Artist Wallet
Revelator, BMAT and Teosto, have set a new standard for paying right-holders faster by processing Performance Royalties in near real-time.
In an industry-first partnership, Revelator, BMAT, and Teosto, have demonstrated a new standard for paying rights holders (songwriters and music publishers) faster by processing near real-time monitoring of BMAT radio performance royalties in conjunction with Teosto’s proprietary data set and using Revelator’s Data Management Platform & Original Works’ smart contract-powered Artist Wallet.
The pilot, organized over the summer of 2019, tracked the radio plays of three works on Finnish radio channels. Teosto provided the metadata, splits and user information for 3 songs and 19 rights holders. Revelator created a wallet for each of the rights holders involved, set up the smart contracts for the musical works, integrated BMAT’s API for radio plays and queried the ISRCs of the 3 songs several times per day.
Whenever new radio plays were reported, Revelator made the data available to its blockchain-based Original Works Network to calculate and attribute the royalties payable to each smart contract providing Teosto with an interface to distribute the performance royalty payments to the underlying musical work.
The smart contracts automatically and immediately executed the payments to the digital wallets of the 19 rights holders. Payments were made in Original Works tokens, which rights holders would be able to convert to the fiat currencies of their choice once the project reaches the production stage. The pilot was done with simulating the payments in a test blockchain environment and no real money was distributed during testing.
From a technological perspective, faster payments pilot was a success.
The project was presented on 12 September at Future Music Forum in Barcelona together with Teosto, Revelator, and BMAT for a high-level music industry audience.
Pekari explains that going forward to production will need a careful assessment of the needs of Teosto’s rights holders and business logic as well as to further develop integrations. analytics and UI for the tested solution.
“Our goal is to take our services to the next level and experiments like this are part of it. We hope that in the next few years, faster payments for music creators will become an everyday business.”
ABOUT REVELATOR
Founded in 2012 by music industry veteran Bruno Guez, Revelator is a leading provider of copyright and data services for today’s digital music business. Revelator’s digital asset platform and artist wallet offer a best in class solution for simplifying copyright management and solves the complex problems of accurate attribution in multi-territorial rights administration, and transparency in royalty distributions to copyright owners and independent music creators.
ABOUT BMAT
BMAT started in 2005 focused around music monitoring services and built a service that could track any public communication of music. The company has grown to service more than 100 Collective Management Organizations and over 2 thousand Record labels and publishers. Today BMAT monitoring platform delivers 92 million identifications monthly and overviews 230M digital transactions hourly.
ABOUT TEOSTO
Teosto is a non-profit organization founded in 1928 by composers and music publishers, to administer and protect their rights. At Teosto, decision-making power lies with ordinary members – that is, music authors.
Teosto represents more than 33,000 Finnish and almost three million foreign composers, lyricists, arrangers, and music publishers. Teosto collects and distributes royalties to the music authors we represent, for the public performance and mechanical reproduction of their music in Finland.
“The most important result is that we really are able to show royalty payments within 24 hours to different right-holders. The promise of near-real-time payments is huge but still realistic"Teosto’s Senior Advisor of Innovation.