Music services are actively entering a new era, more and more platforms accept crypto for payment, and music blockchain projects and tokens appear. More and more music platforms realize that accepting crypto as a subscription payment option is profitable, secure, and highly effective. We invite you to find out exactly how crypto subscriptions can boost your service.
Key points:
- Cryptocurrency is actively being introduced into the music sphere.
- Crypto subscriptions allow you to eliminate intermediaries, reduce costs, and ensure trusting relationships.
- NOWPayments allows music platforms to accept crypto subscriptions in a matter of clicks.
Crypto and music services
The music world is gradually becoming adherents of cryptocurrencies and blockchain technology in general. To date, the NFTs audio sector is actively developing; moreover, music blockchain platforms are successfully functioning. For example, there is an Audius platform on the market, aiming to become the best replacement for Spotify. Blockchain technology, digital assets, and non-fungible tokens can bring to the world of music the very democratization, accessibility, and security that traditional services cannot offer.
Such popular music services as Spotify, Apple Music, SoundCloud, and others provide their customers with only traditional payment methods: credit or debit card, PayPal, and others. But these payment methods can be called outdated and limiting. Crypto payments, in turn, are gaining more and more popularity due to several undeniable advantages that they provide.
Reasons to allow crypto subscriptions
Expand the boundaries of your service
Cryptocurrency is the most borderless payment method that exists today. For cryptocurrencies, it does not matter from which part of the world the payment is made, whether it is Africa, Iran, or India. Thus, by accepting crypto payments, music services can significantly expand the reach of their services, which not only positively affects the service itself but also solves the problem of inequality. PayPal, for example, does not provide its services on the territory of Iran, Iraq, the Central African Republic, and some other countries. Thus, residents of these countries can use crypto subscriptions to access high-quality music.
Solve the unauthorized payments issue
When users are unexpectedly charged a certain amount for a subscription, it triggers a terrible red tape, accompanied by stress and a subsequent decrease in the rating of trust in the music service. In this case, it doesn’t even matter, maybe the user just forgot that he bought the subscription, or someone really hacked his account. In any case, the fact that to activate a subscription, users need to provide their sensitive data and risk their security has a negative impact in case of any failures. As for crypto subscriptions, no one will ever be able to automatically withdraw funds from the user’s wallet. NOWPayments simply sends an email reminder, and the user makes a payment. This way, you will never have problems with unauthorized payments and malicious actors.
Exclude intermediaries
In addition to the fact that some traditional payment services do not provide their services on the territory of some countries, they also charge enormous fees for making cross-border payments. Music platforms also pay hefty fees for using services, which forces them to raise subscription prices. Crypto payments exclude a lot of intermediaries from the process, which allows you to set significantly low subscription plans. In addition, in the case of cryptocurrency, users are much less likely that the payment will fail or will be frozen. The long wait for payment confirmation is also solved because the cryptocurrency allows payments to be made almost instantly.
Conclusion
The cryptocurrency is moving by leaps and bounds towards mass adoption. In confirmation of this, many of the most successful companies already accept crypto payments, such as Microsoft, Twitch, and even PayPal. Furthermore, by accepting payment for subscriptions in cryptocurrency, music services can exclude expensive intermediaries and extend their services throughout the world.