WEBVTT - Decentralizing the Music Industry 0:00:02.759 --> 0:00:06.600 I'm Stacy Marie Ishmael, Managing editor of Crypto for Bloomberg Views. 0:00:06.600 --> 0:00:09.840 And this is Bloomberg Crypto, a daily Bloomberg I Heart podcast. 0:00:10.160 --> 0:00:18.720 It's Thursday, July. Earlier this year, the pop music duo 0:00:18.760 --> 0:00:21.920 are known as The Chain Smokers released five thousand non 0:00:21.960 --> 0:00:25.720 fungible tokens to fans for free. These n f t 0:00:25.880 --> 0:00:28.160 s gave fans a one percent cut of the streaming 0:00:28.240 --> 0:00:31.200 royalties from their latest album, as well as prior as 0:00:31.240 --> 0:00:34.919 the access to concert tickets and free merchandise. The Chain 0:00:35.000 --> 0:00:37.800 Smokers might not be the first musicians to experiments with 0:00:37.840 --> 0:00:40.479 crypto n f t s or the blockchain, and it's 0:00:40.520 --> 0:00:43.959 unlikely they'll be the last. What are artists and musicians 0:00:44.000 --> 0:00:46.200 like the Chain Smokers hoping to achieve with these moves 0:00:46.560 --> 0:00:49.760 and how are fans responding? In this episode, you'll hear 0:00:49.800 --> 0:00:53.559 from Bloomberg Reports A Hannah Miller and from Justin Blom, 0:00:53.600 --> 0:00:58.240 the CEO of Royal, a decentralized music startup. What if 0:00:58.440 --> 0:01:01.840 the public could actually owns in their favorite artist music. 0:01:02.160 --> 0:01:04.520 My DJ name is Blow, which is also my last name. 0:01:09.800 --> 0:01:25.720 Than Yeah, that's Justin Blow a K A three law 0:01:26.160 --> 0:01:29.520 a K. The CEO of Royal Royals the Stars up. 0:01:29.520 --> 0:01:32.360 That's trying to give fans more access and more investment 0:01:32.360 --> 0:01:35.840 opportunities in the bats they love. His company partnered with 0:01:35.840 --> 0:01:38.120 the chain Smokers to give their fans a stake in 0:01:38.160 --> 0:01:41.120 their success, they say, by creating and offering up n 0:01:41.160 --> 0:01:43.640 f T s that allow that share of streaming ownership. 0:01:43.959 --> 0:01:48.400 Justin joins me now, Justin, thank you so much for 0:01:48.480 --> 0:01:51.800 joining us today. Awesome, thank you for having me. Can 0:01:51.800 --> 0:01:54.120 you tell me a little bit more about the history 0:01:54.120 --> 0:01:58.400 of Royal Yeah, absolutely so. I was really interested in 0:01:58.400 --> 0:02:01.880 the intersection of crypto music about for the past eight 0:02:01.960 --> 0:02:04.720 years now, and I've been experimenting with lots of different things. 0:02:04.880 --> 0:02:07.080 Did some of my first early n f T experiments 0:02:07.360 --> 0:02:12.040 in and Royal is kind of just the amalgam of 0:02:12.120 --> 0:02:14.560 different manifestations that I've that I've thought about over the 0:02:14.560 --> 0:02:18.560 past call it eight years, um in ways to disintermediate 0:02:18.639 --> 0:02:22.160 music and give artists more power, give fans financial upside 0:02:22.160 --> 0:02:25.280 in an artist success. Now, when you say this intermediate music, 0:02:25.360 --> 0:02:28.320 what exactly do you mean. I think a lot of 0:02:28.320 --> 0:02:32.400 people are stuck in the illusion that music doesn't make money. 0:02:32.480 --> 0:02:34.960 You've seen that in the media, narrative quite often um 0:02:35.000 --> 0:02:37.320 when in reality music generates quite a bit of money, 0:02:37.400 --> 0:02:41.760 especially on streaming, which makes about of all recorded music income. 