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L3COS, the world’s first regulated blockchain-based operating system, today announced a new partnership with ENT Global Technologies, formed by Carmen Murray and Michael Michel of US-based full-service music label and entertainment company TITLE 9 Inc. The $110M deal will see L3COS create a global digital rights management and marketplace for the music and film, ultimately bringing artists and fans closer together.
All artists and content creators using the platform will have the opportunity to manage the copyrights of their assets and register their music and creative properties as both NFTs (non-fungible tokens), and other intellectual property-based digital derivatives. In short, fans and consumers only pay for what they use, knowing they’re directly benefitting the creator.
Digital rights management (DRM) is a method of copyright protection for digital media, where technologies are employed to limit the duplication and unlicensed use of copyrighted works and proprietary software. Its main benefit is that it enables authors to have control over what paying users can do with their work. For businesses, implementing digital rights management systems can help to prevent users from accessing, using or distributing assets, allowing the organization to avoid legal issues that may arise from unauthorised use.
NFTs are unique blockchain-based assets that can act as digital certificates of authentication – enabling people to prove ownership of an item, such as a specific piece of music or art. Registering assets poses a huge opportunity for artists and entrepreneurs with an independent approach, providing them with the chance to preserve their equity in copyright, unlike the current system that undervalues them, as well as creating new revenue streams through registration of any intellectual property they have.
For consumers, the ability to purchase an asset that is exclusive or limited and has potential extra offerings attached to it - for example, meeting their music idol! This coupled with a possible increase in the value of the asset, due to its scarcity, makes it even more appealing.
According to IFPI, the organisation that represents the recorded music industry worldwide, the global recorded music market grew by 7.4% to $21.6 billion in 2020 for the sixth consecutive year. Additionally, a report published by PWC stated that the global media and entertainment industry dropped by more than $120 billion in 2020, amid the global recession, but is forecasted to grow by 6.4% this year. These figures are promising for both businesses and individuals wanting to monetise while having full control of their assets.
Zurab Ashvil, CEO, L3COS commented:
“We’re excited to be partnering with ENT Global on this digital rights management and marketplace deal. With this partnership we’ll be creating fully automated digital ecosystem that empowers artists and creators, and that brings transparency to the music and film industry.”
“Artists and creators will have the ability to better manage, control and properly value their work, opening up ways for new revenue streams. ENT Global has exciting plans to use our L3COS software which we’re hoping to launch in Q1 2022 to help creators gain more value from their music and content while having full control of their intellectual property.”
Carmen Murray and Michael Michel, Co-Founders, ENT Global Technologies added:
“We are thrilled to take this important step into what we believe is the future of entertainment – digitalisation via blockchain technology. Using the transparent nature of blockchain, we will create an open marketplace for the entertainment industry, including music, TV and Film as a trustless environment where creators, musicians, artists, and rights owners can have full control to automate all their existing and future digital assets, providing a variety of options to any consumer globally on one platform using distributed ledger technology (DTL).”
“We believe L3COS have created a one of a kind, first to market, regulated and fully automated blockchain operating system, with the ability to process 1.5m transactions per second. This is just the type of robust capability that is needed for a marketplace of this magnitude” added Murray and Michel.
