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Record music streaming profits highlight how NFTs will empower content creators -Breaking


Report music streaming income spotlight how NFTs will empower content material creators

The music sector hit file revenues at $25.9 billion in 2021, which quantities to an 18.5% development from 2020, in accordance to IFPI’s “World Music Report.” Of those practically $26 billion, streaming drove the majority of the expansion, with a 24.3% enhance relative to 2020. These patterns represent nice information for the rising class of NFT musicians and spotlight the demand for audio and video content material.

Even when the way in which that streaming is completed adjustments — transferring from centralized platforms, like Spotify (NYSE:) to decentralized NFT marketplaces — streaming is right here to remain. The rise in streaming is a part of a broader transformation in media and leisure in the direction of digital content material — print media is rapidly fading. Digital media started changing print media years in the past with profound results on the sector. Economists discover that the transfer towards nationwide digital media is linked with the decline in native newspapers and partially explains the concentrate on nationwide matters and heightened politicization.

Christos A. Makridis is a analysis affiliate at Stanford College and Columbia Enterprise College, and the chief expertise officer and co-founder of Dwelling Opera (NASDAQ:), a multimedia art-tech Web3 startup. He holds doctorates in economics and administration science and engineering from Stanford College.