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Author Topic: Bitcoins: Digital dagger in the heart of the entertainment industry?  (Read 594 times)
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July 16, 2011, 01:13:13 AM

I used to lurk the forums but then I thought this up and joined..

Until now it was extremely difficult for artists (in any form, be it music, games, the written word, etc) to get their material to people, and thus gain acclaim and wealth.
With the advent of the interwebs artists can now pretty easily post their work and receive acclaim, but the acquisition of wealth in this manner is still difficult!
Bitcoins can change all of this! It becomes extremely easy to donate to your favorite artists with no fees, and without signing up for an account (e.g. paypal).

As bitcoins become a major currency, artists will have no reason to go through a third party to advertise, produce and distribute their wares.

Ergo, entertainment industries will become obsolete, and everybody will be better for it (besides the fat cats of course).

Now, this may not be viable for large artistic projects, such as movies, expansive games or physical artwork..

Additionally it requires people to not be leeches, but this is somewhat solved by the knowledge that without support the artist will have no reason to continue producing sweet sweet stuff.

The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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July 22, 2011, 04:48:12 AM

Its a great idea.  However i dont think it will substantially increase revenues for the music industry as a whole.  The entertainment industry has been getting away with pricing murder over the last 50 years or so, and the industry will never return to those days. Artists will nowdays make more money off of performances (as they should IMO).

Bitcoin can remove the intermediaries between artists and the consumer, which would help artists earn a better living, which I am all for.  I just dont think bitcoin will result in more music sales in itself.

There will still be also need for promotional expenditures to reach a large market of consumers. I dont think we've seen an internet only artist really get the attention needed for "pop star" status, without the help of promotions (Tay Zonday stay out of this!) in order to generate large revenues. Perhaps peoples tastes are just too diverse. (another good thing!).

just my .02 btc
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