CNBC: Unlocking Blockchain's Vast Potential to the World of Music

December 29, 2017
Press Hit

In a recent interview with CNBC, Panos A. Panay, the vice president for innovation and strategy, and Shark Tank star and business mogul Kevin O'Leary discuss the current issue of attribution in the music industry and how Berklee's Open Music Initiative (OMI) is addressing this challenge. Currently, there is no system in place to properly identify rights owners for songs. OMI aims to solve this problem by implementing a blockchain-based technological system that uniformly identifies and attributes songwriters and rights holders. 

Panay describes how "Right now, a Taylor Swift song could have as much as five hundred thousand different ways of making money globally. The average song has a minimum of eight different collaborators. Being able to identify and drive the money to all these different people, and in many cases there being more than fifty different intermediaries between the consumer and the artist, leads to a lot of revenue leakage."

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