New York, NY (Top40 Charts) Blockchain music platform Soundeon is joining the Open
Music Initiative (OMI), a nonprofit initiative led by the Berklee College of
Music Institute for Creative Entrepreneurship in partnership with the MIT Media Lab, to help promote and develop an open protocol for industry-wide creative rights management and royalty distribution.
The thriving popularity of streaming services like Spotify, Apple Music, and Google Play, has created a major gap in the music industry in terms of fair and proper creative licensing and royalty distribution. Creators, performers and rights holders don't receive appropriate compensations for when their songs are played, while on the other end, streaming services often run into challenges trying to identify and honor the various agreements associated with a particular song.
In collaboration with the OMI, Soundeon will seek to find innovative open-source approaches that radically simplify the way music rights owners are identified and compensated.
Music should be accessible to everyone but it's important that the rise in music consumption is positively reflected on the incomes of music creators and rights owners. Furthermore, an open source approach promotes entrepreneurship and investment, which are key for the viability of the music industry.
To be more specific, the main goal of the OMI is to create open source API (Application Programming Interface) specifications that will enable interoperability between various music platforms so that music creators and rights holders are easily identified and promptly compensated when their work is used in any way.
Soundeon has also committed to helping solve current problems associated with royalty distribution from the company's very inception through its patent-pending Creative Smart Contracts - blockchain rules-based digital contracts that verify and enforce the negotiation of a particular intellectual property arrangement. It's a secure, irrevocable and transparent way of making sure that each individual involved receives a fair share of the revenue.
"Joining the OMI is an important and natural step forward for Soundeon because a company that strives to be innovative must be willing to collaborate with others, especially those who share the same driving values, behind their efforts," said Ruslan Guseynov, Head of Strategy at Soundeon speaking at MIDEM in Cannes, France. "We are immensely glad to be a part of this innovative initiative and look forward to contributing to its further development."
About Open
Music Initiative:
Open
Music Initiative is a nonprofit collaboration among leading academic institutions, music and media industry organizations, creators, technologists, entrepreneurs and policy experts who love and value music. The initiative is led by the Berklee College of Music, IDEO, MIT Media Lab and signatories include BMG, CD Baby, Consensys, Distrokid, IBM, Intel, Mediachain Labs, Netflix, Napster, NYU, SACEM, among others.
About Soundeon:
Soundeon is a pioneering, fan-centric, decentralized and vertically integrated music platform that covers all aspects of the music industry. From song creation and copyright to resale of both existing and future music royalties, to live event ticket sales. Utilizing the proprietary Creative Smart Contract, Soundeon promotes transparency, fairness, and trust in the music industry. Soundeon is also the first blockchain-based platform to vertically integrate the recorded rights music and live event ticketing industries.
