Music artists getting paid in crypto

[Abiky]

If crypto is practically mainstream, how come there aren't any popular music artists (Taylor Swift, Kid Rock, etc.) accepting crypto for donations? Or music streaming platforms accepting crypto payments? Using crypto for music would be a big deal. Putting aside volatility issues, of course. Because if that's the main reason why many are avoiding crypto, payment processors these days can convert crypto to Fiat "on the fly".

Do you think popular music artists or streaming platforms will adopt crypto soon? If not, why? What's the major "obstacle"?

Your input would be greatly appreciated. Thanks.

[JeffBrad12]

In the US youtube is allowing PYUSD payout for any youtube creator including musician : https://bitbo.io/news/youtube-crypto-payouts-pyusd/.

Technically the music artists are getting paid in crypto and its already happening to limited region like in the US. The adoption is already here.

[passwordnow]

Do you think popular music artists or streaming platforms will adopt crypto soon? If not, why? What's the major "obstacle"?

Your input would be greatly appreciated. Thanks.

I think that they'd do, and AFAIK, there's one artist that got paid with Bitcoin for his album and that's a lot of album. I can't remember if that was 50cent. It's said that he's received 700 bitcoin on 2014. If he hasn't sold any of it for the past decade then that surely have grown so much. And that's why with his success recipient of that deal, made him a lot of money which could inspire other music artists to accept the same offer if someone offers them with that kind of deal.

[Stalker22]

Im afraid the primary issue is utility.  For mainstream musicians, using crypto to receive payment for their music solves a problem that they dont have at the moment.  Mainly, they currently have access to receiving stable and usable cash payments for their music, and until cryptocurrency can provide musicians with another means to generate revenue or access to a fan base they do not have access to now, artists will not accept these payments.

The “obstacle” with artists using crypto to receive payment is not technological (as you pointed out, BitPay and many other processors exist) - the issue instead is strictly related to that risk to reward ratio.  An A-list artist would only see a minute amount of additional revenue, since they would receive funds from a limited, niche portion of their market, while also creating a huge amount of risk for themselves related to the legal implications of accepting bitcoin, the endless number of hours to create a proper accounting process for every one of the thousands of micro-donations, and the potential of being associated with the illegal activit should they accidentally receive an illegal crypto currency payment from a "dirty wallet."

[Abiky]

In the US youtube is allowing PYUSD payout for any youtube creator including musician : https://bitbo.io/news/youtube-crypto-payouts-pyusd/.

Technically the music artists are getting paid in crypto and its already happening to limited region like in the US. The adoption is already here.

That's just a traditional stablecoin. Not any different from Fiat. I'm talking about cryptos such as Bitcoin and Ethereum. Like a platform or service where any musician can just accept donations or sell their music in exchange for crypto. It can be either centralized or decentralized. Would you imagine popular artists accepting crypto? It would surely boost mainstream adoption. Especially if it goes "public" (spread by mainstream media).

Stablecoins, although more practical than crypto, are utterly-centralized. Based on their design, it's likely musicians and/or artists need to comply with KYC to begin accepting payments. With crypto, that's not the case. Of course, that depends on the platform serving as the payment gateway. So far, there are no recognized music artists getting paid in crypto. This might change in the future, though. We'll see what happens...

[bitbollo]

There are many different options for getting paid in crypto and even old coins launched in 2017-2020 for this kind of activity.
All failed miserably.
Unless they are artists not already linked with big labels they would never care to get paid in crypto.
In general I would see as a very few really interested to spend directly crypto (or even artist just doesn't really care).

50cent has been the best on this field (at least on public) / I would mention Aphex Twin as probably bitcoin lover too.

In italy there was an entire song that has been registered inside blockchain/ordinal by a musician
https://medium.com/@violettazironimusic/how-i-inscribed-a-full-length-song-on-btc-ordinals-10-years-to-eternity-dc4af4475e57

[Alonso_]

In the US youtube is allowing PYUSD payout for any youtube creator including musician : https://bitbo.io/news/youtube-crypto-payouts-pyusd/.

