With the emergence of the internet and MP3 players in the 1990s, music is being created and consumed ubiquitously at all times, whether it be on iTunes, Spotify or in films and radio. Technology and internet have changed the way we interact and produce music inevitably — artists can release their music to the world and listeners can enjoy them anywhere, anytime.
The copyright law gives creators of any form of music a legal protection, ensuring composers, recording artists, producers and other creators recognition and compensation.
However, with the rapid universalization of digital music and file-sharing platforms all over the globe, it has become increasingly harder to enforce copyright laws. Despite the rapid pace of growth of digital music platforms, the laws governing the music industry are strikingly lagging behind, signaling the crucial need for a copyright reform. Laws that are necessary for protecting creators in the digital age are not being implemented rigorously enough, significantly hurting those behind the songs.
Source: IFPI Consumer Insight Report 2017
More than one-third (35 percent) of internet users accessed unlicensed music content in 2017, according to the research by IFPI (International Federation of the Phonographic Industry). This figure only accounts for desktop users, so the total figure is expected to be much higher when including mobile users.
Source: IFPI Consumer Insight Report 2017
Poor management during the stage of copyright registration creates problems for not only artists but also platforms. During this stage, poor collection of information regarding the music or its creator leads to inaccuracies or even loss of information. Recently, Spotify agreed to pay 31 million USD after facing a lawsuit from NWPA (National Music Publishers Association) for hosting music it doesn’t have the full rights to. On top of that, major digital companies like Apple, Spotify, Amazon, Pandora, and Google struggle to find the owners of the millions of songs they play, and songwriters have borne the brunt of that difficulty in lost and late-paid money.
These events present the urgent need for a solid copyright management system in the music industry that is being distorted by unfair competition from unlicensed services. Fortunately, there is a wide consensus among many in the music industry that a real change is needed to help all those who make, distribute and listen to music.
The uncertainty of copyrights and royalties can be resolved by registering copyright information using blockchain. By utilizing blockchain technology, artists’ works and metadata will be stored permanently, allowing artists to track the usage of their data in real time. This will develop a systematic approach to rewarding artists and listeners with fair compensations that they have always deserved. In principle, this blockchain model can be applied to all digital works, whether the work is audio, video, image or written text, resolving the copyright management issues that is rampant in the music industry.
RECORD Foundation runs the first reward-based music service platform, RecordFarm. A solution to the traditional music industry, it creates the healthy environment where creative works are valued, curations from users are rewarded, and transparency is ensured. The new ecosystem, driven by blockchain technology and RECORD token, simplifies the process and eliminates unnecessary intermediaries.
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