There is no denying that attribution is a huge issue when ensuring music artists get proper recognition from applications such as Spotify.
Just last year Spotify settled a $20 million dollar dispute between itself and The National Music Publishers’ Association. The dispute was launched when it was discovered that Spotify had failed to obtain mechanical licences for a large number of songs. At the time, Spotify claimed it lacked the data to identify which publishers had legitimate claims over songs because no authoritative database existed covering music rights.
What is blockchain?
Put simply, blockchain is a method of recording data digitally. It is a ledger of anything that needs to be independently recorded and verified as having happened; this includes things such a transactions, agreements and contracts. Blockchain technology allows this data to be recorded and distributed across thousands of computers worldwide, meaning everyone across the network can access up-to-date versions of the ledger. The method also makes fraud and error less likely and easier to detect.
MediaChain Labs sees this technology as one of a few solutions to the problem of music attribution in online streaming services such as Spotify.
According to MediaChain the problem with music attribution is no central database currently exists that is able to keep track of information about music, such as who made it and who has the rights to it. Hence, this was the argument Spotify presented during The National Music Publisher’s Association. By creating a blockchain technology through their partnership with Spotify, MediaChain Labs hopes to change this. Meaning all music artists will be properly acknowledged and rewarded for their work.
The start-up will join the Spotify office in New York where they will work on developing this technology which will connect artists and rights holders with songs hosted on the popular streaming service. If successful, this sort of technology could also have implications for other streaming services, video services and picture sharing services.
In a statement on their website, MediaChain has said the partnership will enable Spotify to further its journey towards a more “fair, transparent and rewarding music industry for creators and rights owners.”
We can’t wait to see what the partnership will bring.