From the press-release:
In the digital era, more music consumption data is being generated than ever before. PRS for Music processed 6.6 trillion uses of music – including downloads, streams, live performances and online, radio and television broadcasts – in 2017, up 53% year-on-year. PRS for Music continues to invest in new technologies to help manage the increasing volumes of data, including partnerships with other performance rights organisations on blockchain and linking the data of song recordings to musical works, as well as work with music recognition technology.
As Robert Ashcroft (CEO PRS For Music) puts it:
“Auddly has the potential to revolutionize the way we do business. Today we spend an inordinate amount of time correcting errors, resolving disputes – and if we can take out that waste then we can save a lot of money in our operations down the line.”
Auddly’s not to be compared with a collecting society. Auddly doesn’t distribute royalties…
That’s what CREATIVES do!
From the CREATIVES White Paper:
To make sure that all royalties are paid to the correct owners of the copyright, three processes must be in place: registration, release and licensing. These are processed through smart contracts.
Copyright registration places on record a verifiable account of the date and content of the work in question, so that in the event of a legal claim, or case of infringement or plagiarism, the copyright owner can produce an indisputable copy of the work from a reliable source.
Note: It’s very easy to refer to a CopyrightID in our system for payment in CREATIVES as Auddly refers to the “old” ISWC and ISRC standards.
With the registration of copyright, a unique CopyrightID is created with an initial number of shares and an immutable date and time stamp. Each share is allocated to a shareholder that are part of the creative effort and entitled to royalty payments accordingly.
This registration can be compared to a Central Securities Depository (CSD) where all Safekeeping Securities are kept in dematerialized form. Other traditional CSD tasks as listing of new issues in the market which includes the issue of CopyrightID (loosely compared to ISIN).
Releasing the content is simply making it available for licensing by DSPs. The CopyrightID is the unique identifier any DSP (Spotify, Netflix, Financial Times etc.) relates to. CopyrightID is always used in any licensing request from a DSP upon which a royalty payment in CREATIVES are divided among registered CopyrightShare holders according to the copyright smart contract.