Streamlined royalty payments, usage-based billing models, decreased IP infringement, and direct monetisation of all copywritten assets.
Digital piracy, fraudulent copies, infringed studio intellectual property (IP), and duplication of digital items cost upwards of an estimated $95 billion annually.
Discrepancies and Delays
Lack of Transparency
No Authenticity Proofs
Once the content creator registers their property on Dijets, the utility chain can record every usage of that piece of content. This tracking enables real-time, flexible, and fully transparent consumption-based pricing mechanisms such as metered billing. Smart contracts on Dijets Utility Chain can be utilised to execute automatic micropayments between the consumer and the creator.
The open and decentralised nature of blockchain enables and ensures decreased IP infringement, disintermediation of content from industry intermediaries, and most importantly direct monetisation of all copywritten assets through smart contracts and p2p micropayments
Blockchain can help artists automate a large portion of the business administration work surrounding licensing, contracts, and payments. Once the contractual-based work, usually rife with intermediaries, is automated and performed at a fraction of the cost, creators can sell their work directly peer to peer. Blockchain-based marketplaces for digital content allow creators and consumers to interact without costly intermediaries.
The following are some of the many immediate benefits that scalable Blockchain technology can bring to the music industry and artists:
- Digitising Legacy Systems: Music business still primarily operates on legacy systems and business models erected when songs were distributed in a hard-copy format, and not released via the internet. Only a few players have caught up to digitisation, and they dominate the streaming market, squeezing out profit for artists. By digitising the legacy systems Blockchain can remove the intermediaries.
- Decreased IP Infringement: Blockchain allows artists and creators to digitise the metadata of their unique content and manage and store IP rights on a time-stamped, immutable ledger. The append-only structure of a blockchain makes it easier for creators to legally enforce their rights once infringement occurs.
- Streamline royalty payments: On a blockchain-based platform, artists can upload original works, self-publish, control licensing options, and manage distributions. Royalty payments can be programmed into a smart contract for every piece of content and can be automatically paid out to the creator upon usage.
- New Pay-per-consumed price options: At the moment, customers pay content aggregators to access advertising and media like YouTube, Hulu, Tidal, Amazon Prime, and Netflix. As customers are bombarded with streaming service overload, an opportunity for pay-per-use consumption-based models presents itself. Blockchain technology has the ability to log an intricate record of media usage data and enables efficient micropayment pricing models.