The Impact of Digital Innovation and Blockchain on the Music Industry

Abstract

Analogous to the emergence of the internet, the introduction of blockchain technology augurs disruptive change to the music industry. Though in its infancy, the technology presents interesting policy issues related to registering and monetizing intellectual property, policing piracy, and creating and executing more flexible contracts between and among members in the music supply chain, among others. This paper assesses the ability of the distributed ledger technology to steer the industry toward a distributed model and its potential to drastically alter the entire music supply chain. It initiates a conversation about policy implications and how policymakers might address the issues related to adopting blockchain technology, including designing policies that support an environment that enables the well-deserved compensation of artists.