Rock and Roll Hall of Fame drummer Matt Sorum, formerly of Guns N’ Roses and Velvet Revolver, is lending his name and experience to a new crypto funding project, Artbit, in an effort to eliminate the age-old middle-person between artists and consumers.
Rock and Roll Hall of Fame drummer Matt Sorum explains, “My interest is in cutting the middleman. That’s been something on artists’ minds for years. There’s all these people you got to pay along the way. With blockchain, imagine if
you bought a song online for 99 cents and that money was automatically distributed straight to all the contributors—the producer, all the writers of that song. With this technology, the money can go into everybody’s wallets automatically, it doesn’t go into a bank account where somebody’s making all that money and interest,” he told Yahoo Finance.
It might be difficult to understand how much has changed in such a small period of time for the music industry. For most of pop music’s history, distribution has largely been based on government licensed radio stations. A cartel arose, similar to the taxi industry, as coveted licenses were purchased, and in tandem a label industry emerged alongside. The two worked hand-in-hand through payola to essentially make contrived markets.