The recording and music industry continues to suffer from a lack of transparency and fractured information across multiple databases and silo’s. As a result, music artists miss out on receiving the correct amount of royalties due to them.
Two types of information about pieces of music are critically important to manage: the identities of the original creator and the rights owner. Today, that information is still complicated to track down to the detriment of artists, music services and consumers.
The consequences lead to the receipt of royalty payments which are received months or years later to the artist.
The amount of ‘friction’ in the whole music business model is to the detriment of music creators in that several bodies and organisations take a cut out of the music value chain, resulting in the end recipient (the musicians) receiving little of what is deserved.
The modern music industry is made up of an intricate web of music publishers, labels, artists, platforms. The 3 big labels form a major part of this web creating a complex arrangement of information, accounting and opaque practices
In this digital age, there has to be a better way to create transparency in the system to benefit of all, not just the musicians who should derive most of the benefit, but for all those who work and have a stake in music. BlockChain is providing a mechanism to begin the transformation of royalty payments and unravel some of the mystery to ensure all parties benefit in music wealth creation
Also published on Medium.
