Three of the biggest music societies have teamed up to research a new system that will manage music copyright information through the blockchain.
ASCAP, the American Society for Composers, Authors and Publishers; SACEM, the Society of Authors, Composers and Publishers of Music; and PRS for Music, are collaborating to create an innovative system, according to an announcement.
Robert Ashcroft, PRS for Music’s Chief Executive, said that the blockchain and DLT are opening up new opportunities for many sectors to address long-standing issues.
The digital market requires real-time reporting on behalf of multiple stakeholders across the world. If blockchain can help us achieve this, it will unlock opportunities for developers of new digital applications, increase accuracy of royalty payments and release value for rights holders.
Part of the work being undertaken is to build on the connect between the two main ways to identify music. These are known as the International Standard Recording Code (ISRC) and the International Standard Work Code (ISWC).
Both of these standards claim to have a unique identifier for music recordings that make it simple to track their use. Through the use of the blockchain, the music societies can improve on the information that the systems deliver, providing greater service to musicians.
The music industry is one sector that is attempting to change how musicians are paid for their creative work through the blockchain due to the long waiting times they often have to go through before they receive a payment.
Not only that, but in the technologically-advanced world we now live in, more people are streaming the music they listen to as opposed to buying CDs, which is impacting how musicians and artists are being paid.
To solve this issue, the blockchain is becoming the ideal solution to what has been a constant problem for many people.
And yet, while the music societies are banding together to solve music copyright issues, it’s not yet known if this will help speed up the issue of payments.
For now, it seems that main concern that the societies are hoping to tackle is the ability to track music usage by third-parties and copyright. The tracking of music will be of benefit, particularly when it comes to streaming, but whether this will improve how artists’ are paid remains to be seen.
It is, however, a step in the right direction for an industry that is becoming increasingly difficult to make a name for yourself in.
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