Author Topic: Can Bitcoin Shine a Light Into Streaming Music's Money Traps?  (Read 3322 times)

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Offline kingslanding

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Saw this on bloomberg:

http://www.bloomberg.com/news/articles/2015-07-14/can-bitcoin-shine-a-light-into-streaming-music-s-money-traps-

Peertracks solves all the problems the article addresses.  This is what caught my eye:

The initial suggestion came from Wallach, of Spotify. Last December, he posted an essay on Medium called Bitcoin for Rockstars that laid out the basics of a blockchain-based royalty distribution system. Several startups are already working on early versions of the idea, said Barry Silbert, a prominent investor in Bitcoin, though none are ready for prime time. The design and consulting firm IDEO was also drawn to the idea of blockchain, and is running an incubator for startups that want to use the technology for applications in various industries, including home buying, health, and music.

It'd be awesome if Peertracks could get some additional funding from more outside sources. 

As a refresher, here's Wallach's essay Bitcoin for Rockers (written Dec 2014):
https://medium.com/backchannel/bitcoin-for-rockstars-ca8366802f9

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Offline Riverhead

Re: Can Bitcoin Shine a Light Into Streaming Music's Money Traps?
« Reply #1 on: July 14, 2015, 02:54:19 pm »

The space is certainly heating up. Here's hoping Music/Peertracks is as far ahead of the curve as I think it is. The fact that they are going with Graphene is a good sign. I have some worry about Music/Peertracks' revenue model but time will tell if that's founded or not.

Offline ghost_of_the_internet

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Re: Can Bitcoin Shine a Light Into Streaming Music's Money Traps?
« Reply #2 on: July 14, 2015, 04:53:28 pm »
Several startups are already working on early versions of the idea, says Barry Silbert, a prominent investor in Bitcoin, though none are ready for prime time.

Anyone know the names of any other projects working on a blockchain-based royalty distribution system besides peertracks?
« Last Edit: July 14, 2015, 04:55:23 pm by ghost_of_the_internet »

Offline Ander

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Re: Can Bitcoin Shine a Light Into Streaming Music's Money Traps?
« Reply #3 on: July 14, 2015, 05:40:45 pm »
Several startups are already working on early versions of the idea, says Barry Silbert, a prominent investor in Bitcoin, though none are ready for prime time.

Anyone know the names of any other projects working on a blockchain-based royalty distribution system besides peertracks?

Yeah, who else is working on this?  I havent heard of anything.  Glad I got my Notes! 
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Offline kingslanding

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Re: Can Bitcoin Shine a Light Into Streaming Music's Money Traps?
« Reply #4 on: July 14, 2015, 07:15:53 pm »
There should be a referral system set up like BTS but catered to getting bands signed up.  I think there are a lot of bands that will love the concept of Peertracks but don't know where to start or are tech averse.  A person could get the band set up & even manage its account for a small share of the transactions.  To me, ease-of-use will be the biggest feature for any music DAC.  Artists tend to shy away from dealing w/ too many technical details.
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Offline bobmaloney

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Offline Frodo

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Re: Can Bitcoin Shine a Light Into Streaming Music's Money Traps?
« Reply #6 on: July 14, 2015, 07:36:57 pm »
Their revenue model

is what I am most excited about, although, I'm still not sure why they want to pay for a blockchain instead of riding the BTS and getting paid...

anyone got a clue on this one?

high tx fees on BTS chain?

Offline cob

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Re: Can Bitcoin Shine a Light Into Streaming Music's Money Traps?
« Reply #7 on: July 15, 2015, 05:06:01 pm »
 “The reason I’m not doing it," Wallach says, "is because I don’t want to spend a decade on it.”

We are 18 months in and very close!
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline ghost_of_the_internet

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Re: Can Bitcoin Shine a Light Into Streaming Music's Money Traps?
« Reply #8 on: July 15, 2015, 06:33:05 pm »
“The reason I’m not doing it," Wallach says, "is because I don’t want to spend a decade on it.”

We are 18 months in and very close!

Man that is awesome! So excited for this project. Cob, care to comment on if you have seen any signs of competition in this space? It does seem from what has been released from you guys so far that you are light years ahead of everyone. That said I can't wait to get my first artist tokens. Keep up the great work!

Offline bobmaloney

Re: Can Bitcoin Shine a Light Into Streaming Music's Money Traps?
« Reply #9 on: July 15, 2015, 06:43:15 pm »
“The reason I’m not doing it," Wallach says, "is because I don’t want to spend a decade on it.”

We are 18 months in and very close!

 +5%
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Offline ghost_of_the_internet

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Re: Can Bitcoin Shine a Light Into Streaming Music's Money Traps?
« Reply #10 on: July 16, 2015, 05:01:43 am »
Pulled this from the the rethink music report.

You can download the whole thing here
 http://www.rethink-music.com/

RETHINK MUSIC
TRANSPARENCY AND MONEY FLOWS IN THE MUSIC INDUSTRY


A database of accurate rights ownership information,
like the one we have proposed, could form the foundation
of a similar cryptocurrency log. In addition to rights
ownership information, the royalty split for each work,
as determined by a mixture of statute and contracts,
could be added to the database. Each time a payment is
generated for a given work, the money would be automatically
split according to the set terms, and each party’s
account would instantly reflect the additional revenue.
For example, suppose a song is purchased from a
digital music store, such as iTunes. After the store takes
its cut, for ease of demonstration, we will hypothetically
assume the revenue generated by the purchase comes
to US$1.00. This money would be split between the two
different works contained in the song, with a 9.1 cent
mechanical royalty going to the musical work, and the
remaining 90.9 cents going to the sound recording. Next,
if the contract between the publisher and songwriter
specifies a 75/25 split of revenue from downloads, the
publisher would receive 6.825 cents and the songwriter
would receive 2.275 cents. With an identical split at the record label,
The label would receive 68.175 cents, and
the recording artist would get 22.725 cents. The blockchain
network could also further divide this 22.725 cents
between the members of a band, if applicable.
This entire process would take place in less than one
second, allowing all parties to access their money
immediately after it is generated. Further, this payment
system is fully trackable and would ensure that royalties
are not held by third parties, such as labels and publishers,
before being passed to the artist and songwriter.
This would eliminate concerns about accidental or
intentional underpayment of royalties.

Offline Riverhead

Re: Can Bitcoin Shine a Light Into Streaming Music's Money Traps?
« Reply #11 on: July 16, 2015, 06:34:26 am »
Dude, you ficking rock man

Certainly one of the brightest lights in the space. Some people just, "Get it". Cob is someone that gets it. I have always invested in people and I am invested in Cob.

Offline xeroc

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Re: Can Bitcoin Shine a Light Into Streaming Music's Money Traps?
« Reply #12 on: July 16, 2015, 08:06:52 am »
... I am invested in Cob...
and cedric and toast and the rest of the peertracks crew .. :)
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Offline Chuckone

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Re: Can Bitcoin Shine a Light Into Streaming Music's Money Traps?
« Reply #13 on: July 16, 2015, 12:30:48 pm »
... I am invested in Cob...
and cedric and toast and the rest of the peertracks crew .. :)

Cedric and cob... same guy ;)

But yeah, thumbs up for the whole team, I also invest in people and I do believe in what they're trying to accomplish!

Offline xeroc

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Re: Can Bitcoin Shine a Light Into Streaming Music's Money Traps?
« Reply #14 on: July 16, 2015, 12:58:15 pm »
Cedric and cob... same guy ;)
dang .. wanted to give some love to eddie :)
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