Bloomen Music: Can Blockchain Improve Claims Management and Resolution?
Challenges in the music sector largely related to inefficient systems for the distribution of royalties. They are not only slow and expensive. A song for which the rights have been cleared in one country, might not be checked at all in another. Often content is unmatched across systems, right owners are often unidentified and rights ownership data is inconsistent. Audits report that around 25% of royalties are not paid to the artists and creators due to these factors. In Bloomen it is our vision to help getting towards a better music ecosystem, making it fairer, more transparent and more efficient. We aim to achieve a number of benefits by migrating existing database solutions to a Blockchain-based system:
- Transparency: an open system – any party can check the status of their assets
- Decentralisation: nobody owns the database; crowd-sourced contribution
- Conflict resolution: confluence in a single view of aggregated assets
- Efficiency: reduction of marginal cost of intermediaries in the value chain.
Collective Management Organisations (CMOs) are the primary target group for the music use case. They might adopt a solution like Bloomen Music in their workflows in order to better manage claims in comparison to existing solutions.
Screenshot: Bloomen Music Pilot
The Bloomen Music Application covers the following core functions:
- Account Registration and User/Member Management
- Request submission
- Claims Management
This use case is run by BMAT, a music monitoring software company based in Spain, providing services to Collective Management Organisations, Record Labels and Publishers.