Blockchain technology and data – saviours of the music industry?
A recent Rethink Music report recommends the use of cryptocurrency technology to improve speed, transparency, and accuracy for revenue share and royalty payments. But what exactly will this entail? And what opportunities does it present for music-tech entrepreneurs, for artists, and for the music business, aside from a more seamless way of paying royalties?
Data has long been touted as the key to revenue generation for artists and music-tech companies alike, but the lack of a comprehensive and accurate database and consistent data industry standards that detail music information and rights has consistently prohibited the creation and growth of new, relevant services.
Could blockchain – and the information it provides – be the real saviour of the music industry? Who will win the competition of creating and owning a global, all-encompassing rights information database and setting the industry data standards – YouTube/Google, Amazon, Apple, or a start-up lurking in the wings? Is one realistic, or even necessary?
Blockchain – current opportunities, future applications
The musician’s view
Who is best placed to create a comprehensive music rights database?
What blockchain disruptors can learn from current large database management
When blockchain isn’t the answer