How Blockchain is Leveling the Playing Field for Independent Artists
- Anyone familiar with the music industry knows there are copyright and royalty payment systems enforced in most countries through government regulation.
- For an artist to benefit from these royalty regimes they must be a member of a recognized rights performance organization (for example, SOCAN in Canada and SoundExchange in the United States, which collects online broadcast payments through a membership system for multiple performance rights organizations).
- To offset the costs associated with these payments to artists, large online radio networks that broadcast music have monetized content using subscription systems, membership perks and traditional broadcast advertising.
- The one I want to highlight is a new partnership between Cyber-FM Radio and Mainstream for the Underground (MFTU), which is a blockchain performance rights organization.
- Through the use of blockchain technology, Cyber-FM and MFTU are fusing into one platform and combining listeners’ access to music and the management of artists’ royalties.
Read full article: hackernoon.com