Technically the music artists are getting paid in crypto and its already happening to limited region like in the US. The adoption is already here.

I think it’s a good development, because I know that the adoption of musicians being paid im cryptocurrency is a good development for people who are profiting from it.

I think soon we would have a situation where majority of the internet remote workers would probably be paid through cryptocurrency.

Like what you have mentioned, there are people who are paid through cryptocurrency in the YouTube and it’s basically for US citizens, I would like a condition it’s also extended to Europe, Africa and Asia..

[dansus021]

I do believe that artists would be fine if they get paid in the form of stablecoin, Oh oh world tour should be paid in stablecoin or other form cryptocurrency I mean service like VPS, VPN and other now started accept crypto as payment even tho not by default but with this could open new community in my opinion.

Donation in any kind, should accept crypto aswell since people donate could be in any form not just fiat.

[Abiky]

There are many different options for getting paid in crypto and even old coins launched in 2017-2020 for this kind of activity.
All failed miserably.
Unless they are artists not already linked with big labels they would never care to get paid in crypto.
In general I would see as a very few really interested to spend directly crypto (or even artist just doesn't really care).

50cent has been the best on this field (at least on public) / I would mention Aphex Twin as probably bitcoin lover too.

In italy there was an entire song that has been registered inside blockchain/ordinal by a musician
https://medium.com/@violettazironimusic/how-i-inscribed-a-full-length-song-on-btc-ordinals-10-years-to-eternity-dc4af4475e57

That's the thing. There are many crypto projects with innovative ideas, but they fail due to poor execution/planning. The mainstream world is not ready yet to use crypto massively as an alternative to Fiat for day-to-day payments. Everybody is focused on crypto as a means to build wealth. Which is why, Fiat is still considered "King" when it comes to payments, charities, and/or donations of any kind.

Honestly, a popular artist such as 50cent endorsing Bitcoin should be more than enough to help boost its adoption worldwide. While prices are rising, this is only the result of increased institutional demand. There are a lot of retail investors who aren't in the "game" yet. It could be either scaling or volatility issues. Same goes for altcoins. This is still the beginning, so I'm hopeful things will improve in the future.

[Dunamisx]

If crypto is practically mainstream, how come there aren't any popular music artists (Taylor Swift, Kid Rock, etc.) accepting crypto for donations? Or music streaming platforms accepting crypto payments? Using crypto for music would be a big deal. Putting aside volatility issues, of course. Because if that's the main reason why many are avoiding crypto, payment processors these days can convert crypto to Fiat "on the fly".

Do you think popular music artists or streaming platforms will adopt crypto soon? If not, why? What's the major "obstacle"?

Your input would be greatly appreciated. Thanks.

Maybe we should take it one step at a time because we are also getting there soon, even though I want to believe that some have already been accepting in this manner, but it may seem not to be popular or commonly heard as expected, but the time is coming when the whole crypto industry will turn to be a major mainstream to payment and acceptance for any form of transaction, we shouldn't limit such to the music industry alone, but including fashion, health and political structures will all accept crypto without a second thought when we get there.

[Odusko]

If crypto is practically mainstream, how come there aren't any popular music artists (Taylor Swift, Kid Rock, etc.) accepting crypto for donations? Or music streaming platforms accepting crypto payments? Using crypto for music would be a big deal. Putting aside volatility issues, of course. Because if that's the main reason why many are avoiding crypto, payment processors these days can convert crypto to Fiat "on the fly".

Do you think popular music artists or streaming platforms will adopt crypto soon? If not, why? What's the major "obstacle"?

Your input would be greatly appreciated. Thanks.

