Slashdot: Can Blockchain Save The Music Industry?

Can Blockchain Save The Music Industry?
Published on September 10, 2017 at 01:34PM
An anonymous reader quotes Wired:
Last fall, a group of music industry heavyweights gathered in New York City to do something they’d mostly failed to do up to that point: work together. Representatives from major labels like Universal, Sony, and Warner sat next to technologists from companies like Spotify, YouTube, and Ideo and discussed the collective issues threatening their industry… The participants of that confab would later form a group called the Open Music Initiative… “Pretty early on it was obvious that there’s an information gap in the industry,” says Erik Beijnoff, a product developer at Spotify and a member of the OMI.

That “information gap” refers to the data around who helped create a song. Publishers might keep track of who wrote the underlying composition of a song, or the session drummer on a recording, but that information doesn’t always show up in a digital file’s metadata. This disconnect between the person who composed a song, the person who recorded it, and the subsequent plays, has led to problems like writers and artists not getting paid for their work, and publishers suing streaming companies as they struggle to identify who is owed royalties. “It’s a simple question of attribution,” says Berklee College of Music’s vice president of innovation and strategy, Panos A. Panay. “And payments follow attribution.”

Over the last year, members of the OMI — almost 200 organizations in total — have worked to develop just that. As a first step, they’ve created an API that companies can voluntarily build into their systems to help identify key data points like the names of musicians and composers, plus how many times and where tracks are played. This information is then stored on a decentralized database using blockchain technology — which means no one owns the information, but everyone can access it.