Verifi Media launches a landmark blockchain-based music metadata tracking and management service.
FUGA is the first company to offer its clients Verifi’s unique SaaS tools that increase data quality and transparency, and synchronize stakeholders.
June 15, 2020 (New York and Amsterdam) – Verifi Media (Verifi), a music-tech innovator of dynamic metadata management services, has launched a landmark blockchain-based music metadata tracking and management service to be made available to the clients of FUGA, an industry-leading music distribution company for international rightsholders.
Verifi’s SaaS tools are customizable and powered by a decentralized, interoperable blockchain-based platform designed to help creators, rights owners, and third-party services solve problems with ownership and rights information, increase data quality and transparency, and synchronize stakeholders.
In this initial phase, FUGA clients that opt-in to use Verifi’s service will have products, assets, and associated metadata registered on a blockchain that keeps a historical record of changes to proprietary data, as well as to public-facing information published on Verifi’s searchable public data registry at http://public.verifi.media.
Verifi is currently developing a second version of the platform which will foster an unprecedented level of connectivity and the sharing of dynamic metadata across the supply chain. The system will match works and recordings data, normalize and cleanse incomplete and incorrect data, and use proprietary data scoring and AI to aid the process of forming multiparty data consensus.
The service integration marks a paradigm shift for the recorded music industry, where blockchain-enabled assets will enter the digital supply chain at the point of distribution, and the digital value chain is synchronized. Verifi has reinvented the entire process of tracking, managing, and verifying music metadata, opening new opportunities to maximize value and efficiencies. At scale, Verifi’s technology will supercharge the speed at which companies and users can determine who owns the rights to a song and obtain accurate metadata for purposes of licensing, royalty payments, and catalog management.
“Today marks a significant milestone for Verifi Media, and for media metadata management. This initial launch of our service establishes a concrete music supply- chain ‘use case’ for data management services anchored by AI, machine learning, and blockchain technologies. FUGA is an early adopter with a stellar team that is never hesitant to push boundaries and invest in what can bring more value and service to its clients. We’re very proud to be their partner in these efforts,” said Ken Umezaki, Co-Founder and CEO of Verifi Media.
“Verifi was founded with the core belief that collaborative sharing of dynamic media data leads to better data that can help drive business decisions that maximize results. Our innovative metadata tracking and management tools can help FUGA’s breadth of clients across the entire music sector significantly advance data literacy, streamline operations, save time, and lower costs, which will further attract new clients, as well as benefit DSPs and other stakeholders worldwide,” added Allen Bargfrede, Co-Founder, Chief Strategy Officer/Chief Legal Officer.
“We are very excited about this integration, which will provide our clients with dynamic media metadata management solutions. This illustrates our continuous ambition to be the leading digital supply-chain and distribution services company in the industry,” said Pieter Van Rijn, Chief Executive Officer of FUGA.