Blockchain: Disruptive technology and its effects within the music industry
In 2009, Satoshi Nakomoto, an anonymous software developer released BitCoin as an open source, decentralised, peer-to-peer payment system that quickly become a compelling idea for future economic models (‘Bitcoin Wiki’ 2016). Since the digitalization of the music industry there has been extensive research into modern business models and practices, such as we-think, subscription based services and Kusek’s Blanket Fees, (Vaccaro, Cohn 2011). This essay will analyse major record labels and their struggle to succeed against ever changing disruptors and a market that is changing its consumption habits and its social attitude towards music.