Anyone who works or has worked in the music industry knows how frustrating things like licensing, proprietary rights, and copyright infringements can be.
Blockchain is already famous for its strong identity management skills, and Immutable Music, a think tank on how blockchain technology will fit into the music business, is looking to help solve some pain points in the music industry.
“As I progressed in my career as a music producer, I saw so many problems with the industry,” he said. lauren bissel (pictured), founder and CEO of Immutable Music. “The way the capital came in, the way it was distributed. I mean, these things are still happening today, bbut i was constantly looking around to get better solutions and how to make this work in a better way.”
Bissell spoke with CUBE’s industry analyst john furrier a Monaco Crypto Summit, during an exclusive broadcast on theCUBE, SiliconANGLE Media’s live streaming studio. They discussed Bissell’s musical background, how it eventually intersects with technology, and how it all ties into Immutable Music’s mission. (* Disclosure below).
Bringing an old industry into the Web3 era
One would think that with cutting-edge music technology like Auto-Tune, sophisticated synthesizers, and realistic acoustic equipment, music management would quickly adapt to technology like blockchain. That’s not exactly the case, according to Bissell.
“In general, the music industry is a bit behind. We live a bit in the Wild West, nnot in a futuristic way, but in an old-fashioned way.” Bissel said.
Publishing and royalties are presented as one of the main headaches in the industry for producers and executives. Smart contracts could facilitate payment systems that record labels already have.
“Then we can move on to smart contracts for payment systems, and eventually we can move to AI to actually detect what music is playing and where,” Bissel said.
Eventually, most of the intermediary actors that hinder the music creation process, from a rights/ownership perspective, will be redundant, Bissell concluded.
Here is the full video interview, part of SiliconANGLE and theCUBE’s coverage of Monaco Crypto Summit event:
(*Disclosure: TheCUBE is a paid media partner for the Monaco Crypto Summit event. Neither DigitalBits, the sponsor of theCUBE event coverage, nor other sponsors have editorial control over the content of theCUBE or SiliconANGLE.)
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