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

PRESS RELEASE

New York/Barcelona, October 14, 2021. The Future Music Forum: Barcelona has merged with Music Industry City. The two firms will pool their resources to form Nybac Media Inc., which will supervise digital broadcasting, live events, and digital communities for its Music Industry City division.

Founded by music industry veterans, Peter Schwinge, former Partner and General Manager of New Music Seminar, and Founder of Moving Target Group, Mike McCready, Co-founder and CEO of Music Xray, and Niall Doorley, founder of Future Music Forum: Barcelona, Nybac Media provides an international platform that includes a broadcast network with the flagship, Music Industry News at Noon; audio drop-in talk shows and podcasts; year-round digital events; community building on the Music Industry City (MIC) website; and live events including the Future Music Forum: Barcelona.

According to Peter Schwinge, CEO and President, “This merger is a great opportunity for both companies as it will allow them to work together on projects more efficiently while expanding their reach to other areas globally where they would not have had access before. We are able to provide more opportunities for our users and partners and provide them with an opportunity to reach new audiences through the network.”

Nybac Media will rely on their deep industry connections to provide musicians access to industry experts through the MIC platform; equip the next generation of the music industry with tools, education, and networks; foster high-level discussions to affect positive change; and increase partners' access and visibility to the industry. 

“I'm delighted to announce our new partnership. I've spent the last 12 years building the Future Music Forum into what it is today, and perhaps the last 5-6 years actively seeking the ideal partner. It's ironic that it emerged at a time when the events business was perhaps in its most fragile state in living memory. I'm excited to see what we can do to help so many people advance in their careers as the industry begins to bounce back.” said Niall Doorley, Vice President and Head of Global Events.

The Music Industry City website has features for artists and people in the industry to interact in real time through communities and forums, live events, and a metaverse. The site also provides educational resources, online courses, and talks from industry leaders; health and wellness topics specifically tailored to the music industry; a personal and professional development section; a music discovery zone; and a local media outlet showcasing members and partners.

Nybac Media has offices in New York and Barcelona. The next, in-person Future Music Forum conference is set to take place in Barcelona on September 20-22, 2022.