Joe Rogan's Spotify controversy emboldens musicians to take control of their intellectual property

Recently musicians have been pulling their music from Spotify. They think that the JoeRogan podcast promotes misinformation on covid 19. I have no opinion about that either way but I am happy to see musicians taking control of their intellectual property. Think about this, before streaming platforms came along, artists were able to negotiate their royalties for each spin their record got. Spotify promised a global audience but in exchange for access the artist would have to accept a minuscule cut of what they used to get from a song. With this model, it takes 1 million streams to earn $4,366. Who negotiated that? Nobody, this model was forced on the music industry and everyone went along with it because of a fear of missing out on a global audience. Artist have been getting a bad deal from these streaming services and I think the Joe Rogan controversy is an opportunity for them to renegotiate the terms of their agreement. I think this moment in time represents the harbinger of the death for platforms overall and the shift to web3 decentralized ownership. Think about it, we have the NFT boom where .jpegs are selling for millions of dollars. Musicians could be seeing this shift in the value of intellectual property as an opportunity to renegotiate their revenue stream. Web3 platforms can take advantage of this shift in the overall market and start to drain some of web2’s market share. I mean, Neil Young’s music has to stream somewhere right? Well let’s give him a better deal. Follow Medallion on our journey to secure intellectual property rights on the blockchain.
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