Blockchain technology will help alleviate pain points in the music industry
Anyone who works or has worked in the music industry knows how frustrating things like licensing, ownership rights and copyright infringement can be.
Blockchain is already known for its strong identity management chops, and Immutable Music, a think tank on how blockchain technology will fit into the music industry, wants to help solve some pain points in the music industry.
“When I sort of developed my career as a music producer, I saw so many problems with the industry, says Lauren Bissell (pictured), founder and CEO of Immutable Music. “The way the capital came in, the way it was distributed. I mean, these things still happen today, bout I looked around the whole time for better solutions and how to make this work in a better way.”
Bissell spoke with CUBE industry analyst John Furrier at Monaco Crypto Summit, during an exclusive broadcast on theCUBE, SiliconANGLE Media’s live streaming studio. They discussed Bissell’s musical background, how it ultimately merges with technology, and how it all ties into Immutable Music’s mission. (* Disclosure below.)
Bringing an ancient industry into the Web3 era
You’d think that with cutting-edge musical technology like Auto-Tune, sophisticated synthesizers, and lifelike acoustic gear, music management would be quick to adapt to technology like blockchain. That is not quite the case, according to Bissell.
“In general, the music industry is a bit behind. We live a bit in the wild west, nott in a futuristic way, but a little in the old way. Bissell said.
Publishing and royalties are one of the industry’s biggest headaches for producers and managers. Smart contracts can facilitate the payment systems that record companies already have in place.
“So we can kind of go into smart contracts for the payment systems, and finally we can move into AI to actually discover what music is being played where” Bissell stated.
Eventually, most of the intermediate players who make the music-making process more difficult, from a rights/ownership perspective, will become redundant, Bissell concluded.
Here’s the full video interview, part of SiliconANGLE’s and theCUBE’s coverage of Monaco Crypto Summit event:
https://www.youtube.com/watch?v=NfjtZnipfs
(* Disclosure: TheCUBE is a paid media partner of the Monaco Crypto Summit event. Neither DigitalBits, the sponsor of theCUBE’s event coverage, nor any other sponsors have editorial control over the content of theCUBE or SiliconANGLE.)
