The music industry never stands still, and this past week has been no exception. From groundbreaking new technology to major shifts in how music is managed and monetized, there’s a lot happening right now that will shape the future of music. Here are the five biggest updates from the past seven days.
1. Sony’s New Blockchain Platform ‘Soneium’ Could Revolutionize Music
Sony has unveiled Soneium, its brand-new blockchain platform that could have far-reaching effects on the music industry. While the platform is designed to work across various sectors, music is expected to play a major part in its future. The idea is to use blockchain technology to create a more transparent and secure environment for managing digital assets, including music rights, royalties, and ownership of digital music collectibles. This could change how artists distribute their music and how fans engage with it, offering verified ownership of digital music assets.
Blockchain’s potential to provide transparency in the music industry could help solve long-standing issues around royalties and copyright disputes, while also offering superfans a way to truly “own” parts of the music they love in a verifiable way.
Read more here.
2. TikTok Continues Its Indie Music Takeover
TikTok has become a dominant force in the music industry, particularly for independent artists looking to break into the mainstream. Recently, TikTok’s music distribution services have given indie musicians unprecedented access to a global audience, allowing them to distribute their music across major platforms without the need for a label. This is a game-changer for indie artists, as TikTok’s viral algorithm and built-in user base provide a powerful launching pad for music careers.
The rise of TikTok as a music discovery platform is helping independent musicians gain traction like never before, offering them the tools to reach new listeners directly. It’s a shift in power that could fundamentally change the landscape of the music industry, reducing the need for traditional music labels.
Read more here.
3. TIDAL Launches a New Tool for Songwriters to Manage Their Work
TIDAL has introduced a groundbreaking tool for songwriters, allowing them to claim and manage their work through the platform. This new tool is currently available in the U.S., and it aims to help songwriters take more control of their music rights. With this feature, songwriters can ensure they receive proper credit and royalties for their work, a crucial step in creating a more equitable system for creators.
The move comes as the music industry faces increasing pressure to provide transparency and fairness for songwriters, who are often overlooked in the complex world of royalties and rights management. TIDAL’s new tool is part of a broader push to empower creators and give them control over their intellectual property.
Read more here.
4. Primary Wave Acquires the Catalog of Chuck Mangione
In a major acquisition, Primary Wave has purchased the publishing and other rights to the entire catalog of legendary composer Chuck Mangione, known for his hit “Feels So Good.” This deal reflects the growing trend of companies investing in valuable music catalogs, driven by the increasing demand for music licensing in various media, including streaming, movies, and advertising.
Mangione’s catalog will now be managed and monetized by Primary Wave, which plans to license his music across different platforms. This acquisition is another example of how music has become a significant financial asset in today’s industry.
Read more here.
5. Hipgnosis Shifts Strategy for Its Song Catalog
Hipgnosis Songs Fund, a major player in acquiring music rights, is transitioning into a new phase of its strategy. The company has built up an impressive catalog of hit songs, and it’s now shifting focus to better manage and monetize its assets. The strategy shift is aimed at delivering stronger returns for investors, reflecting the growing recognition of music catalogs as valuable long-term investments.
This move signals that the music industry is not only about new releases but also about maximizing the potential of existing catalogs, which can generate revenue for decades through licensing, streaming, and other avenues.
Read more here.
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