0:02:42.280 --> 0:02:44.280 It's just the people who are capturing that income are 0:02:44.320 --> 0:02:47.480 our institutions and the institutions that have owned rights over 0:02:47.560 --> 0:02:49.480 years and years and years and years of time, decades 0:02:49.520 --> 0:02:51.520 of time. So what we think about it, Royal is 0:02:51.520 --> 0:02:53.160 what what if the world was a bit different? What 0:02:53.240 --> 0:02:56.360 if the public could actually own rights in their favorite 0:02:56.440 --> 0:02:59.720 artist music, so that you have a combination of labels 0:02:59.800 --> 0:03:04.920 art and fans co owning songs that they love. So 0:03:05.480 --> 0:03:07.360 when I hear you say the folks who have been 0:03:07.360 --> 0:03:11.440 benefiting are like the big institutions Spotify share crisis tanked 0:03:11.600 --> 0:03:14.960 over the last year. They're facing stiff competition from Apple 0:03:15.080 --> 0:03:18.720 Music is the world's most valuable company, pivots more aggressively 0:03:18.840 --> 0:03:22.799 towards kind of the ecosystem of services. But look for Spotify, 0:03:22.960 --> 0:03:26.040 the most important asset is artists. So if we see 0:03:26.080 --> 0:03:28.520 more complaints coming forward, that could be a major problem 0:03:28.560 --> 0:03:32.040 for the streaming service. But what about the musicians themselves, Like, 0:03:32.080 --> 0:03:34.960 how does Royal help the musicians or does Royal help 0:03:34.960 --> 0:03:38.600 the musicians in that kind of framework? Absolutely I think 0:03:38.600 --> 0:03:41.120 the most important way Royal helps musicians, and this is 0:03:41.200 --> 0:03:43.400 kind of, you know, leaning a little bit into my 0:03:43.440 --> 0:03:47.800 background as a musician, is that with blockchains and immutable, 0:03:47.840 --> 0:03:51.680 transparent data, any artists can actually see who owns their 0:03:51.680 --> 0:03:55.480 tokens and interact with those particular people. In the regular 0:03:55.520 --> 0:03:59.440 world with Spotify and with you know ticket you know Ticketmaster, 0:03:59.480 --> 0:04:02.720 all these different services, artists don't actually participate in any 0:04:02.760 --> 0:04:05.640 of the data collection that they helped generate. So for 0:04:05.880 --> 0:04:08.680 music specifically, I might have done over a billion streams, 0:04:09.000 --> 0:04:11.880 I have no idea who my top listeners are. For ticketing, 0:04:12.200 --> 0:04:14.240 you know, I might have sold over millions of tickets 0:04:14.280 --> 0:04:16.360 in my career, and I have no idea who those 0:04:16.360 --> 0:04:18.520 people are. I don't have the data. So what's really 0:04:18.560 --> 0:04:21.520 interesting about block chains is for for tokens, artists can 0:04:21.560 --> 0:04:25.400 actually identify their audiences and communicate with them in a 0:04:25.440 --> 0:04:31.560 way more efficient way. I want to pick up on 0:04:31.600 --> 0:04:34.599 something you said. They're about transparency. I don't know of 0:04:34.640 --> 0:04:37.279 anyone who would ever describe the music industry is like 0:04:37.279 --> 0:04:42.360 a paragon of transparency or probably not, you know, clarity 0:04:42.400 --> 0:04:45.680 about how things work. What has been the reception of 0:04:45.720 --> 0:04:50.359 this fairly radical idea. Um, you know, with folks that 0:04:50.360 --> 0:04:53.960 you've been working with and talking to, you know, we're 0:04:54.040 --> 0:04:56.960 lucky that it's been so insanely positive, both but both 0:04:57.000 --> 0:04:59.880 on the kind of artist side and the existing the 0:05:00.000 --> 0:05:03.040 existing industry player side. I think everybody's really excited about 0:05:03.040 --> 0:05:06.160 the technology and they're curious how it might benefit their 0:05:06.400 --> 0:05:09.599 their incentives and their ends. Um. Realistically, right, having a 0:05:09.640 --> 0:05:14.680 more transparent, immutable data structure for music is probably good 0:05:14.720 --> 0:05:17.080 for all parties, right, And so the world is just 0:05:17.160 --> 0:05:19.520 kind of beginning to explore how it might apply to 0:05:19.560 --> 0:05:22.640 their specific niche of music. And you know, while Royal 0:05:22.640 --> 0:05:25.719 does focus specifically on artists, we