How The Creative Industries Are Using Blockchain

This was Blockchain Week in New York, formally known as Consensus 2018, an orgy of  blockchain-focused conferences, hackathons, meetups, hookups, seances and parties organized by CoinDesk that actually ran to 10 days. Yours truly was asked to moderate a panel at one such conference, the Blockchain Brand Innovation Summit put on by the CDX Academy and Columbia University Business School, and to offer a few words on how folks in the creative industries are using, or thinking of using blockchain.

I am no kind of expert on blockchain or the various technologies or mathematical concepts associated with it (crypto, consensus mechanisms, smart contracts, etc.). But in my capacity as co-founder of the RightsTech Project I’ve observed how many different sectors of the creative industries are looking to blockchain as a solution — or part of a solution — to a common set of challenges. So, in preparing for the panel, I pulled together a few “thoughts” on the question and came up with five broad use cases, or categories of use cases, for which people in the creative industries seem to be looking to blockchain. Read More »

Bridging The Streaming Music ‘Value Gap’

The global music business offered up two cheers this week for the first signs of life in the recorded music business in nearly a decade. According to International Federation of the Phonographic Industry’s (IFPI) latest global sales report, total recorded music revenue grew 3.2 percent in 2015, to $15.0 billion, the biggest jump since 1998 and the only growth since 2012, when sales ticked up 0.3 percent.

The overall growth IFPI_YouTubecomparisoncame entirely from digital sources, particularly streaming revenue, which jumped 45 percent over 2014, to $2.9 billion, or 19 percent of total revenues. Physical sales continued their decade-long slide, falling another 4.5 percent, buoyed somewhat by the continued renaissance of vinyl.

The strong streaming numbers were not evenly distributed, however. Subscription streaming revenue accounted for $2 billion of the $2.9 billion total, as the total number of paying subscribers reached 68 million, while industry revenue from ad-supported streaming amounted to a mere $634 million, despite more than 900 million listeners worldwide.

The report referred to the mismatch between consumption and revenue to artists and labels as a “market-distorting value gap,” that must be closed, echoing comments last month by RIAA CEO Cary Sherman. Read More »