The Music Industry Bands Together To Finally Get Paid Online... Using Blockchain
The "information gap" refers to the data around who helped create a song. Publishers might keep track of who wrote the underlying composition of a song, or the session drummer on a recording, but that information doesn't always show up in a digital file's metadata. This disconnect between the person who composed a song, the person who recorded it, and the subsequent plays, has led to problems like writers and artists not getting paid for their work, and publishers suing streaming companies as they struggle to identify who is owed royalties. “It’s a simple question of attribution,” says Panay. “And payments follow attribution.”
Over the last year, members of the OMI — almost 200 organizations in total — have worked to develop just that. As a first step, they’ve created an API that companies can voluntarily build into their systems to help identify key data points like the names of musicians and composers, plus how many times and where tracks are played. This information is then stored on a decentralized database using blockchain technology — which means no one owns the information, but everyone can access it.
|The Music Industry Bands Together to Finally Get Paid Online
A group called the Open Music Initiative is figuring out artist payments for digital platforms.