Survey results show that more than two-fifths of eMusic’s customers are ready to spend crypto on the site. This is good for the artists in that they will get more royalties.
The online music store, eMusic, conducted a survey and its results showed that a majority of the users didn’t mind paying with crypto especially to make the artists that contribute to it happier.
65% of those that participated in it said they would surely prefer using crypto so long as artists will be paid more. Some people already pay with crypto on eMusic but the population is not even up to 10%.
A questionnaire was passed to 800 eMusic users to ascertain what they knew about cryptocurrencies.
When they were asked to estimate how much artists are paid for their songs on websites, 4 out of 10 gave much higher amounts than the normal. 87% thought it would be nice to give them a handsome reward but when asked how handsome the reward should be, most said the revenue should be shared 50-50 between the artists and the music store.
In May, the International Federation of the Phonographic Industry reported that music stores got more revenue from music streaming and that it accounted for over $20 billion realized last year. Unfortunately, investigations have revealed that artists don’t even get a commensurate pay from the streaming. According to Soundcharts music news website, Spotify pays only $0.00318 for each stream.
Paying with crypto for increased royalties
EMusic believes that having a decentralized platform will improve efficiency and create a better chance for artists to earn more royalties for their songs.
EMusic has shown that it is a pioneer online music store in several ways. For instance, it was among the first to sell DRM-free music records in MP3. Its staff strength is also quite high at 278 and it makes about $65.7 million yearly.
This is not the first time the use of crypto on online music stores has been raised as a subject for discussion. Independent tech and PR expert Eric Doyle observed that a lot of hands were on deck last year to make this a reality.