[Editor Charlie sez: Can we have that in dollars, please? Ujo Music has plans to take over PRO general licensing as well as streaming mechanicals. Never heard of Ujo? You will. Ujo is a “spoke” of MLC vendor ConsenSys (kind of like being a portfolio company of MLC partner ConsenSys). The plan is to pay everyone in the Ethereum cryptocurrency promoted by Consensys founder, Joe Lubin. See how they did that? Puts the $50 handshake into the Ether.]
When it comes to the $15 billion recorded music industry, the artists rarely come out with a big payoff. The recorded music industry began in the late 1800s with the invention of Thomas Edison’s phonograph and benefited greatly from the rise of radio broadcasting in the 1920s. However, back in those days, for the artist, it meant that in order for their music to be heard, they would have to make deals with a series of intermediaries, such as record labels, publishers, and distributors. Almost 100 years later, musicians still must go through this archaic system of intermediaries developed before the advent of the internet, where the artists lose up to 86% of the proceedsfrom their music.
This is where blockchain comes in. Much like our experience in international payroll processing, the music industry can benefit from the existence of blockchain technology.
[Here’s an “About” from UjoMusic, an artist tipjar service where the payments seem to all be in the Ethereum cryptocurrency promoted by ConsenSys:
And some insight from Bitcoin Magazine–move over Billboard:
Bitcoin Magazine listed PeerTracks and Bittunes, as well as Ujo, as blockchain startups intent on enabling performing artists and others to have a freer hand in safeguarding and commercializing their assets, while speeding up payments to all who have rights to proceeds.That same story included comments from founding Ujo team member, Phil Barry, a legacy industry veteran who played an instrumental role in advancing Ujo Music to prototype, but then exited that team early this year.
Thank goodness the smart people have this covered for the “legacy industry.” Because it’s never quite hard enough, is it? But the Lord never made a burden too heavy to carry, did he now?]