30s Summary

The music industry is increasingly embracing Web3 technologies like blockchain and non-fungible tokens (NFTs) to transform music consumption. Co-founder of SongBits, Dave Stewart, emphasises that live concerts play a crucial role in merging this cutting-edge tech with fan engagement. SongBits not only provides music, but also uses Web3 for charitable causes and enables fans to buy a share of a song. Stewart envisions a future where Web3 platforms and traditional music industry practices coexist and enhance the experience for artists and fans.

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Music has always been a playground for new tech – it’s not just about strumming a guitar or hitting a drum any more. These days, tech companies are getting in on the action, developing cool new ways for us to listen to and interact with our favorite songs and artists.

Recently, the biggest buzz in the biz has been all about Web3. This new generation of internet technologies includes things like blockchain (yep, the same tech that powers Bitcoin) and something called non-fungible tokens (or NFTs). Tech startups are using these tools to change how we connect with the music and musicians we love.

Don’t worry, this isn’t just a passing trend. In fact, the future of music could see even more use of Web3 for making and sharing tunes. But even with all the tech, one thing remains: the thrill of live music.

Musician Dave Stewart (you might know him from the pop duo The Eurythmics), co-founder of the music platform SongBits, believes that live concerts are the critical link between these cutting-edge Web3 technologies and real engagement with fans.

For music platforms like SongBits, live performances don’t just bring in more users – they’re central to the whole game plan. “We’re not just an online platform,” Stewart says, pointing out that the tech is just a means to an end. At the end of the day, it’s the music, the artists and the fans that matter most.

And SongBits doesn’t stop at music – they’re also using Web3 for good causes, with all sales and donations going straight to charity. Turns out, blockchain isn’t just for finance buffs – it can also make sure your money gets where it’s supposed to go, a quality assurance that Stewart hopes will put fans’ minds at ease knowing their support really makes a difference.

Web3 tech also opens up new ways for fans to get involved – like buying a share of a song, with the money going to a good cause. “When fans contribute, they’re not just helping out – they’re becoming part of a shared story, deepening their connection to the music they love,” says Stewart.

So what’s next for music? According to Stewart, we’re heading for a mix of the traditional and the new. He sees a future where Web3 platforms exist alongside regular music industry practices. The challenge, he says, will be to get these different sides to complement each other to provide the best possible experiences for the artists and fans.