Spotify has bought Mediachain Labs, a small Brooklyn-based company that specializes in blockchain technology. Mediachain will help further Spotify's "journey towards a more fair, transparent and rewarding music industry for creators and rights owners.”
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Spotify Buys Startup To Help It Track Musician Royalties
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Mediachain founder Jesse Walden wrote in a Medium post last year about how blockchain technology can be used in the music business to keep track of the owners of a song and how much they should be paid. Walden wrote that there is “is no good way” for people “to know the correct ownership percentages” of songs without blockchain technology. He also cited Spotify’s $30 million settlement with the National Music Publishers Association for allegedly failing to pay song royalties to publishers “because they didn’t know who to pay.”
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