How can you speed up royalty payments and make music careers sustainable for artists?
KKBOX cut down a twelve month process to pay artists for royalty payments to just a few weeks with Bitmark by providing transparency to song rights and royalty payments.
The ability to efficiently and transparently access song rights and transfer royalty payments in a timely manner is a tremendous pain point for stakeholders across the global music industry.
In partnership with KKFARM (investment group of KKBOX) and CTBC Bank Bitmark enables KKBOX (Asia’s largest streaming music service with over 10 million paid subscribers) to efficiently record, track and transfer access to song royalties.
At typical music streaming services, royalty rights are listed in spreadsheet files stuck behind corporate firewalls. Thus, it can take months for anyone to validate the rights to a song, and musicians may not receive royalties for up to twelve months after a song is streamed.
On the corporate side, this legacy process opens up opportunity for error and increases the work (and cost) required to pay out any individual artist.
Musicians in KKBOX’s streaming library now have their song rights recorded in the Bitmark blockchain. Royalty reports are generated by KKBOX, registered on the Bitmark blockchain, and then validated by the artist. Once the artist confirms, CTBC Bank remits payment immediately, cutting down what is often a twelve month process for royalty payments around the world to just a few weeks with KKBOX.
This transparent process eliminates error and auditing cost for KKBOX, while artists now embrace working with KKBOX versus competing services in order to access this artist-friendly method of payment.