deep influence of web3 on the music sector. The speakers dropped salient takes on the responsive methods artists can explore to increase their audience via web3 and traverse the growth-impeding intermediaries. This conversation emphasized the importance of supporters who support diversity in the web3 space and the worth of many viewpoints.

Beatport launched a Web3 music platform

It is no surprise that Beatport.io hosted some of the top music professionals to a roundtable discussion about the unavoidable role of web3 in the global music industry. 

In collaboration with the blockchain network Polkadot, Beatport appeared in the web3 ecosystem by launching a brand-new electronic music platform and marketplace for digital collectibles. 

Beatport.io epitomizes what the speakers emphasized at the roundtable discussion with its interactive, fluid, and personalized interface, which has deepened artists’ connection with their craft, audience, and business.  

Ed Hill, Senior Vice President of Beatport Media Group, spoke about the launch,

“The electronic music community has always been at the forefront of cultural shifts and their early embrace of Web3 and all the promise it offers is no different… Polkadot’s open and interoperable ecosystem enables us to seamlessly tap into Web3 and celebrate electronic music by connecting fans with their favourite artists in unique and powerful new ways.”

Tobi’s angle

The future of music is Web3. Web3’s overwhelming might is causing Web2 to fade and lose its appeal. Web3 platforms for music are what knowledgeable outlets and music professionals focus on. In the end, musicians will enjoy a timeless sense of ease in the music business, fans will be enthralled, and music professionals will have longevity. 

Other amazing web3 music platforms making a mark include Audius, Emanate, Tamago, OPUS, and BitSong. For the records, Audius provides extra perks to artists. Artists get AUDIO tokens if their songs rank as one of the top 5 weekly trending tracks, top 5 trending tracks, top 5 trending playlists, etc. It achieved over 5.3 milliseconds. From 2.9 million unique users in January 2021 to over 5.3 million users in July 2021, it experienced a significant increase. 

Tobi Opeyemi Amure

Tobi started as a crypto writer in 2017 and became a key crypto news editor and SEO specialist at Watcher Guru in 2021, significantly boosting their traffic. He enjoys Afrobeats, R&B, and Soul music in his spare time.

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