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2020-07-23

Crypto and Music Industry

A survey conducted by eMusic's pioneering digital music store showed that most of their users were open to paying crypto if it would allow artists to earn more.

The survey revealed that 65% of eMusic's customers would use crypto if it was possible for the above mentioned reasons. It is worth noting that only 8% of the respondents have used Bitcoin (BTC) or another crypto in the past.

The survey data revealed that 40% of music listeners overestimate the amount of licence fees that artists receive when buying or streaming their music. 87% believed that a "fair share" for artists would be a higher amount, with a 50% split being the most popular response.

A report released in May by the International Federation of the Phonographic Industry showed that music streaming increased music revenue to over $20 billion in 2019. Nevertheless, an analysis conducted by the music news website, Soundcharts, estimates that artists receive only $0.00318 per stream on Spotify.