Entertainment entrepreneurs are turning to the blockchain to make content sharing fairer for creators using smart contracts, whereby the revenue on purchases of creative work can be automatically disseminated according to pre-determined licensing agreements.
Muzika, a blockchain-based music streaming platform, partnered with Binance, a crypto-exchange network, to try and help independent artists make money from their listeners. Muzika states that it plans to give 90% of revenue to the artists.
Before pivoting into an entertainment think tank, Mycelia was launched with a focus on producing “intelligent songs” supported by blockchain technology and cryptocurrencies. Ascribe.io, a product of BigchainDB, also works to provide a trackable, verifiable record of ownership between artists and their work.
British blockchain startup JAAK also has plans to work with music rights holders and other entertainment-industry stakeholders. JAAK, which provides an operating system for content, is developing a platform that allows media owners to convert their repository of media, metadata, and rights into “smart content” that can self-execute licensing transactions on the Ethereum blockchain.
Source: CB Insights