13:10 - 13:20

Paying songwriters within 24 hours rather than 2 years

Paying songwriters within 24 hours rather than 2 years

In an industry-first partnership, Revelator, BMAT, and Teosto, have demonstrated a new standard for paying right-holders (songwriters and music publishers) faster by processing near real-time monitoring of BMAT radio performance royalties in conjunction with Teosto’s proprietary data set and using Revelator’s Data Management Platform & Original Works’ smart contract-powered Artist Wallet.

Teosto provided the metadata, splits and user information for 3 songs and 19 rights holders. Revelator queries BMAT for radio plays of those 3 songs several times per day. Whenever new radio plays are reported in Finland, Teosto uses the Original Works Network to transfer the royalty payments to the smart contract that represents the underlying musical work.

The smart contracts automatically and immediately disseminate the payments to the Wallets of the rights holders. There is a wallet for each of the rights holders involved; payments are made in Original Works tokens, which rights holders will be able to convert to the fiat currencies of their choice once the project reaches the production stage. The result is that we are able to show royalty payments within 24 hours to 19 different right-holders Wallets.

See also: https://copyrightandtechnology.com/2019/06/15/blockchain-applications-for-music-enter-the-bowling-alley/

Quick Info

  • September 12, 2019
  • 13:10 - 13:20

Speakers

Turo Pekari

Senior advisor, innovation and discovery - Teosto Futures Lab

Kevin Bacon

Chief Product Officer at Revelator / Original Works