How NFTs Are Set to Disrupt the Music Industry
NFTs (non-fungible tokens) have exploded in popularity over the last few months, driving millions of dollars in sales throughout the art community, with many brands and personalities in the entertainment and music industries also getting in on the action.
There have been some mind-boggling numbers reported in the music industry, with electronic musician 3LAU selling just shy of $12 million in NFTs and Ozuna releasing an NFT collection that generated just shy of a million dollars.
While the numbers mentioned above are impressive, there is a much larger opportunity in the music industry thanks to NFTs, giving artists a new way to generate revenue, interact with fans and release music. To fully understand the potential here, one must first have a good understanding of what NFTs are.
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Technology takes lead!
The best place to record is in a [walk-in] closet,” says KJ Singh in the midst of this discussion, highlighting how the music industry was caught scrambling to comprehend technology during the pandemic. The advent of digital synthesisers, he says, was among the early factors that changed the course of music-making. “We no longer had to have all artistes gather at the same time to record a song. Early influences of the synthesizers can be seen in the works of RD Burman, and it became clear that listeners were enjoying those tunes. Technology made it easy to replicate acoustic sounds.
He admits that it was only during the pandemic that the worth of technology became fully evident. “Those on the fence needed to upgrade themselves, else they’d be isolated.
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IPRS partners with Muserk to collect online Mechanical and Performing Rights
The Indian Performing Right Society Limited (IPRS) has announced its partnership with Muserk, the technology-driven global music rights administrator to collect online Mechanical and Performing Rights.
“We are happy to be working with Muserk as they have proved to be the leader in both the industry and the Southeast Asian region. We know our members are in good hands,” said Rakesh Nigam, CEO IPRS.