Photo credit: Spotify.
- Spotify has acquired New York-based startup Mediachain to improve its artist attribution and royalties collection efforts.
- Mediachain was developing peer-to-peer database technology using the blockchain. It helped attribute media works to their creators and reward them accordingly.
- Unpaid royalties and the lack of standardization in attribution of works to artists is a constant headache for Spotify and other streaming services. Spotify recently had to pay around US$25 million in settlements for this reason.
Source: TechCrunch.
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