03 Aug Blockchain Technology & Songwriter Royalties
Verifi Media Partners with FUGA to Deliver Music Royalties Through Blockchain
“Today marks a significant milestone for Verifi Media, and for media metadata management. This initial launch of our service establishes a concrete music supply- chain ‘use case’ for data management services anchored by AI, machine learning, and blockchain technologies. FUGA is an early adopter with a stellar team that is never hesitant to push boundaries and invest in what can bring more value and service to its clients. We’re very proud to be their partner in these efforts.” – Ken Umezaki, Co-Founder and CEO of Verifi Media.
The moment a songwriter affixes their composition to a tangible format (paper, voice memo, DAW session…) they own the copyright to that work – regardless of if they file formal copyright registration to not.
That may be great news for every bedroom producer with a large catalog on SoundCloud and TikTok following, but might have been a nightmare for PRO’s and future license deals, if not for Verifi Media’s new invention.
“We have created a complex linking and nesting system to link works, assets, and participants (like writers, performers, labels, publishers etc.) to those creative works. It also allows for linkages between assets and products, and collections to agreements.” – Chloe Johnson, Head of Business Operations of Verifi Media.
Two years ago, Pop of Colour wrote an article about the fascinating new developments in Blockchain Technology, and how the standardized use of this permanent digital ledger would forever change the way music royalties were paid out. I spoke with Verifi Media (then known as dotBlockchain Media), and spent the next months excitedly singing the praises of this innovation to every musician I believed it would help.
Since the world of tech and the music business world both move at lightning speed, Pop of Colour is just popping in the deliver a happy update on this innovative technology: Verifi Media has launched their first live instance of a blockchain product in action with Netherlands-based music distributor FUGA.