Does the Blockchain Actually Provide Transparency to Music Creators?
The music industry is a vast and complex system beset with many issues. From unpaid royalties to inaccurate accounting, the lack of transparency in the music business is hurting both musicians and consumers. However, with the rise of music public administration on blockchain, players may soon see a more transparent and fair music industry.
Problems With Traditional Processes
Music publishing administration companies help songwriters and music publishers administer their rights. They keep track of the musical works, ensure proper compensation for creators, and collect royalties on their behalf. Traditional MPA service providers can be helpful for music creators, but they also come with their own set of problems.
One major issue is that traditional MPAs can be obscure in their dealings. It’s difficult for music creators to know where their money is going. Additionally, these companies typically take a large percentage of the royalties, which leaves little for the actual creators.
With blockchain-based MPA service for songwriters and musicians, there’s a potential to create a more transparent industry. With this technology, creators can:
- Simplify how they track and receive royalties
- Protect themselves from piracy and fraud
- Gain more control on their intellectual property
Simplifying Tracking and Compensation
The first way that blockchain can provide transparency to music creators is by simplifying the process of royalty payments.
When a song plays on the radio or streams online, performing rights organizations collect the royalties. These PROs then distribute the royalties to the songwriters, publishers, and other copyright holders. However, the current system is complex and sometimes leads to delays in payments.
With music public administration on blockchain, songwriters can track their songs as they play. They will also be able to receive their royalties in real-time. This would simplify the royalty payment process and ensure fair compensation for music creators.
Eliminating Fraud and Piracy
Blockchain-based MPAs can also help to eliminate fraud and piracy in the music industry.
Piracy has been a problem for the music industry for years, costing billions of dollars. In 2020, there were more than 130 billion visits to piracy websites.
Blockchain technology can help reduce piracy by making it easier to track and identify copyrighted material. Additionally, blockchain-based DRM can prevent unauthorized sharing of songs and videos. This would help protect the intellectual property of music creators.
A New Tool to Empower Creators
A leading company in the crypto space has already started to provide this service to new and established musicians. Its MPA service ensures that creators fully receive the benefits of using blockchain through the NFT space.
Blockchain has the potential to revolutionize the music industry by providing more power to music creators. It simplifies the royalty payment process and makes it easier to track copyrighted material. Musicians around the world should keep an eye on blockchain and see how they can use it for their careers.
Statements in this article, including any statements relating to the company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in technology development and commercialization. As a result, actual results may vary materially from those described in the forward-looking statements.
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