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A century ago, technology was still relatively backward, musicians had to use intermediaries to spread their music works. A hundred years later, the emergence of the Internet did not change this situation. On the contrary, because of the Internet, the income of musicians was reduced as a whole. 86%. While you are enjoying wonderful online music, have you ever thought that what you are listening to may be a pirated copy or a plagiarized imitation?
There are many music content creators who cannot get fair compensation because the intellectual property system is incomplete. Now, the challenges facing the music industry are particularly complex, because each song often has multiple different copyrights.
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First is the master copyright, which involves complete recordings-this copyright is usually owned by the record company and can be licensed to subsidiaries located in other countries to conduct business. In addition, the master copyright may be transferred or repackaged over time.
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Next is the copyright of the composition. If different musicians collaborate on the same track, or a certain song becomes the cover song of an album, its copyright will eventually be split in multiple ways. In addition, if the artist appoints local or regional performance rights organizations as its representatives, these organizations will also enjoy certain rights.
The popularity of streaming media is gradually increasing, which means that people can listen to more music at will everywhere in the world. But this also poses challenges for publishing and record companies. It is difficult for them to ensure that royalties can be paid to the right people in the right amount.
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We know that the music industry has always been criticized because of the current imperfect mechanism. So, as such a devastated entity industry, can blockchain technology be used to change it? What kind of sparks can the blockchain meet with music copyright?
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The blockchain platform is specially used to run smart contracts and can effectively manage huge amounts of data. Therefore, the emergence of blockchain technology is likely to fundamentally solve the problems that have been plagued by musicians. Blockchain can effectively track the copyright of music and distribute royalties to copyright holders. It issues copyright registrations, protects the security of digital assets through multiple signatures, enforces multi-party clauses, and obeys governing rules.