TIV researches “The Impact of Digital Innovation and Blockchain on the Music Industry” for IADB
IADB reached out to TIV to analyze the implications of distributed ledger systems (i.e. Blockchain) and other 4th Industrial Revolution technologies for the Music Industry, culminating in the report, “The Impact of Digital Innovation and Blockchain on the Music Industry.” Particular emphasis of the project involved a foray into how blockchain technologies could help artists in developing regions (such as the Caribbean), in addition to providing artists an improved source of monetization, which is more systematic, transparent and profitable. The study was a multidisciplinary effort, involving some of the top music and computer science universities. This included a collaboration between TIV and IADB, along with the Berklee College of Music and the MIT Media Lab (as part of the Open Music Initiative).
The Open Music Initiative (OMI) is a non-profit with a mission target at creating open-source protocols for the “uniform identification of music rights holders and creators.” The end goal is to enable industry platform interoperability and to empower creative artists with greater economic stability and equality. In regard to this endeavor, the joint work by OMI and IADB involved executing a music laboratory (the LAB) to pilot platforms based on blockchain technology for the music industry. This was largely done in the context of the Creative Economy in the Caribbean due to the challenges that many artists face in profiting from their projects The LAB activities included a multitude of activities including the cataloging and attribution of live DJ mixes, commercialization of mixed tapes from original material, and compensating musicians for visual works using their songs as data. Moreover, the following solutions were developed by the conclusion of the investigation:
DEEPDIVE: An organized platform where fans can view an artist ’ s entire identity and share meaning behind the music .
LÜM : A new service that allows for unique emotional moments in a live performance to be captured and analyzed for artists and businesses involved in the music industry .
ECHOWE: A sample marketplace where copyright holders can set the intention of their music so it can act on its own as if it were alive .
FIBER: A media player that tells the holistic story of a song by bringing it to life in virtual reality .
TIV analyzed these mechanisms and elaborated on technical aspects of blockchain and the music industry, addressing economic, technological and policy-related considerations. Some of the topics for which TIV lent its expertise included flexible pricing and revenue optimization, revenue sharing, the role of smart contracts and intellectual property, among others.