How blockchain takes the electronic music industry to a whole new level

How blockchain takes the electronic music industry to a whole new level

Blockchain technology is often associated with the finance industry, namely, the usual suspects like traditional finance (TradFi) or decentralized finance (DeFi). However, the technology is industry-agonistic and can transform any sector that relies on data and interactions. One of the industries that could benefit from blockchain adoption is entertainment — specifically the electronic music market.

Challenges facing the electronic music industry
The dance music marked valued at around $10,2 billion in 2022, and boasting a dedicated fan base of hundreds of thousands of people, has long been lacking in terms of providing reciprocal benefits to its passionate supporters. Until now, there has been an absence of a cohesive global community that effectively communicates and derives advantages from the considerable contributions made by these fans to the scene.

Due to the highly fragmented nature of the electronic music industry, numerous clubs, festivals, artists and DJs operate independently and are spread around the globe. The lack of a unified platform and cohesive strategy for sustainable growth can hinder collaborative efforts.