dotBlockchain Media has scored its first major label and music publisher partnership with Warner Music Group. Warner Chappell publishing and WMG labels will work with the startup to create new ways to track their assets on the blockchain.
As the project scales, the dotBlochain partnership will enable the WMG companies to manage, store and track their enormous catalog across both the publishing and recording sides of their business, as well as to digital service providers and their fellow labels, publishers and rights organizations.
HOW WILL IT WORK?
DotBlockchain bundles audio files together with metadata and adds them to the blockchain, a ledger which provides a digital record. This ensures that ownership rights and representation (publishing, recording and public performance data) remain permanently associated with the track and up to date, no matter where they go or how they are used.
“The future of rights management will be one in which machines will augment the work of humans and enable the music industry to work at a speed and scale fit for the digital era" says Chief Strategy Officer, Benji Rogers. "Warner has fully embraced this vision, and are leading with a data-first and future-facing strategy that will benefit not only those artists and writers that they represent but the music industry as a whole.”
The initiative will be implemented in stages, initially with a limited catalog.