Top 7 companies are using blockchain and artificial intelligence to resolve issues in the music industry.
Some of the biggest challenges now facing the music industry are being addressed by blockchain. Musicians can get equal royalty payments, venues can prevent counterfeit tickets, and record labels can simply track music streams and promptly compensate all artists who contributed to songs or albums thanks to blockchain. Blockchain technology has the potential to help the sector overcome its problems. Decentralized technologies in music have been championed by artists such as Lupe Fiasco, Gramatik, and Pitbull, and supporters tout blockchain’s distributed ledger technology as a way to efficiently release music, streamline royalty payments, eliminate expensive middlemen, and establish a point of origin for music creators. That is to say, blockchain has the potential to re-establish a fair and transparent system for producing, buying, selling, listening to, and managing music.
Vezt:
Location: Los Angeles
Vezt is a music rights marketplace that allows music fans to directly finance their favorite artists, composers, and producers in exchange for royalties generated from their favorite recordings. This is accomplished by the platform collecting royalties on behalf of fans from performing rights organizations, publishers, and record labels, and then tracking them using proprietary blockchain technology. Through an Initial Song Offering (ISO), Vezt’s digital marketplace allows artists and composers to share a percentage of a song’s earnings for royalty-based financing. The ISO specifies the day and time when royalty rights will be made accessible to the general public, therefore raising awareness, demand, and opportunity for the artist and each ISO.
Ujo:
Location: New York, NY
The decentralized technology developed by Ujo builds a database of music ownership rights and automates royalty payments. Artists may submit original works, self-publish, control license choices, and manage distributes on Ujo’s blockchain technology. The Ethereum platform simplifies music ownership by allowing musicians to be paid via smart contracts and cryptocurrency.
Choon:
Location: Devizes, England
Choon is a music streaming and digital payment company that uses blockchain technology to ensure that musicians get paid fairly and on time. Choon’s Ethereum-based platform allows musicians to create smart contracts with each song contributor, ensuring that a certain percentage of total income is distributed to them (80%). Rather than waiting a year to pay musicians, Choon can pay them nearly immediately depending on the number of streams the DLT logged on any given day. The blockchain also makes it easier for up-and-coming musicians to raise funds through crowdfunding, and listeners are rewarded for generating tailored playlists.
Open Music Initiative:
Location: Boston, Massachusetts
The Open Music Initiative (OMI), a nonprofit with 200 members, advocates for an open-source protocol in the music business. The Open Music Initiative is looking at using blockchain and artificial intelligence to assist identify and payout fair royalties to rightful music rights holders and originators. The Initiative thinks that blockchain can help artists get paid properly by bringing openness and deeper data insights. Soundcloud, Red Bull Media, and Netflix are just a handful of the companies that have joined them.
Musicoin:
Location: Hong Kong, China
Musicoin is a shared economy music streaming platform that enables the creation, consumption, and distribution of music. The company’s blockchain infrastructure enables safe and transparent peer-to-peer music transfer. MUSIC, their coin, is a worldwide currency that supports all music and music-related transactions. Musicoin eliminates the need for third parties, ensuring that the artist receives 100% of all streaming income.
Mycelia:
Location: London, England
Mycelia is a group of artists, musicians, and music fans that want to encourage musicians and other creatives in the music industry. The music industry is considering blockchain for a variety of uses. Mycelia’s main goal is to operate a complete database on blockchain to ensure that artists are appropriately compensated and acknowledged as soon as possible. To ensure that all contributors are treated equally, the company’s creative passport contains all information about a song, including IDs, acknowledgments, business partners, and payment channels.
Blokur:
Location: Oxford, United Kingdom
Blokur is a global publishing data source for music management and monetization. Blokur combines multiple sources of rights data in one database using AI and blockchain. The blockchain then allows music publishers to catalog their work and have it approved by the community. The company’s artificial intelligence (AI) resolves any source conflicts by examining relevant origination information to ensure that the proper artists get paid.
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