Music artists getting paid in crypto

[uray]

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

The reason could be high volatility and the entertainment industry is not eager to change their ways and complicate things. There are artist like 50Cent and Snoop Dogg who accepted Bitcoin and they have accumulated multiple million dollars worth of cryptocurrencies because they started accepting around 2013, 2014.

[asriloni]

At this point i see no more obstacle for the artist or streaming companies to be paid in crypto. The volatility problem can by pass by use stable coin. So we have meta who announces they will give all of their creators an option to be paid in stable coin(USDC).

So it's pointing out the fact that we're just one step closer to see the more major streaming or social media companies to pay their creators use crypto. It only requires an agreement between companies and stable coin issuer. So when it's done, stable coin integration is just getting even more massive.

[Abiky]

At this point i see no more obstacle for the artist or streaming companies to be paid in crypto. The volatility problem can by pass by use stable coin. So we have meta who announces they will give all of their creators an option to be paid in stable coin(USDC).

So it's pointing out the fact that we're just one step closer to see the more major streaming or social media companies to pay their creators use crypto. It only requires an agreement between companies and stable coin issuer. So when it's done, stable coin integration is just getting even more massive.

The only obstacle would be the regulators. I mean, they're not going to be happy with artists getting paid in crypto without KYC. Even with compliance, they will still complain because crypto often cuts the middleman. No middlemen means a challenging environment to collect taxes and enforce the rule of law. Crypto is decentralized, after all.

Besides, most artists would be skeptical of accepting crypto payments out of volatility alone. They would prefer something stable (in terms of price/value) and easy to use. I'd expect stablecoins to remain the ideal payment method in the music industry forever.

[asriloni]

At this point i see no more obstacle for the artist or streaming companies to be paid in crypto. The volatility problem can by pass by use stable coin. So we have meta who announces they will give all of their creators an option to be paid in stable coin(USDC).

So it's pointing out the fact that we're just one step closer to see the more major streaming or social media companies to pay their creators use crypto. It only requires an agreement between companies and stable coin issuer. So when it's done, stable coin integration is just getting even more massive.

The only obstacle would be the regulators. I mean, they're not going to be happy with artists getting paid in crypto without KYC. Even with compliance, they will still complain because crypto often cuts the middleman. No middlemen means a challenging environment to collect taxes and enforce the rule of law. Crypto is decentralized, after all.

Besides, most artists would be skeptical of accepting crypto payments out of volatility alone. They would prefer something stable (in terms of price/value) and easy to use. I'd expect stablecoins to remain the ideal payment method in the music industry forever.

As far as i know any creators that wanna monetize their content have to verify their identity through doing KYC and AML. So i think KYC ain't gonna be a real problem because it's already done since the creators are deciding to monetize their account.

Beside that i don't think the social media platforms will take the risk by collaborating with non stable crypto company as an option for their payment system. that's why i mentioned stable coin.

[Ruttoshi]

Musicians will want to make use of what everyone has which is Fiat. Artists knows that whomever, is paying them has Fiat and they're cool with it. They wouldn't want to ask for crypto to avoid limiting people from contacting them or make donations to them because it's not everyone that's into crypto currently.

I believe that most musicians have crypto amongst their asset but they wouldn't make it public

[Abiky]

Musicians will want to make use of what everyone has which is Fiat. Artists knows that whomever, is paying them has Fiat and they're cool with it. They wouldn't want to ask for crypto to avoid limiting people from contacting them or make donations to them because it's not everyone that's into crypto currently.

I believe that most musicians have crypto amongst their asset but they wouldn't make it public

It might be unwise for musicians to openly disclose their crypto holdings. Or at least, let the public know they actually hold crypto. To be on the safe side, it's best for a third-party or middleman to collect crypto payments on musicians' behalf. Yet, it's much easier and convenient to accept Fiat payments directly. Stablecoins are an option, but they do require some technical knowledge to be able to use them properly. I mean, stablecoins work the same way as crypto when it comes to sending/receiving payments. The only problem is that stablecoins aren't backed by the government. You'd have to trust the company (issuer) of the stablecoin doesn't go bankrupt or fails to maintain its peg.

Both crypto and stablecoins are still in their infancy, so maybe things will change in the future. For now, Fiat remains "King" for payments or donations sent to musicians.