While growing interest in blockchain technology from companies to governments shows little sign of abating and even the Chinese authorities are looking to create their own digital currency, the power of this technology is also being harnessed for deployment in other industries – including music.
Now fintech platform OpenLedger and Danish bitcoin exchange CCEDK are joining forces with MUSE, a music-tailored blockchain, to make monetizing music as easy as new peer-to-peer (P2P) platforms made distributing it 15 years ago.Just as music distribution was ripe for disruption back then with the rise of P2P file-sharing platforms, so blockchain technology is now offering new opportunities for its monetization.
Music was once scarce. Before the days of MP3 and P2P file sharing, you didn’t have the ability to hear songs whenever you wished unless you bought them.
Today one does not even need to download songs, as platforms such as VEVO and YouTube host many of the most popular songs of yesterday and today.
The industry was faced with a definitive problem in an age of liberal copy and distribution technology: finding new ways to monetize digital music files that lacked scarcity.
A gang of computer programmers – united by the Bitcoin technology – are trying to revolutionize an industry after 15 years of disruption which began with Napster and was cemented by BitTorrent.
Source: Bitcoin Magazine
Aren’t its most powerful members – the three major labels – exactly the kind of companies who have most to lose from an all-new, uber-transparent system of tracking music rights and paying for usage?
Maybe. Which is certainly one reason for being curious about how such a system would work. But the early evangelists for such a system – notably PledgeMusic founder Benji Rogers, argue that the blockchain would enhance the businesses of the BPI’s members, rather than destroy them.
That’s why the BPI invited Rogers in on a windy Monday evening for the first in a planned series of “thought-leadership events” tackling big topics and new technologies.
Source: Music Ally
The majority of the critical issues cited by music industry experts stem from a few sources, but a key problem area falls within transparency and clarity of ownership data, or metadata to be precise.
Metadata in this case is the basic info that is needed to identify who wrote, performed, and owns the music that you listen to every day.
This data and its accuracy are a vital means to ensure that creators and owners get paid for their work when their music is used.Whether it is streamed online, broadcast in a coffee shop, licensed for a TV show, or played on an iPad, this data is the underpinning key or map, if you will, that leads back (in theory) to those who created and/or are invested in that musical work. It sounds like a simple thing to deal with in 2015. Just track all plays, and then pay who is owed for their work. But it’s not that simple.