The copyrights and the issue of royalty payments in the field of the music industry are not something new. Mostly they occur due to government regulations in order to compensate the artists for their work.
This offer is limited to the artists who are well recognized by the renowned organizations like the SoundExchange in the U.S. and they all deal in the online transaction system, and the artist receives online payments.
This cost would later be counterbalanced the networks associated with showing the content have monetized this content by subscription systems and marketing.
There are many problems associated with royalty system the report presented by the Berklee College of Music’s Institute for Creative Entrepreneurship elaborated the most critical problem.
It is the identity of the performer, and almost twenty to twenty-five percent payments (20-25%) goes in the hand of wrong performers. The recording companies release the payments slowly and not in time.
The criteria of the recognition and the membership by some organizations have ignored the efforts of many individuals and skilled artists. They do not get any advantage from the royalty regime.
The blockchain is not able to curtail all these issues but has taken some initiative in this regard. A recent collaboration of Cyber-FM radio with blockchain performance right organization called Mainstream for the Underground (MFUT) this fusion will definitely yield fruitful results.
The FM-radio has been providing access to music for a long time, and now the MFUT has been determined to provide royalty to the artists by releasing their payments immediately and also they can get the membership free of cost. On the other hand, the listeners will get the chance to listen to music at any time.
The other important parameter for this partnership is the dual token system. One token is CYFM granted to the registered performer only. This token is not fully decentralized, and it should seek validation from the government.
Whereas, MFTU token is decentralized and can be issued to any artist. The individual artists can easily get benefit from this token. These two tokens are also granted to the listeners freely through online sign-ups.
This partnership can be helpful in many regards, but, there is always the other side of the story. This collaboration can cause disruption in the whole music industry. However, the pros are more likely to achieve by securing the artist’s right across the globe.