The problem with artists not accepting cryptocurrency payments for music rewards and concept payments is with adoption generally and not because of infrastructure to make cryptocurrency payments for artists or streaming platforms paying royalty's in cryptocurrency, music is not a one one business we have other stake holders that make music fly outside the musicians and the rewards are shared based on their percentages, e.g, music promoters, DJ, producers and managers all this requires money sharing that could have legal battles later for that reason, artist won't want to use a complicated currency like cryptocurrency for the music transactions.

[JeffBrad12]

That's just a traditional stablecoin. Not any different from Fiat. I'm talking about cryptos such as Bitcoin and Ethereum. Like a platform or service where any musician can just accept donations or sell their music in exchange for crypto. It can be either centralized or decentralized. Would you imagine popular artists accepting crypto? It would surely boost mainstream adoption. Especially if it goes "public" (spread by mainstream media).

Stablecoins, although more practical than crypto, are utterly-centralized. Based on their design, it's likely musicians and/or artists need to comply with KYC to begin accepting payments. With crypto, that's not the case. Of course, that depends on the platform serving as the payment gateway. So far, there are no recognized music artists getting paid in crypto. This might change in the future, though. We'll see what happens...

If it's about accepting donation, I think they should put their crypto addresses into their bio. You don't need to pay intermediary fee by using the platform.
Moreover, if you accepted PYUSD from youtube payout. You could easily swap it to bitcoin or any other crypto that you wanted. Feels like very practical way to get paid in crypto to me.
I could understand the train of thought behind youtube decision to use PYUSD instead of bitcoin, because they are paying musicians in USD and bitcoin is volatile.

[o48o]

Im afraid the primary issue is utility.  For mainstream musicians, using crypto to receive payment for their music solves a problem that they dont have at the moment.  Mainly, they currently have access to receiving stable and usable cash payments for their music, and until cryptocurrency can provide musicians with another means to generate revenue or access to a fan base they do not have access to now, artists will not accept these payments.

The “obstacle” with artists using crypto to receive payment is not technological (as you pointed out, BitPay and many other processors exist) - the issue instead is strictly related to that risk to reward ratio.  An A-list artist would only see a minute amount of additional revenue, since they would receive funds from a limited, niche portion of their market, while also creating a huge amount of risk for themselves related to the legal implications of accepting bitcoin, the endless number of hours to create a proper accounting process for every one of the thousands of micro-donations, and the potential of being associated with the illegal activit should they accidentally receive an illegal crypto currency payment from a "dirty wallet."

When artists (or any retail sale) uses third party crypto payment service, they aren't really getting crypto donations, but donations that third party first dumps to market and gives fiat money to the person that donation was for.

Getting direct donations can lead to doing even more difficult taxes, that musicians notoriously aren't very good with anyway, as most of them don't really have business oriented background. And if they have accountants, those might not be familiar with them either.

[Abiky]

If it's about accepting donation, I think they should put their crypto addresses into their bio. You don't need to pay intermediary fee by using the platform.
Moreover, if you accepted PYUSD from youtube payout. You could easily swap it to bitcoin or any other crypto that you wanted. Feels like very practical way to get paid in crypto to me.
I could understand the train of thought behind youtube decision to use PYUSD instead of bitcoin, because they are paying musicians in USD and bitcoin is volatile.

That's the real problem. Volatility. Yet, payment processors convert crypto (either BTC or alts) to Fiat "on the fly". So it would be no excuse for YouTube to avoid crypto payments in their entirety. Since stablecoins are just like Fiat, the advantages/benefits of crypto are lost.

I think artists would accept crypto donations or payments directly, if they actually knew how to use it. I mean, crypto does have a slight learning curve. Finding music artists who really accept or support crypto, is like finding a "needle in a haystack". At least, popularity for crypto in the music industry is growing. Who knows how will adoption improve in the future?

[Jostern]

If crypto is practically mainstream, how come there aren't any popular music artists (Taylor Swift, Kid Rock, etc.) accepting crypto for donations? Or music streaming platforms accepting crypto payments? Using crypto for music would be a big deal. Putting aside volatility issues, of course. Because if that's the main reason why many are avoiding crypto, payment processors these days can convert crypto to Fiat "on the fly".

