There’s a lot of discussion in the music industry right now around transparency and rights management. This is in tandem with a discussion on how this would be implemented, and at the moment that discussion is being led by blockchain.
As it is a relatively new technology, there’s not many who understand the technology and why it would be suggested as a solution for many of the music industry’s rights data challenges.
The IFPI released their 2017 Global Music Report earlier this week. The latest music report featured enough positive growth indicators to put the music industry in a good mood.
Global recorded music revenues grew by 5.9% in 2016, with revenues totalling US$15.7 billion. This growth was largely driven by streaming, with Digital income now accounting for 50% of global music revenues.
As awareness moves beyond BitCoin and cryptocurrencies to distributed ledgers, blockchain is fast-becoming the dominant (theoretical) solution to challenges facing many industries. No more so than the music industry—an industry plagued with inefficient and outdated data practices that interferes with the creation and maintenance of reliable data records, resulting in unpaid royalty revenue to artists, publishers and labels.