Yesterday, Canadian firms GuildOne and Beatdapp announced a three-year partnership to manage digital rights for streaming music services using blockchain in India and Japan.
Beatdapp has built a blockchain solution to track music streams in real-time and records the number of times a song was played. It authenticates, verifies, and validates streamed media. It is essentially an audit service for the music industry, to ensure that there are no discrepancies with royalty payments.
Goldman Sachs estimates streaming music royalties will hit $34 billion by 2034. However, Beatdapp found that 15% streaming play count reports are incorrect, which amounts to millions in lost revenue.
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