The Berklee Institute for Creative Entrepreneurship (BerkleeICE) released Tuesday a new report focused on promoting fairness and transparency in the music industry.
The study follows a year-long exploration of the $45-billion international music industry and examines the underlying challenges with the current compensation structure while making recommendations to improve licensing, revenue transparency, and cash flow for musicians.
Among the report’s recommendations are the creation of a decentralized, feasible rights database, and the investigation of blockchain technology and digital currencies to manage and track online payments through the value chain directly to music creators from fans.
The BerkleeICE report notes it is estimated that anywhere from 20 percent to 50 percent of music payments do not make it to their rightful owners, and earlier efforts toward creating a comprehensive global database to facilitate the licensing and control of musical works have not been successful. The report cites several registry efforts, all of which were structured as for-profit enterprises, meaning that at some level participants are encouraged to make money and produce a robust register. This creates a problem, says the report; if numerous for-profit companies collaborate to build such a registry, anti-trust concerns could arise. Therefore, BerkleeICE recommends that a registry be administered through a mix of for-profit and non-profit enterprises.
The report proposes a decentralized distributed registry in which a not-for-profit organization would oversee database administration. On the other hand, the entities accredited to register works of music and responsible for registry promotion would operate on a for-profit basis, which would encourage organizations
Originally appeared at: https://coinreport.net/berkleeice-report-recommends-blockchain-exploration-encourage-fairness-transparency-music-industry/
BerkleeICE report recommends blockchain exploration to encourage fairness … is a story from: BitcoinWarrior.net