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Utilizing Blockchain Technology To Improve Music Copyright Management
As the music industry adopts new technological solutions, the tracking and distribution of song usage continue to pose significant challenges, with a lack of transparency and accuracy that can result in copyright owners missing out on royalty payments from various mediums.
Blockchain technology has the potential to radically change the manner in which the links between International Standard Recording Codes (ISRCs) of music recordings and International Standard Work Codes (ISWCs) of music works are tracked by improving royalty matching processes, which could ultimately reduce errors and increase the speed of payments to copyright owners.
In an effort to achieve this goal, music collecting societies ASCAP, SACEM and PRS for Music have entered into a partnership to "prototype a new shared system of managing authoritative music copyright information using blockchain technology.” The three collection societies are working with IBM to leverage open source blockchain technology from the Linux Foundation, Hyperledger Fabric, to more effectively determine the correct ownership information of music by adopting a shared, decentralized database with the ability for real-time updates and tracking capabilities of musical work metadata.
The massive growth of music streaming has increased the complexities of the already arduous task of tracking and distributing royalties to copyright owners. The ability for blockchain technology to manage records without centralized governance has already proven to be very effective in payment systems, and this exciting new initiative could dramatically improve music copyright management in the future.
Achieving increased transparency and accuracy of royalty tracking and distribution with blockchain technology will be beneficial to many segments of the music industry, allowing copyright owners to receive fair compensation for their work while reducing operational costs for collection societies by streamlining processes.
As we discussed in a recent article, several other players have created strong partnerships in their attempts to develop new methods for music copyright management, including DotBC (dot Blockchain), Digital Data Exchange (DDEX) and the Open Music Initiative (OMI). Although the approaches vary from creating a new file format for digital music distribution (DotBC) to standardizing the digital supply chain (DDEX), all of these initiatives have the same ultimate goal to develop a standard that will be adopted by the entire music industry.
It's really difficult to know how this will all turn out. However, it's clear that blockchain technology could hold the key to a radical transformation of royalty tracking and distribution processes, leading to a global standard that reduces the complexities and improves the accuracy of managing this essential aspect of recorded music. At DataArt, we continue to explore these emerging technologies to develop innovative solutions that make the music world a better place for artists, fans and industry alike.
Please share your thoughts and experiences on the future of music technology trends with me on LinkedIn @sbludov.
About Sergey Bludov
Sergey Bludov is Senior Vice President of Media and Entertainment Practice at DataArt, which serves clients in entertainment, music, publishing, advertising and sports industries.
In his 10- year career with DataArt, Sergey has held a variety of leadership positions across key areas of the business. Starting as a senior developer/team leader in July 2007, he became a project manager in November 2008, focusing on project setup and day-to-day management of the full software development cycle from business analysis to deployment and support. From December 2010 to November 2015 Sergey served as delivery manager, building exceptional client teams and ensuring immaculate execution and delivery of high-profile projects serving healthcare, financial services and media and entertainment industries. In November 2015 Sergey advanced to the role of Senior Vice President of the Media and Entertainment Practice. In this role, he oversees key projects in media and entertainment sector and plays a key role in setting the strategy for sales and revenue growth as well as for client relationship management.
Sergey earned his master of science degree in computer engineering from the prestigious National Aerospace University 'Kharkiv Aviation Institute' in the Ukraine.
DataArt is a global network of technology consulting and software services firms that create end-to-end solutions, from concept and strategy, to design, implementation and support.
We help global clients in the finance, travel & hospitality, healthcare & life sciences, media, telecom, and IoT sectors achieve important business outcomes. Rooted in deep domain knowledge and technology expertise, DataArt designs new products, modernizes enterprise systems and provides managed services delivered by outstanding development teams in the U.S., UK, Central and Eastern Europe, and Latin America.
As a recognized leader in business and technology services, DataArt has earned the trust of some of the world’s leading brands and most discerning clients, including Nasdaq, S&P, Coller Capital, BankingUp, Ocado, artnet, Betfair, Skyscanner, Collette Vacations, Booker and Charles River Laboratories.