Vision refined: Fixing music royalties

On last week’s post, we briefly shared the news that we’re updating our roadmap and goals for the upcoming months & years.

From the very start of our journey, we had one goal in mind: revolutionise the music industry with a data focus.

We understand we have to take one step at the time, so we identified the biggest problem we could resolve while taking advantage of our smart contracts, NFT creation tools, and our vast amount of data.

Music Royalties

We’re hoping that if you’re reading this, you know that musicians make money from their music in the form of royalties (we’re excluding touring & other revenue streams like brand partnerships here).

The process of collecting and distributing these revenues is quite slow and opaque. For the purpose of making this post as simple as possible, we’ll be sharing an in-depth post about music royalties and everything that’s wrong with it.

We understand web3 as a transparent, fast, and low cost to collect and distribute royalties to creators. With web3 solutions, musicians could see their royalties collected and paid immediately, compared to the months (and even years) that it currently takes to make the payouts globally.

At Soundpickr, we’re building the tools, and gathering the data required for a complete revolution in the global royalty distribution.

First stop: web3 music royalties

As shown on the diagram above, we have a solid foundation to offer the solution to the slow and archaic process of royalty distribution.

Our first entry in this space starts in web3 applications & metaverses.

As you’ll see in our upcoming in-depth post, there is a wealth of metaverses and web3 applications using recorded music without the proper licenses required. It’s understandable that many of these startups do not have music teams or licensing experts to resolve these issues, and licensing music the traditional way is long and lacks transparency for both the musicians and the companies licensing songs.

With our MetaPlayer, we’re resolving the legal requirements for metaverses and web3 apps, while giving transparent & on-chain reports that can save hundreds of thousands of dollars to startups in music & legal costs.

The road to a complete revolution in the global royalty distribution

In the next few weeks, we’ll be announcing some of our new metaverse & web3 application partners that are joining this journey.

Understanding the importance of getting proper permission to use music is paramount to ensure these startups are future-proof and won’t find any IP legal issues as they grow.

Once we’ve got web3 covered, we’re looking to implement this transparent and fast process to more traditional mediums including radio, commercial / retail, and many other mediums that use recorded music and that need innovative ways to reduce costs and improve the speed of payments to music makers.

While we’re working to fix music royalties, you can still use our data for researching, analysis and investing in your favourite music.

Where can you get the best of us?

Twitter: For regular updates, data, interviews (Twitter spaces twice a week)
https://twitter.com/soundpickr

Reddit: In-depth discussions, music conversations
https://www.reddit.com/user/soundpickr

Blog: General music industry analysis & music NFT insights
https://blog.soundpickr.com/blog/

Medium: Regular & detailed updates about Soundpickr
https://soundpickr.medium.com/

Discord: For community and support queries
https://discord.gg/4ByPgFeEYw