The music industry as we know it today was formed in the first half of 20th century with the advent of the music recording technology. A the time it was a very arduous and expensive process. And the product was a recorded copy of the music performance. Most of the risks at that time were carried by the record labels and publishers, so the current laws reflect that. The current system is riddled with legacy approach , and over the years has become a tangled mess, with authors and performers complaining about the "lack of transparency". The revenues streams generated by companies like Pandora, Spotify, Deezer, Apple, YouTube grow year by year up 39% in 2015 from the previous year. Those money are paid to the rights holders, but very little of the revenues made to record labels, music publishers and collection organizations aren't making it to the authors and performers bank accounts.How does that happen? One of the main reasons is that a lot of the rightsholding organizations are appear as a "black box" to the outsiders, and without the ability to identify the contributors to the music recording and how they should get paid those royalties are kept in perpetuity. Services and PROs are also usually unable to identify the recepients for the royalty payments, so the money are placed in escrow, and eventually those money are distributed between labels and publishers based on their market share. Since the labels and publishers do not have any knowledge to find the rightful recepients for those payments they are not shared with any composers and performers.Soundchain is an attempt to harness the blockchain technology to solve the problem of artist royalties and payments by providing transparency to the complicated chain of rights ownership and usage in the digital distribution of music, as well as offering a new model of the music creation process via the Decentralized Autonomous Labels.
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