Music Rights Societies Play Blockchain Tune

Announcements, Blockchain, FinTech, News | April 7, 2017 By:

Three music rights societies have teamed to create a blockchain solution that aims to battle ongoing piracy, payment and copyright issues.

The American Society of Composters, Authors and Publishers (better known as ASCAP); the Society of Authors, Composers and Publishers of Music (SACEM); and PRS for Music will use Hyperledger’s open-source Fabric distributed ledger to create a chain between music creators and consumers. Its ultimate goal is a shared, decentralized database of real-time information.

The project is still in the experimental stage, and the uses for its potential data are as-yet unclear. There are many stakeholders in a music composition, and their roles and rights are still to be sorted in this new project.

The music industry was badly damaged by the commercial advent of the Internet and file-sharing, watching its market shrink from double digital billions to single digit billions in less than a decade. The urgency of understanding and utilizing blockchain technology is amplified by that past experience.

Robert Ashcroft, the chief executive of PRS for Music, looked to new business models that could be developed. In a statement on the new partnership, he said that blockchain technology will “unlock opportunities for developers of new digital applications, increase accuracy of royalty payments and release value for rightsholders,” Ashcroft said.