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Do artists perceive blockchain as a new revenue opportunity? A social representation study of the Korean music industry

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  • Yujun Park

    (School of Media & Communication, Korea University)

  • Seongcheol Kim

    (School of Media & Communication, Korea University)

Abstract

Although blockchain has often been perceived as a game-changer that can revolutionize the music industry, it also retains possible challenges regarding the practicality of such innovative adoption. This study seeks to construe the realistic thoughts raised by artists regarding the new revenue opportunities arising from the adoption of blockchain in the Korean music industry. This involves the disintermediation of the obsolete music royalty distribution system and a new revenue channel from the Non-fungible Token market. Based on social representation theory and interviews with Korean artists, this study found ambivalent perceptions towards the adoption of blockchain in the music industry - hoping for new possibilities while also perceiving the impracticality of such innovation. Indeed, it may be too good to be true for artists who have observed the local domain with little change regardless of their continuous cries for help. After thorough discussion, the study provides key implications to induce sound settlement of an innovative technology.

Suggested Citation

  • Yujun Park & Seongcheol Kim, 2024. "Do artists perceive blockchain as a new revenue opportunity? A social representation study of the Korean music industry," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-11, December.
    • Handle: RePEc:pal:palcom:v:11:y:2024:i:1:d:10.1057_s41599-024-02657-7
    DOI: 10.1057/s41599-024-02657-7
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    References listed on IDEAS

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    1. Luiz Antonio Joia & Juliana Aparecida Pinto Vieira, 2021. "Going beyond Cryptocurrencies: The Social Representation of Blockchain," Sustainability, MDPI, vol. 13(24), pages 1-18, December.
    2. Sitonio, Camila & Nucciarelli, Alberto, 2018. "The Impact of Blockchain on the Music Industry," 29th European Regional ITS Conference, Trento 2018 184968, International Telecommunications Society (ITS).
    3. Luis Aguiar & Joel Waldfogel, 2021. "Platforms, Power, and Promotion: Evidence from Spotify Playlists," Journal of Industrial Economics, Wiley Blackwell, vol. 69(3), pages 653-691, September.
    4. Suzanne D Pawlowski & Evgeny A Kaganer & John J Cater, 2007. "Focusing the research agenda on burnout in IT: social representations of burnout in the profession," European Journal of Information Systems, Taylor & Francis Journals, vol. 16(5), pages 612-627, October.
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