believe in a future 0:05:25.760 --> 0:05:29.520 world where people could co own all types of IP. Now, 0:05:30.000 --> 0:05:33.359 in this potential future world where you know, there's multiple 0:05:33.360 --> 0:05:36.600 different models, Different people could be owners, people could be producers, 0:05:36.640 --> 0:05:38.640 and you know that more traditional but of course also 0:05:38.720 --> 0:05:44.320 forward looking sense of the term. This perhaps assumes that 0:05:44.920 --> 0:05:47.600 n f t s as an element of crypto, like 0:05:47.880 --> 0:05:49.840 have legs, right, that people are going to continue to 0:05:49.880 --> 0:05:52.520 be interested in this. We are talking right now in 0:05:52.520 --> 0:05:54.000 a period when you know, n f t s have 0:05:54.040 --> 0:05:57.080 had a bit of a challenging run, much like pretty 0:05:57.120 --> 0:06:00.320 much every other asset class in crypto. Once read hot 0:06:00.640 --> 0:06:02.680 n f T s are now cooling off a bit. 0:06:03.000 --> 0:06:07.560 The secondary market for the majority of people's paintings today 0:06:08.040 --> 0:06:13.880 is down from the peak, as is most an f 0:06:13.960 --> 0:06:16.640 T art. What is it about the model that you're 0:06:16.680 --> 0:06:22.800 proposing that works despite other pressures in the market, or 0:06:22.880 --> 0:06:26.279 does this work despite other propos in the market. That's great, Absolutely, 0:06:26.320 --> 0:06:29.279 that's a that's a wonderful question. I think at Royal 0:06:29.360 --> 0:06:32.440 we've we've never really considered ourselves an n f T platform. 0:06:32.480 --> 0:06:35.920 We consider ourselves a platform that enables anyone to invest 0:06:35.960 --> 0:06:38.480 in music, and we just so happened to use crypto 0:06:38.560 --> 0:06:40.800 rails to make that possible. We just so happened to 0:06:40.880 --> 0:06:44.400 use the technology behind non lungerible tokens to make that possible, 0:06:44.440 --> 0:06:48.000 because it actually becomes more efficient, um for payouts, for transparency, 0:06:48.040 --> 0:06:50.440 for all the other kind of reasons that we've we've 0:06:50.440 --> 0:06:53.719 briefly touched on in the past. I think that you 0:06:53.760 --> 0:06:57.840 know the concept, no matter what you apply crypto too, 0:06:57.960 --> 0:07:00.760 it has to solve the real world problem. UM. A 0:07:00.800 --> 0:07:03.719 lot of people kind of leverage the technology and talk 0:07:03.800 --> 0:07:06.280 about it in the sense of, you know, whether it's 0:07:06.279 --> 0:07:09.760 investable or not UM. Even even aboard ape right, which 0:07:09.800 --> 0:07:11.520 is arguably one of the most well known type of 0:07:11.600 --> 0:07:14.280 n f T s UM, the image itself is not 0:07:14.320 --> 0:07:16.480 the n f T right, So there's this giant misconception. 0:07:16.880 --> 0:07:18.000 What is the n f T, What the n f 0:07:18.040 --> 0:07:20.960 T is a certificate of authenticity? And why are certificates 0:07:20.960 --> 0:07:24.760 of authenticity valuable UM for tons of reasons, right, So 0:07:24.880 --> 0:07:27.280 the underlying technology isn't going anywhere. I think that we 0:07:27.320 --> 0:07:29.600 we've all established that. I think that some of the 0:07:29.680 --> 0:07:33.080 brands and the most recognizable projects will ebb and flow 0:07:33.120 --> 0:07:36.360 at the times UM. But the most powerful aspect of 0:07:36.400 --> 0:07:40.640 it is again the ability to you know, authenticate ownership 0:07:40.880 --> 0:07:43.360 of digital types of assets. And that's something that we 0:07:43.440 --> 0:07:45.280 really haven't seen in the past that we're going to 0:07:45.360 --> 0:07:52.000 see a lot of development in the future, you know, 0:07:52.040 --> 0:07:56.600 when you talk about authenticity, verification, validation. We've had episodes 0:07:56.640 --> 0:07:59.560 where we interviewed Nicola