It has always been challenging for musicians to be fairly remunerated for their craft in the $15 billion music industry, which sees record labels, music vendors, and publishers receiving the lion share of artists’ royalty payments. While a successful artist could live comfortably on royalties towards the end of the 1990’s, the Internet rapidly reshaped the landscape of music, with file-sharing services such as Limewire, amongst other factors, eating into album sales and revenues.
However, through recent developments in the blockchain industry, artists will soon be able to be remunerated directly and have complete control over their creative content, reining in the porous nature of the Internet with respect to the music industry. That is the vision of New York-based blockchain start-up Ujo Music.
Ujo Music was founded in 2015, by entrepreneur Phil Barry to tackle two