Original article from: http://www.m-magazine.co.uk/news/music-industry-going-blockchain-rabbit-hole/
The music industry is preparing to go down ‘the rabbit hole’ of Blockchain, PledgeMusic’s Benji Rogers has said.
Benji Rogers, PledgeMusic and BlockChain evangelist, made the comments during a presentation on the challenges and opportunities created by the much discussed new technology.
The panel, entitled Transparency through technology – and what the hell is Blockchain? saw an array of industry figures exploring the data challenge currently facing the music industry, plus solutions in the form of BlockChain.
Benji quoted legendary American record label executive Stan Cornyn in his opening address: ‘In the race to adopt new technologies, the music industry historically has finished just ahead of the Amish.’
Commenting, Benji stated: ‘Four months ago I would have said this quote was true. What I’ll say is that the leaders at the performing rights organisations, and the labels, and the publishers, are starting to approach me and others. They’re starting to take this [BlockChain] more seriously. So they haven’t adopted yet because there’s not much to adopt, but they’re going down the rabbit hole and it’s an extraordinary thing to see.’
In his presentation, Benji described how the music industry needs to move quickly to explore solutions to what he described as the data challenge for the management and rules surrounding global rights.
He suggested that Virtual Reality/Augmented Reality (VR/AR) are one of the biggest new challenges and are ‘coming like a freight train at 1,000 miles an hour’. They are ‘estimated to reach a $150bn (£102bn) in revenue by 2020’ … and this is going to ‘radically change how we consume and interact with future content’.
Check out our other BlockChain news stories from the first PRS Explores event at PRS for Music’s King’s Cross offices earlier in the year.
Read all of our news, features and interviews from this year’s Great Escape.
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