Julia, who's the CEO of so 0:07:59.760 --> 0:08:02.320 rare Are, which you know provides like this kind of 0:08:02.320 --> 0:08:06.360 service but for fans of fantasy sports UM and sports 0:08:06.360 --> 0:08:09.920 based on real teams. We have talked about, you know, 0:08:09.960 --> 0:08:12.840 situations in which n f T s give people access 0:08:12.840 --> 0:08:15.520 to real world experiences, and that's also something that in 0:08:15.560 --> 0:08:18.560 the chain Smoker's concept um you'll provide it right where 0:08:18.600 --> 0:08:20.800 It's like, the owners of these tokens, and there were 0:08:20.800 --> 0:08:24.480 five thousand of them, didn't only get access to streaming revenue, 0:08:24.520 --> 0:08:28.360 they got tangible other non financial benefits. Can you talk 0:08:28.360 --> 0:08:30.440 a little bit more about those. Yeah, I think the 0:08:30.480 --> 0:08:32.800 beauty of tokens is once they exist on a blockchain, 0:08:33.000 --> 0:08:35.760 the issuer, whether that's an artist or a team, can 0:08:35.840 --> 0:08:38.680 kind of provide whatever benefits they want to. UM. The 0:08:38.679 --> 0:08:41.640 beauty of cryptos that it's composable, it's you know, the 0:08:41.760 --> 0:08:44.400 architecture of it enables anyone to build on top of it. 0:08:44.440 --> 0:08:47.760 So you could even be another artist and still engage 0:08:47.760 --> 0:08:50.040 the chain smokers fans by looking at all the wallet 0:08:50.080 --> 0:08:53.480 addresses that have interacted with the actual chain smoker token 0:08:53.520 --> 0:08:56.000 set right, so there's it's all transparent. You can see 0:08:56.040 --> 0:09:00.400 everyone who owns it. Um. The non anonymity of chowner 0:09:00.720 --> 0:09:02.679 is up to the owner, right, Like they can choose 0:09:02.720 --> 0:09:05.760 to you know, identify themselves on the Internet, or they 0:09:05.760 --> 0:09:08.880 can choose to remain anonymous. But the beauty of tokens 0:09:08.880 --> 0:09:11.360 in general is that Once they exist, they're not going 0:09:11.400 --> 0:09:14.160 anywhere and anyone can interact with them. So the idea 0:09:14.280 --> 0:09:17.080 of you know, creating real world utility, whether that's tickets 0:09:17.240 --> 0:09:21.640 or other types of social engagement, extras, exclusive content, you know, 0:09:21.679 --> 0:09:24.920 we're really just seeing the beginning of that development as well. Um. 0:09:24.960 --> 0:09:27.360 You know, fan clubs in the past haven't always been 0:09:28.120 --> 0:09:32.040 the most successful model for achieving you know, additional value 0:09:32.040 --> 0:09:34.040 for an artist, or for a team or for a musician. 0:09:34.440 --> 0:09:37.320 And when you begin to wrap your head around when 0:09:37.360 --> 0:09:40.000 when when the public begins to wrap it's head around 0:09:40.080 --> 0:09:42.959 this concept of co ownership, the incentives are aligned in 0:09:43.200 --> 0:09:46.720 such a stronger way. At the beginning, you said, you 0:09:46.760 --> 0:09:49.120 know that there's this really popular misconception that there's no 0:09:49.160 --> 0:09:52.000 money in music. What's another misconception that you're trying to 0:09:52.000 --> 0:09:56.679 address with Royal Interesting, Yeah, I mean I think another 0:09:56.720 --> 0:09:59.360 misconception is maybe more along the lines of like what 0:09:59.400 --> 0:10:02.480 the technology is capable of? Um at Royal were we 0:10:02.559 --> 0:10:05.160 try to be realistic in that, you know, the tech 0:10:05.240 --> 0:10:07.079 is still developing and there are a lot of challenges 0:10:07.080 --> 0:10:11.040 as we go. Um, so we we really attempt to 0:10:11.720 --> 0:10:13.520 make it as easy as possible for a user to 0:10:13.559 --> 0:10:16.880 get engaged. People have the misconception that crypto is really 0:10:16.880 --> 0:10:19.680 hard and difficult, and you know, it's easy to get hacked, 0:10:19.840 --> 0:10:22.640 things could be a scam, etcetera. You know, we've heard 0:10:22.679 --> 0:10:24.959 that over and over again in the media and at Royal. 