Do you think popular music artists or streaming platforms will adopt crypto soon? If not, why? What's the major "obstacle"?

Your input would be greatly appreciated. Thanks.

The problem with artists not accepting cryptocurrency payments for music rewards and concept payments is with adoption generally and not because of infrastructure to make cryptocurrency payments for artists or streaming platforms paying royalty's in cryptocurrency, music is not a one one business we have other stake holders that make music fly outside the musicians and the rewards are shared based on their percentages, e.g, music promoters, DJ, producers and managers all this requires money sharing that could have legal battles later for that reason, artist won't want to use a complicated currency like cryptocurrency for the music transactions.

Most of this celebrities would probably not want to accept cryptocurrency payments, but now that we know that the world is changing and when the world is changing, there are new innovations that are coming into place, and people would tend to believe that new technologies could also help in paving ways for accepting cryptocurrencies payment, but I still believe that most of the online payments are done in dollar, and this celebrities would mostly accept payments in dollar, but if I should speak about myself considering that I’m a celebrity I would most likely accept bitcoin payments, and I heard there are celebrities accepting bitcoin payments now I don’t really know how true that is right now.

[Odusko]

Most of this celebrities would probably not want to accept cryptocurrency payments, but now that we know that the world is changing and when the world is changing, there are new innovations that are coming into place, and people would tend to believe that new technologies could also help in paving ways for accepting cryptocurrencies payment, but I still believe that most of the online payments are done in dollar, and this celebrities would mostly accept payments in dollar, but if I should speak about myself considering that I’m a celebrity I would most likely accept bitcoin payments, and I heard there are celebrities accepting bitcoin payments now I don’t really know how true that is right now.

The well good number of those celebrities that are accepting cryptocurrency payments like Bitcoin are doing so because f the alternative advantage that comes with Bitcoin as payments, this is most likely the Bitcoin payment can be the most extreme alternative if not the US dollars Will be the main payment option.

[JeffBrad12]

That's the real problem. Volatility. Yet, payment processors convert crypto (either BTC or alts) to Fiat "on the fly". So it would be no excuse for YouTube to avoid crypto payments in their entirety. Since stablecoins are just like Fiat, the advantages/benefits of crypto are lost.

I think artists would accept crypto donations or payments directly, if they actually knew how to use it. I mean, crypto does have a slight learning curve. Finding music artists who really accept or support crypto, is like finding a "needle in a haystack". At least, popularity for crypto in the music industry is growing. Who knows how will adoption improve in the future?

The problem about artist accepting crypto donation but unable to use it could be solved easily with agentic wallet, but everyone still ironing out the kinks, need sometime before it become accessible.
Recently meta has also rolled out crypto payment for their creator, we're one step closer to bitcoin adoption but it won't happen until these companies are getting used to handling crypto payment in stablecoin.

[Abiky]

The well good number of those celebrities that are accepting cryptocurrency payments like Bitcoin are doing so because f the alternative advantage that comes with Bitcoin as payments, this is most likely the Bitcoin payment can be the most extreme alternative if not the US dollars Will be the main payment option.

Most artists will accept stablecoin payments out of convenience. I mean, Bitcoin is extremely-volatile. If it goes down overnight, many artists will lose a lot of money. Stablecoins, although centralized, offer the stability of Fiat (often the USD) with the security/reliability of crypto. They're much better than standard credit/debit card payments through a centralized payment processor (eg: PayPal). Altcoins are even worse than Bitcoin, so we should expect adoption in this area to remain low for the forsseable future. Unless, the crypto market stabilizes to a point where volatility is no longer a concern.

There's also the risk of governments cracking down on crypto payments. Especially if it's a government with an "anti-crypto" agenda. Many artists/musicians prefer to deal directly with Fiat payments out of fear. At least, popularity for crypto is growing at a slow and steady pace. The future is unpredictable, so I'd hope for the best.