Richie

The Web3 music scene just got a little bigger after several major mainstream artists joined the advisory board of the KOR Protocol, an innovative Web3 project aiming to change how artists manage and profit from their work.
On Oct. 31, the network announced that Grammy Award-winning artist Imogen Heap, electronic music giants Deadmau5 and Richie Hawtin, chart-topping duo Disclosure, and the immersive multimedia collective Transmoderna have all joined forces as advisers for KOR Protocol.
<h2 id="strong-the-streaming-dilemma-strong">The streaming dilemma</h2>
Despite the music industry’s steady revenue growth — up to $28.6 billion in 2023 — independent artists, who make up a significant portion of the industry, still struggle to turn a profit.&nbsp;
A survey by Xposure Music reveals that only 11% of independent musicians earn a living solely from their music, with low payout rates and hefty cuts taken by streaming platforms and record labels being a major gripe from artists across genres.&nbsp;
KOR Protocol aims to disrupt this system by offering a decentralized platform powered by blockchain technology and artificial intelligence.&nbsp;
The protocol claims to empower artists by enabling fair compensation, fostering direct fan engagement, facilitating AI-powered interactive experiences and providing transparent IP management.
Moreover, this latest group of mainstream artists joining the board brings together visionaries who believe in a model where artists, rather than intermediaries, benefit directly from their work.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ai-can-compose-good-music-but-humanity-still-holds-the-creative-baton-wcit-2024" rel="" target="_self" text="null" title="https://cointelegraph.com/news/ai-can-compose-good-music-but-humanity-still-holds-the-creative-baton-wcit-2024">AI can compose good music, but humanity still holds the creative baton</a>
<h2 id="strong-star-studded-support-strong">Star-studded support</h2>
One example of the visions brought to the protocol is Heap, who already has a long history of advocating for artists’ rights and innovative uses of technology.&nbsp;
Heap envisions a future where songs are decentralized digital assets, with detailed information available for public use and protection. Her initiatives, like Creative Passport, aim to ensure that artists maintain control over their music metadata, allowing them to generate new revenue opportunities.&nbsp;
For Heap, KOR Protocol aligns with this vision of transparency and fair compensation for artists while creating new possibilities for community-driven engagement.
Disclosure, known for their innovative remixes, are quoted saying they believe KOR can “make the creation and management of music IP transparent, collaborative, and fair.”
Inder Phull, creator of KOR Protocol, said, “Under their expert guidance, KOR Protocol can provide the next generation of entertainment ecosystems for creators and fans alike.”
<blockquote>
 “This visionary team of artists are not only leaders in their fields but are passionate about creating new immersive experiences and fair compensation for artists.”
</blockquote>
AI Eye: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/a-bizarre-cult-is-growing-around-ai-created-memecoin-religions-ai-eye/" rel="null" target="null" text="null" title="null">A bizarre cult is growing around AI-created memecoin ‘religions’</a>

Mainstream musicians pile into Web3 to revolutionize artist rights with blockchain

Table of Contents

Cointelegraph

Other articles published on Oct 31, 2024

BlackRock’s Bitcoin ETF Hits Record $875M Inflow; Are Ethereum ETFs a Flop?

Former FTX executive Nishad Singh receives no prison time in fraud case

Visa and FV Bank Debut New Debit and Expense Cards, Bridging Crypto and Fiat Global Payments

BlackRock wants to replicate Vanguard tax saving strategy

BlackRock’s IBIT Bitcoin ETF Sees Historic $872M Inflows, Surpassing Previous Highs

Bitcoin Surges Past $71,000: What Could be the Possible Reasons?

Join our free newsletter for daily crypto updates!