CandleFocus Unpaid royalties are killing artists’ earnings - could blockchain be the ultimate fix?
2024-11-10
Author: Content Editor
The music industry is facing a significant problem with royalty payments, with artists and professionals missing out on millions, if not billions, of dollars in earnings. Lawsuits against Universal Music Group and AccuRadio highlight the intentional manipulation and flaws in the current system. The issue lies in the alignment of metadata across multiple databases, with no definitive standards for collection and display. Blockchain technology offers a potential solution by providing a transparent and decentralized network for storing data. Projects like Ripe Capital, Audius, and Myco are already leveraging blockchain to improve transparency and fairness in royalty payments. Collaboration and the adoption of diverse solutions are necessary to address the problem. Despite obstacles, such as initial expenses and adoption challenges, implementing blockchain could lead to a more accurate and fair compensation system for artists.
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