Owen and O'Dair (2020)

From Copyright EVIDENCE

Advertising Architectural Publishing of books, periodicals and other publishing Programming and broadcasting Computer programming Computer consultancy Creative, arts and entertainment Cultural education

Film and motion pictures Sound recording and music publishing Photographic activities PR and communication Software publishing (including video games) Specialised design Television programmes Translation and interpretation

1. Relationship between protection (subject matter/term/scope) and supply/economic development/growth/welfare 2. Relationship between creative process and protection - what motivates creators (e.g. attribution; control; remuneration; time allocation)? 3. Harmony of interest assumption between authors and publishers (creators and producers/investors) 4. Effects of protection on industry structure (e.g. oligopolies; competition; economics of superstars; business models; technology adoption) 5. Understanding consumption/use (e.g. determinants of unlawful behaviour; user-generated content; social media)

A. Nature and Scope of exclusive rights (hyperlinking/browsing; reproduction right) B. Exceptions (distinguish innovation and public policy purposes; open-ended/closed list; commercial/non-commercial distinction) C. Mass digitisation/orphan works (non-use; extended collective licensing) D. Licensing and Business models (collecting societies; meta data; exchanges/hubs; windowing; crossborder availability) E. Fair remuneration (levies; copyright contracts) F. Enforcement (quantifying infringement; criminal sanctions; intermediary liability; graduated response; litigation and court data; commercial/non-commercial distinction; education and awareness)

Source Details

Owen and O'Dair (2020)
Title: How blockchain technology can monetize new music ventures: an examination of new business models
Author(s): Owen, R., O'Dair, M.
Year: 2020
Citation: Owen, R., & O'Dair, M. (2020). How blockchain technology can monetize new music ventures: an examination of new business models. The Journal of Risk Finance.
Link(s): Definitive , Open Access
Key Related Studies:
Discipline:
Linked by:
About the Data
Data Description: The study draws on in-depth interviews with key actors at four case-story music industry infomediary businesses: Blokur; Dot Blockchain; JAAK; Mycleia.
Data Type: Primary data
Secondary Data Sources:
Data Collection Methods:
Data Analysis Methods:
Industry(ies):
Country(ies):
Cross Country Study?: No
Comparative Study?: No
Literature review?: No
Government or policy study?: No
Time Period(s) of Collection:
  • 2019
Funder(s):

Abstract

Purpose – This paper aims to examine how blockchain technology is disrupting business models for new venture finance.

Design/methodology/approach – The role of blockchain technology in the evolution of new business models to monetize the creative economy is explored by means of a case study approach. The focus is on the recorded music industry, which is in the vanguard of new forms of intermediation and financialization. There is a particular focus on emerging artists.

Findings – This paper provides novel case study insights and concludes by considering how further research can contribute to building a theory of technology-driven business models which apply to the development, on the one hand, of new forms of financial intermediaries, more correctly referred to as “infomediaries,” and on the other hand, to new forms of direct monetization by artists.

Originality/value – This paper provides early insight into the emerging potential applications of blockchain technologies to streamline music industry business service models and improve finance streams for new artists. The findings have far-reaching implications across the creative sector.

Keywords: Blockchain, Business models, Infomediaries, Music industry,New venture finance

Paper type: Research paper

Main Results of the Study

The article reports the following findings:

  • Blockchain is enabling new infomediary services to develop. The case study evidence suggests that the most advanced of these new services, currently at alpha and beta testing stages, aim to ensure the rights and licensing of recorded music, incorporating artist creator details, smart contract payments and artistic expression into the digitized online streaming and wider artistic distribution mechanisms facilitated by the internet and blockchain.
  • Blockchain is enabling new infomediary customer services to monetize new recorded music far more efficiently through the new online streaming music distribution services. The main customers will be the artist creators, publishers and labels, and the online music streaming services, with the value creation in terms of greater efficiency (speed, accuracy and cost reduction) in establishing artists’ rights and payments by using blockchain technology, digital encoding and AI search mechanisms to replace physical collection society activities.
  • The new business models are B2B services, with little cost directed towards the artist/creators. The expectations are that the publishers and labels and streaming distributors will pay for these enhanced services, either through licensing rights or small percentage service charges on transactions.
  • All new service providers are in favour of regulation as a means of gaining public recognition, trust and acceptance of the blockchain services – the main question here is the extent to which industry regulations can be adopted globally and the desire for a blockchain facilitating light touch approach. So, while blockchain is inherently disintermediating, it is also necessarily in need of legal enforcement of global rights and infomediary activities to ensure the promotion and more equitable payment of artists.

Policy Implications as Stated By Author

"while blockchain is inherently disintermediating, it is also necessarily in need of legal enforcement of global rights and infomediary activities to ensure the promotion and more equitable payment of artists."



Coverage of Study

Coverage of Fundamental Issues
Issue Included within Study
Relationship between protection (subject matter/term/scope) and supply/economic development/growth/welfare
Relationship between creative process and protection - what motivates creators (e.g. attribution; control; remuneration; time allocation)?
Green-tick.png
Harmony of interest assumption between authors and publishers (creators and producers/investors)
Effects of protection on industry structure (e.g. oligopolies; competition; economics of superstars; business models; technology adoption)
Understanding consumption/use (e.g. determinants of unlawful behaviour; user-generated content; social media)
Coverage of Evidence Based Policies
Issue Included within Study
Nature and Scope of exclusive rights (hyperlinking/browsing; reproduction right)
Exceptions (distinguish innovation and public policy purposes; open-ended/closed list; commercial/non-commercial distinction)
Mass digitisation/orphan works (non-use; extended collective licensing)
Licensing and Business models (collecting societies; meta data; exchanges/hubs; windowing; crossborder availability)
Green-tick.png
Fair remuneration (levies; copyright contracts)
Enforcement (quantifying infringement; criminal sanctions; intermediary liability; graduated response; litigation and court data; commercial/non-commercial distinction; education and awareness)

Datasets

Sample size: 4
Level of aggregation: Company
Period of material under study: 2019


Sample size: 4
Level of aggregation: Individual
Period of material under study: 2019