![]() Now, many musicians are turning to NFTs as a new way to engage with audiences and monetize their music. ![]() The implications here are clear β what has now become the standard means of music distribution is unsustainable (and honestly, borderline unethical) for artists. In an earlier article, we showed how an independent artist on Spotify would need 1 million streams per month to make a liveable wage off their music. With all this convenience offered at a free-to-cheap monthly price, itβs no wonder that DSPs have taken over the music industry, much to the chagrin of musicians. Streaming platforms provide their users access to millions of songs, and make the process of music discovery and sharing easier than ever before. The widespread popularity of DSPs can be attributed to one simple offering β convenience. The majority of people who do pay for music use Digital Service Providers (DSPs) such as Spotify and Tidal β avenues that return little profit to the artists themselves. Modern audiences are used to listening to music for free. One of the biggest challenges faced by musicians in the NFT space is balancing accessibility with effective monetization.
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