0:10:25.000 --> 0:10:27.840 What we do is quite simple. We keep it very familiar, 0:10:28.000 --> 0:10:29.600 so you can log in with an email and password, 0:10:29.640 --> 0:10:31.120 and you can pay with a credit card, and we 0:10:31.160 --> 0:10:33.040 do that in order to show people how easy it 0:10:33.080 --> 0:10:35.640 is to get engaged in the crypto ecosystem without even 0:10:35.640 --> 0:10:37.600 knowing that it's crypto. So I would say those are 0:10:37.600 --> 0:10:41.199 the two big conceptions that we challenge. The last question, 0:10:41.200 --> 0:10:44.440 what's your DJ name? My DJ name is blow, which 0:10:44.480 --> 0:10:46.480 is also my last name. There's a three in in 0:10:46.520 --> 0:10:49.440 my DJ name. I was in college and that was 0:10:49.600 --> 0:10:54.880 we all did that. It was the whole thing. Oh yeah, excellent. Well, 0:10:54.880 --> 0:10:57.000 thank you so much for joining us. Really appreciate you 0:10:57.040 --> 0:11:01.280 taking the time. Thank you. Next up, Bloomberg reporter Hannah 0:11:01.280 --> 0:11:03.200 Miller joins me for a look at how n f 0:11:03.240 --> 0:11:16.240 T s are reshaping the relationship between artists and their fans. So, 0:11:16.640 --> 0:11:20.439 what exactly are artists like the Chain Smokers and platforms 0:11:20.480 --> 0:11:23.280 like Royal hoping to achieve by giving fans a piece 0:11:23.320 --> 0:11:26.640 of ownership in the band's success, and how are fans responding. 0:11:27.360 --> 0:11:29.640 Joining me now for more on this is Bloomberg reporter 0:11:29.760 --> 0:11:34.000 Hannah Miller. Hannah, you are back. Welcome. Always great to 0:11:34.040 --> 0:11:36.880 have you on the pod. Hi, thanks for having me today. 0:11:36.880 --> 0:11:38.600 We're going to talk about n f T s, which 0:11:38.800 --> 0:11:40.280 you know, I feel like we talked about n f 0:11:40.320 --> 0:11:42.560 T s a lot, and specifically, what I want to 0:11:42.600 --> 0:11:45.120 hear from you is about the story that you wrote 0:11:45.120 --> 0:11:48.160 about the Chain Smokers. Now, I confess I had not 0:11:48.240 --> 0:11:50.840 exactly listened to any of their music before I read 0:11:50.840 --> 0:11:52.960 your story, so I had to go and study up 0:11:52.960 --> 0:11:55.760 before we recorded this episode. But now that I have, 0:11:55.920 --> 0:11:58.199 and clearly you have, what is it that the Chain 0:11:58.240 --> 0:12:01.880 Smokers have been up to in the block chain space? Yeah, well, 0:12:01.920 --> 0:12:05.400 they released a new album called so Far, So Good, 0:12:05.600 --> 0:12:09.679 and basically this album was connected to an n f 0:12:09.720 --> 0:12:12.760 T where if you own this n f T held 0:12:12.800 --> 0:12:16.520 this n f T, you would get a very small 0:12:16.559 --> 0:12:21.680 sliver of the audio streaming royalties from the album, which 0:12:21.679 --> 0:12:25.000 was pretty cool. And it was not really that surprising 0:12:25.040 --> 0:12:27.200 that it was the Chain Smokers doing this, because they 0:12:27.240 --> 0:12:30.360 are totally into crypto. They're totally into web three. They 0:12:30.400 --> 0:12:33.400 actually have a venture fund called Mantis that has made 0:12:33.440 --> 0:12:35.720 some pretty big investments in the space, you know, some 0:12:35.760 --> 0:12:39.360 really notable names like Moon Pay, Magic, eden Um. So 0:12:39.480 --> 0:12:41.560 it kind of just fits overall that they would do 0:12:41.640 --> 0:12:45.080 something like this with their new album fascinating. I mean, 0:12:45.320 --> 0:12:47.760 I'm very interested in the ways in which crypto when 0:12:47.840 --> 0:12:50.839 venture capital and music and musicians and dj is, even 0:12:50.880 --> 0:12:54.040 