AI and Blockchain Revolutionizing the Music Industry, Says CEO of MUSQ Global Music Industry ETF
The year 2023 has been a remarkable one for live music with several iconic tours and the opening of a groundbreaking venue. According to David Schulhof, founder and CEO of the MUSQ Global Music Industry ETF, AI and blockchain are playing a significant role in revolutionizing the industry.
Schulhof expressed no surprise at the attention garnered by Taylor Swift’s Eras tour, Beyoncé’s Renaissance tour, and the opening of Sphere, a new immersive concert and entertainment venue in Las Vegas. He emphasized that people have an undeniable desire for live music and that nothing can replicate the live-music experience.
MUSQ ETF, launched in July, consists of about 50 holdings spanning different aspects of the music industry. One of its top holdings is Sphere Entertainment Co., the owner of the Sphere venue in Las Vegas. The recent opening of the venue with a stunning U2 concert led to a notable increase in Sphere Entertainment’s stock.
The fund also includes other notable companies such as Avid Technology, Dolby Laboratories, Sonos, Live Nation Entertainment, Madison Square Garden Entertainment, Sirius XM Holdings, and CTS Eventim AG & Co.
Schulhof believes that AI and blockchain represent the future of the music industry. He sees AI as revolutionizing creativity and productivity for artists by providing them with tools to create new music for their fans. The use of AI to include John Lennon’s voice on a new song by the Beatles has divided opinions among fans and musicians.
Regarding blockchain, Schulhof highlights its potential for strengthening artist-fan relationships through the use of NFTs (non-fungible tokens). He also emphasizes the ability of blockchain to accelerate payments to artists, eliminating the need for intermediaries.
Although AI and blockchain also pose challenges to the music industry, Schulhof believes that the benefits outweigh the risks. The two major threats posed by AI are piracy and market dilution. However, he remains optimistic about the transformative power of AI and blockchain in the industry.
Blockchain, a decentralized digital ledger of transactions, has gained popularity in recent years and is commonly used as the underlying technology for cryptocurrencies like bitcoin.
In conclusion, Schulhof asserts that AI and blockchain are truly transforming the music industry, providing new opportunities for artists and enhancing the live-music experience for fans.
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Source: Dow Jones Newswires