Spotify was unable to pay royalties of about $30 million a year that we had to pay for artists the past year. That is why it is not possible to determine in which song the rights of who and how much. These payments were suspended due to disagreements between artists, production companies, and publishers. However, a system that determines which piece of copyright belongs to whom and in what way can solve these problems from the root.
One of the most suitable candidates for solving the database problem in the music sector is block-chain technology. Thanks to this technology, all content and copyrights can be easily tracked and even all payments can be done automatically with intelligent contracts. This potential is not often used in such a large and popular sector to date, especially in the area of finance technology, which is often expressed. However, this may change soon.
Spotify bought a New York-based initiative called Media chain Labs at the end of April. The purpose of Media chain Labs is to find and add images to the database and to determine which image belongs to whom. Spotify’s purchase of an initiative that leverages block-chain technology to build this database is interpreted as a similar system by Spotify.
The regulation required for the public offering
The popular music platform has not yet made a statement in this regard. However, Spotify, which is expected to be offered to the public in the near future, should be able to clarify the database and distribute copyright effectively. Otherwise, after the public offering, many people can use Spotify for alleged unfair revenue on their own content, here’s how to make free spotify premium account. These actions will also adversely affect the company’s shares in the stock market.
The ability of block-chain technology to organize this is actually known to the technology community. Even Alphabet’s DeepMind artificial intelligence unit has developed a block-chain system that will keep British medical reports under control. Nevertheless, this technology must be used by a company like Spotify to be widely accepted. Famous artists also need a business association here. If Spotify takes such a step, it will have to accept the payments of singers such as Rihana, Justin Bieber, and Drake, who paid the most from the company over the past year, via this system. These payments can even be made through Bitcoin. The use of Bitcoin by renowned artists and music companies may mean that a new twist on digital payments will be introduced.