Anyone who works or has worked in the music industry knows how frustrating things like licensing, ownership rights, and copyright violations can be.
Blockchain is already famous for its strong identity management chops, and Immutable Music, a think tank on how blockchain technology will fit into the music industry, is looking to help solve some of the problems of the music industry.
“As I kind of progressed in my career as a music producer, I’ve seen so many problems with the industry,” said Lauren Bissell (pictured), Founder and CEO of Immutable Music. “The way capital came in, how it was distributed. I mean, those things still happen today, but I constantly looked around me for better solutions and how to make it work better.
Bissell spoke with theCUBE industry analyst John Furrier at Monaco Crypto Summit, during an exclusive broadcast on theCUBE, SiliconANGLE Media’s live streaming studio. They discussed Bissell’s musical background, how it eventually merges with technology, and how it all ties into Immutable Music’s mission. (*Disclosure below.)
Bringing a centuries-old industry into the Web3 era
You would think that with cutting-edge music technology like Auto-Tune, sophisticated synthesizers, and realistic acoustic equipment, music management would quickly adapt to technology like blockchain. That’s not quite the case, according to Bissell.
“In general, the music industry is a little behind. We live a bit in the Wild West, nnot in a futuristic way, but a bit old-fashioned,” Bissell said.
Publishing and royalties are one of the industry’s biggest headaches for producers and executives. Smart contracts could facilitate payment systems that record companies already have in place.
“So we can kind of move to smart contracts for payment systems, and eventually we can switch to AI to actually detect what music is playing where,” Bissell said.
Eventually, most of the middlemen that make the process of creating music more difficult, from a rights/ownership perspective, will be rendered superfluous, Bissell concluded.
Here’s the full video interview, some of SiliconANGLE and theCUBE’s coverage of Monaco Crypto Summit an event:
(*Disclosure: TheCUBE is a paid media partner for the Monaco Crypto Summit event. Neither DigitalBits, the sponsor of theCUBE event coverage, nor the other sponsors have editorial control of the content on theCUBE or SiliconANGLE.)