Power.io: a company that is revolutionizing the music industry – Money

The advent of the internet allowed the music industry to explode for almost a decade through digitization. However, this was also followed by a period of major crisis, largely due to illegal downloading. Today, the figures show that this industry is evolving, in particular thanks to paid streaming. But paradoxically, the artists did not take advantage of this way out of the crisis.

At the beginning of Web 3.0, the music industry will once again see and will have to adapt quickly, with more space given to artists. Indeed, Web 3.0 technology works in a decentralized way thanks to the blockchain. Thus, thanks to smart contracts encoded in the blockchain, anyone can engage with their favorite artist in a few clicks via a collection of NFTs. To illustrate the point, we hear a lot about cryptocurrencies these days and especially Bitcoin, a perfect example of the use of Web 3.0 technology applied to money.

The company Power.io is committed to artists to “give them back control” of their projects and their art. This mission is possible by making funding accessible through their community, rather than through the traditional big labels. This approach is profitable both for the community of fans, as well as for the artist. Fans see themselves contributing to the success of their favorite artists by committing financially to their projects while allowing them to be closer to them. Especially since their commitments will be rewarded: they will receive royalties on their investments, and will have access to exclusive content and events. For the artist, beyond the proximity with his public, it becomes possible to keep his freedom and his authenticity. This independence allows them to keep control of what they like to create and how they want to create it. It is a win-win relationship, where in particular the artist is paid more fairly.

For many artists, collaborating with a label is not always possible, and when it is, there are several disadvantages majors. The most important are extremely limited decision-making power, commission and a reducing contract. Faced with so many constraints, it is not surprising to see artists lose their creativity or feel trapped in their contract.

Unlike its competitors, Power.io has chosen to commit to the brand identity of the artists they support, rather than capitalizing on the music they produce. They offer an intuitive and accessible platform for the purchase and resale of tokens, which are used to promote artists. To develop their visibility and their portfolio of artists, they launched a contest: the “Worldwide Music Contest”, with two bitcoins and the recording and promotion of an album as the key. They are committed to giving back “power to artists” by allowing them to fully develop in their art and retain ownership of their works.