According to a recent study from the Financial Times, music streaming is laid to overtake CD as well as vinyl every bit the largest generator of income for British tape labels inward 2017. The study states that every bit to a greater extent than people opt for subscriptions to streaming services such every bit Spotify as well as Apple Music, revenues inward the sector were pushed to a five-year high final year. Total income generated yesteryear the UK of Britain as well as Northern Republic of Ireland music manufacture increased yesteryear 5 per centum to £925 1000000 ($11.6 million) inward 2016, from £881 1000000 ($11.1 million).Yet despite the popularity of the music industry, musicians oftentimes notice themselves unfairly compensated. To rectify this problem, the Open Music Initiative (OMI) as well as Ujo Music, with others, are attempting to alter outdated modes inward the music manufacture to ensure long-term sustainability, with the intent to purpose blockchain applied scientific discipline to back upwards the creation of music. Read our rootage article inward this series: How the Blockchain Lets Musicians Connect with Fans (and Get Paid)Open Music Initiative Launched yesteryear Berklee College of Music’s Institute for Creative Entrepreneurship (BerkleeICE), inward partnership with Context Labs as well as IDEO, as well as inward collaboration with the MIT Media Lab, the Open Music Initiative (OMI) is a nonprofit initiatory that is leading its to a greater extent than than 160 global manufacture members to educate open-source protocols yesteryear using blockchain technology, inward a federated music ecosystem. Some of the members include Universal Music, Warner Music, Sony Music, Spotify, Intel, Viacom, Red Bull Media, YouTube as well as Context Labs, too every bit blockchain-related startups such every bit dotBC, BigchainDB as well as ConsenSys/Ujo. On an OMI blog, Dan Harple, who is the co-founder of OMI, the founder as well as CEO of Context Labs, as well as a trustee of the Berklee College of Music, said that the “accelerated growth of the Internet [has] radically changed the agency everyone consumes media.” Imagine as well as thus the fourth dimension as well as drive it takes for a tape companionship to collect the modest transactions from the trillions of times a vocal has been streamed earlier whatever royalties tin move distributed to an artist. “OMI as well as many of its members believe that many novel technologies, such every bit distributed ledgers, blockchain, etc., tin move applied to radically simplify the agency music rights owners are identified as well as compensated,” he said, speaking to Bitcoin Magazine. “[This results] inward sustainable as well as novel work organisation models for artists, entrepreneurs as well as music businesses alike.” Through its OMI Method, which is considered “unique” as well as “different yesteryear design,” according to Harple, OMI has created an ecosystem that ensures it has the right representation involved every bit it industrial plant closely with music creators, producers, musicians representing organizations, as well as music creator administration companies. An of import lesson learned along the agency was that for many OMI members, a decentralized, federated ecosystem was the best. “Decentralization allows for company-to-company interactions as well as enables everyone to keep command as well as ownership of their respective data, spell beingness able to create upwards one's quest heed who to engage with as well as which information to exchange,” Harple said. This culminates inward the open-protocol API spec that the OMI is working on, called MVI 1.0, or the Minimum Viable Interoperability. In review with its members, it volition enable all music ecosystem players to engage inward an open, federated model, achieving many of its goals, including to assist assure the right compensation for all creators, performers as well as rights holders of music, thereby providing a productive plain for the creation of music worldwide. “This federation volition as well as thus enable interlinking of copyright as well as licensing betwixt composers, songwriters, PROs as well as publishers across territories,” said Harple. Ujo Music In the summertime of 2015, blockchain startup platform Ujo Music launched Theproblem.wtf to get a conversation focusing on the problems circulating but about the music industry. With an infrastructure dating dorsum to 1914, the “internal plumbing” that underpins the music manufacture has remained unchanged; inward the meantime, however, digitization as well as globalization stimulate got changed the agency nosotros eat as well as quest heed to music, says Ujo.Ujo Music teamed upwards with Grammy-winning British vocaliser as well as songwriter Imogen Heap to unloosen her vocal “Tiny Human,” which debuted inward Oct 2015, on the Ethereum blockchain. Through the prototype, users purchased licenses to download, stream, remix as well as sync the vocal thus that each payment was divided on the blockchain as well as sent to Heap as well as her collaborators.“After releasing the present to evidence what is possible with blockchain [technology], nosotros as well as thus spent almost of 2016 diving into the problems of the music manufacture as well as trying to discern what problems nosotros were genuinely solving,” Jesse Grushack, production director at Ujo Music, told Bitcoin Magazine.Ujo is aiming to shift the mightiness dorsum into the hands of artists with the launch their platform afterwards this year. Ujo wants its platform to empower artists with quick payments, to furnish them with a house for their music that is rightfully theirs as well as to enable them to interact to a greater extent than closely with their fans.However, spell a neutral backbone would move of hit goodness to the music industry, the adoption of it remains a challenge. Not solely that, but the Ethereum blockchain is silent inward the early on stages of its development, with Ujo testing concepts as well as a applied scientific discipline that haven’t been tested before.Yet Grushack is confident that Ujo tin furnish a valuable service for artists yesteryear focusing on solving problems of ownership rights. It has already attracted a growing listing of artists to move business office of its beta.“If nosotros can’t solve ownership of rights, as well as thus nosotros stimulate got failed our principal goal, [and] without solving this number nosotros wouldn’t move dissimilar from whatever solution currently out on the market.”The post service Nurturing the Creation of Music Through the Blockchain appeared rootage on Bitcoin Magazine.
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