Music professionals globally are losing millions, if not billions, of dollars in unpaid royalties due to the music industry’s reluctance to evolve, with recent lawsuits by Limp Bizkit and SoundExchange exposing the issue. The problem lies in inaccurate metadata, which is crucial for ensuring everyone gets paid fairly when a song is played.
However, there is no standard for collecting or displaying metadata, and no requirement to verify its accuracy before publication. Moreover, this data is not stored in a centralized location, making it difficult to track. Blockchain technology could be a potential solution, offering a transparent, decentralized network for storing data.
Every time a song is played, the action can be logged on the blockchain, creating an unalterable record. As the music industry evolves, it must embrace such innovative solutions to ensure accurate, transparent royalty calculations and payments.
