The Blockchain Breakthrough
In a flashy move, Revelator recently snagged $2.5 million in funding, promising to jazz up the music industry with a new tune: blockchain technology. But don’t get it twisted; this isn’t just your regular old song and dance. With their innovative tracking methods and payment systems, they’re on a mission to ensure artists see their royalties faster than you can say ‘chart-topper.’
From Delay to Day: The Royalty Revolution
Historically, artists have been stuck waiting for their hard-earned cash to trickle in. Many waited weeks or even months, which is kind of like waiting for that perfect moment to drop your hottest single, only for it to be outdated by the time it releases. With Revelator, that dreary timeline is getting an overhaul. Bruno Guez, the mastermind CEO, likens it to a fast food drive-thru: “If you have data every day, why can’t we make payments every day?” Imagine being able to cash in on those 1,000 downloads the very next day.
The Efficiency of Blockchain
Picture this: a world where tracks and royalties are monitored and managed on a single, reliable platform. That’s exactly what Revelator is working towards. Blockchain acts as the engine that powers this efficiency train; it can track everything from downloads to streams in real-time. So if a song is the life of the party on a Friday night, the artist can see that royalty payment drop like it’s hot shortly thereafter.
Why the Music Industry Needs This
So why all the fuss about Revelator? Well, half of the royalties owed never even hit the right eyes (or bank accounts) due to obsolete systems and that tangled web known as the music rights landscape. This is where blockchain comes in, lit and ready to illuminate the dark corners of music royalties. Guez believes that while blockchain isn’t the magic pill to cure all industry ailments, it certainly opens up new interactive features that artists and rights holders have been crying out for.
Expanding Horizons: Beyond Music
The exciting part? Revelator isn’t just stopping at the music industry. Their commitment to exploring blockchain applications extends far beyond. In fact, Meg Siegal, Head of Public Radio BizLab, teased some tantalizing prospects for public radio. Exciting, huh? By experimenting with a music library on blockchain, they aim to unlock fresh opportunities for the industry at large.
Funding to Fuel the Future
With funding from Exigent Capital and the illustrious Digital Currency Group, Revelator is gearing up for a transformational journey. Initially rooted in music, the company’s reliance on blockchain technology is making waves and could ripple into many other industries.
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