if those musicians are cover bands emerging into what sounds 0:12:54.080 --> 0:12:57.320 like one conversation in the reporting of that story and 0:12:57.360 --> 0:13:00.440 others that you've done, what do you think are some 0:13:00.559 --> 0:13:03.760 of the trends that are causing all of these factors 0:13:03.800 --> 0:13:09.440 to converge. Yeah, I think people are constantly looking for 0:13:09.760 --> 0:13:15.080 sort of mainstream use cases for crypto, and when it 0:13:15.120 --> 0:13:16.920 comes to n f t s, like it's pretty easy 0:13:17.000 --> 0:13:19.559 to see, you know, fun things that you can use 0:13:19.600 --> 0:13:23.160 them for, whether it's art, collectibles, gaming, things like that, 0:13:23.400 --> 0:13:26.280 and they really do fall into the category of music. 0:13:26.360 --> 0:13:30.160 So we've seen multiple projects try to define what a 0:13:30.240 --> 0:13:33.439 music n f T is. Like, there's some decentralized music 0:13:33.520 --> 0:13:37.480 streaming platforms. There's platforms like Royal, which is the one 0:13:37.480 --> 0:13:40.160 that helped make the n f t tied to royalties 0:13:40.200 --> 0:13:42.920 that the Chain Smokers released. Um, you know, there are 0:13:42.920 --> 0:13:44.880 all these different projects that are kind of trying to 0:13:44.960 --> 0:13:48.400 figure out how can we best use crypto, blockchain, n 0:13:48.440 --> 0:13:51.599 f t S with music And is all of this 0:13:51.760 --> 0:13:55.200 coming from the musicians, is it coming from venture capital 0:13:55.520 --> 0:13:59.080 is it coming from those platforms you mentioned? Like what's 0:13:59.120 --> 0:14:03.800 the direction of all this innovation? Yeah, it's a total mix. Um, 0:14:03.800 --> 0:14:07.040 we've seen some pretty big names get really excited um 0:14:07.080 --> 0:14:10.520 about music, n f t S, music and blockchain. I'm 0:14:10.520 --> 0:14:14.319 thinking here like Snoop Dogg, Steve Aoki. Um, these are 0:14:14.360 --> 0:14:18.199 people who have you know, created their own platforms or 0:14:18.520 --> 0:14:21.480 have argued for the importance of music n f t S. 0:14:21.800 --> 0:14:24.320 And then you have venture capitalists jumping on board as well, 0:14:24.360 --> 0:14:26.800 who are willing to pour a lot of money into 0:14:26.800 --> 0:14:31.120 these projects. They're willing to, you know, really back something 0:14:31.200 --> 0:14:34.240 that we're kind of still figuring out what exactly the 0:14:34.240 --> 0:14:38.320 best use for blockchain is in music. So a couple 0:14:38.360 --> 0:14:41.320 of last things before you go. When we think about blockchain, 0:14:41.440 --> 0:14:43.280 when we think about crypto, when we think about n 0:14:43.320 --> 0:14:46.920 f t S, something we've also discussed is this this 0:14:47.000 --> 0:14:51.440 tension between centralization and decentralization right where on the one hand, 0:14:51.440 --> 0:14:53.400 you've got these theories that are about we're not going 0:14:53.440 --> 0:14:57.720 to have centralized control manifest in this space, but actually 0:14:57.880 --> 0:15:01.720 what you see instead is specific company specific platform, specific 0:15:01.760 --> 0:15:04.800 venture capitalists that are very centralized and do have a 0:15:04.800 --> 0:15:08.280 lot of power. Are you seeing anything, especially in music 0:15:08.480 --> 0:15:11.400 and music and f t s that is looking more 0:15:11.440 --> 0:15:15.000 like something decentralized or are we still really dealing with 0:15:15.040 --> 0:15:18.280 concentration here. Yeah, Well, part of why artists are seizing 0:15:18.400 --> 0:15:21.760 a pond blockchain in the music space is because they 0:15:21.760 --> 0:15:25.800 want to take back control of their art their music 0:15:26.160 --> 0:15:29.520 away from the music industry itself. The music industry takes 0:15:29.560 --> 0:15:33.440 a huge cut of