According to PwC statistics, global entertainment media industry revenue reached $2.1 trillion (USD) in 2018 and is expected to reach $2.6 trillion by 2023. There is an increasing amount of investment projects in the future of virtual reality, OTT video streaming, animation games, film drama, audio and video books, and even other entertainment industries such as betting.
Individuals and teams are extremely important in the pop music entertainment industry. Many successful and unsuccessful cases in the past have been linked to interpersonal cooperation. Among them, the signing of a collaboration contract between entertainers has long been difficult to resolve the pain points, which include artists being unable to immediately access the contract, accounting and income distribution issues, and contract loss.
Thus, the notion of how to effectively manage contract signing has become a ticking time bomb for every music creator.
The global pop music industry is evolving to meet the demands of the digital era. Blockchain, as the front-end technology for FinTech (financial technology), strives to the ideal condition of "removing the middleman" status. Music fans and digital content users can utilize Blockchain-enabled cryptocurrencies to purchase and pay directly to the music creator, and then listen to the latest music works offered by the artist via the paid programme. Not only may musicians keep almost all of their revenues, but all data is freely kept on the Blockchain, resulting in an open and transparent creative environment for the Asian pop music business.
In addition to advances in the creative process, Blockchain technologys "decentralization," "immutability," and "encryption security" will considerably improve the popular entertainment industrys contract signing environment. Because it has the potential to speed digital distribution, make it simpler to identify artists and copyright holders, and eliminate contract trust acquired through intermediaries.
Maxonrow and National Taiwan Normal University collaborated to build the Blockchain-empowered artist contract management system - 'MusicstArt,' which improves the artist contract lifecycle management and digital performance control from contract signature and implementation through renewals.
'MusicstArt' had a plethora of features; when accessing the app, the options included management criteria for artists and agencies, as well as the handling of copyright concerns and commercial affairs. The many roles that interact in various ways with the contract text, system, and authority guarantee that the contract processing method is simple and straightforward.
Users can more effectively manage contracts based on their status and the relationships between them (master contract, split contract, derivative contract). At the same time, the exclusive encryption contract reading permission settings can allow the assistant or related units to assist in completing the required work.
After it has been signed and encrypted, the contract's contents will be placed on the Blockchain. Each hash represents a distinct contract, and any updates or new contracts are securely recorded on the Blockchain. By storing contracts on the Blockchain, digital contracts and signatures not only save money and time, but also remove the possibility of contract loss.
Dollowing the notion of building a country through culture, we sought for well-known academic institutions with the most competitive cultural endeavors in Taiwan. The basic value of the centers foundation is to develop and inherit Taiwan pop music as the emphasis, to illuminate and hype up the Asian market, and to pioneer "iconic power" pop music composition and performance.
Explore NowWe guarantee to get back to you within a business day.