Ditto Music is launching a new application which is named Bluebox and is seen as a blockchain recording technology which could be a boon to musicians and distributors alike. According to the CEO of the company Lee Parsons, the problem is that misplaced metadata can end up eating away at the bottom line.
Recently, Ditto Music made a royalty payment of 60,000 pounds sterling (equivalent to $80,000) to the wrong artist. Parsons had to pay the correct artist out of his own pocket. However, Bluebox will now allow artists to address legal concerns including copyright registration, publishing and mechanical splits.
As Ditto Music is launching a new app, the solution is seen as one which will record music around legally-binding smart contracts which are written into code and can instantly copyright the content.
“There’s billions of dollars of unclaimed royalties out there,” Parson said. “The blockchain can help millions of artists claim what is rightfully theirs.”
For those of you who don’t know Ditto Music from the blockchain news, the company has paid out $100 million in royalties last year and now claims that a roster of 250,000 artists are behind it – including big names such as Ed Sheeran, Sam Smith and Royal Blood. Bluebox is designed to split royalty payments for a recording’s lifetime and track the plays accurately on the system.
Parsons argued that a solution like this creates more transparency and more detailed reporting, two of which are crucial features as to why Ditto Music is launching an app of this kind. As such, both of which should reap higher collection rates from digital services.
Ditto claimed to promote “higher collection rates [while] massively reducing the loss of earnings currently experienced by artists.”
“Aside from the billions of dollars in unclaimed royalties that Bluebox will be tackling, the Bluebox app will let creators lock in their split payments at the point of creation and get paid separately and accurately for each use of that song. It’s going to revolutionise payments across the music industry and help the millions of artists claim what is rightfully theirs,” the CEO and founder of Ditto Music Lee Parsons concluded.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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