artists streaming revenue, so something like 0:15:33.480 --> 0:15:38.640 a decentralized music platform would in theory allow an artist 0:15:38.760 --> 0:15:41.280 to have a more direct relationship with their fans. So 0:15:41.360 --> 0:15:43.120 that's like a lot of the push here that they're 0:15:43.600 --> 0:15:47.120 sort of decentralizing in the sense that they're moving away 0:15:47.160 --> 0:15:50.080 from the control of huge music companies and it's more 0:15:50.120 --> 0:15:55.320 direct between artists and you know fan, Okay, I'm a 0:15:55.320 --> 0:15:58.520 fun or if I were a fun and I like 0:15:58.600 --> 0:16:02.680 the chain smokas the chains more cause has a decentralized platform. Maybe. 0:16:02.720 --> 0:16:05.240 I'm also a fan of the Winklevy cover band. They 0:16:05.280 --> 0:16:08.320 have a decentralized platform. I want to listen to Snoop, 0:16:08.360 --> 0:16:11.400 He's on a different decentralized platform. How is that not 0:16:11.480 --> 0:16:14.480 annoying for me as a fan having to do all 0:16:14.520 --> 0:16:18.040 of these work to listen to them. Yeah, because we're 0:16:18.080 --> 0:16:20.240 still trying to figure out which is going to be 0:16:20.280 --> 0:16:24.520 the biggest decentralized music streaming platform. There are some names 0:16:24.520 --> 0:16:27.840 out there like Audious is one. I think it's pretty interesting, 0:16:28.240 --> 0:16:31.320 but yeah, it's gonna be quite the battle to get 0:16:31.360 --> 0:16:36.360 people to consolidate on one platform and also to actually 0:16:36.400 --> 0:16:38.800 get artists on board with blockchain. While you have people 0:16:38.800 --> 0:16:41.400 like Snoop Dogg and Steve Aoki really cheering this on 0:16:41.800 --> 0:16:44.080 crypto and blockchain n f t S, there's still scary 0:16:44.120 --> 0:16:46.680 concepts to a lot of people. Crypto is still a 0:16:46.800 --> 0:16:50.040 very complex thing that a music artist might not even 0:16:50.080 --> 0:16:52.760 want to get into. So it's gonna be I think, 0:16:52.800 --> 0:16:55.280 an uphill battle to try and get people to come 0:16:55.320 --> 0:16:59.360 over and really embrace this technology. Thank you, Hannah. You 0:16:59.400 --> 0:17:01.760 can find more of Hannah's reporting on the Bloomberg terminal 0:17:02.000 --> 0:17:05.479 on Bloomberg dot com and on Twitter. She's at h 0:17:05.640 --> 0:17:10.760 G Miller nine. On the next episode of Bloomberg Crypto, 0:17:10.960 --> 0:17:13.320 you'll hear from two of our Crypto editors for our 0:17:13.400 --> 0:17:17.080 Editors Roundtable tomorrow. I'll be joined by Anna Errera in 0:17:17.119 --> 0:17:20.680 London and Philip lager Kransa in Zurich. We'll talk through 0:17:20.720 --> 0:17:23.960 this week's highs lows, the biggest stories of the week, 0:17:24.160 --> 0:17:30.800 and answer any questions folks have sent in. I'm Stacy 0:17:30.880 --> 0:17:34.400 Marie Ishmael and this is Bloomberg Crypto, a daily podcast 0:17:34.400 --> 0:17:37.360 from Bloomberg and I Heart Radio. For more shows from 0:17:37.359 --> 0:17:40.800 I Heart Radio, visit the I Heart Radio app, Apple Podcasts, 0:17:40.920 --> 0:17:44.240 or wherever you get your podcasts. Email your questions, comments 0:17:44.320 --> 0:17:47.200 or suggestions for the show to Crypto at Bloomberg dot 0:17:47.200 --> 0:17:51.800 net and you'll find us on Twitter at Crypto. The 0:17:51.880 --> 0:17:55.119 supervising producer of Bloomberg Crypto is Vicky very Galina. Our 0:17:55.160 --> 0:17:58.720 senior producer is Janet Babin. Our producer is Mohammed Peru. 0:17:59.160 --> 0:18:03.160 Our producer is Sharon Barriro. Our associate producers of Zanam Sidehi, 0:18:03.280 --> 0:18:06.439 Thaie Butler and Moses and um Desta wonder At is 0:18:06.440 --> 0:18:10.600 our engineer original music by Leo Sidron. Special thanks to 0:18:10.680 --> 0:18:13.040 Justin Blow for his track Worst Case