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The Utopia Genesis Foundation announced today the launch of an organization that will work to provide every stakeholder in the music industry with the technologies and resources required to improve how revenue streams are tracked, traced and processed.
Through an exclusive partnership with Utopia Music AG, a big data and processing platform for the music industry, members of the Foundation will be empowered with an openly accessible, multi-layered and self-serviced portal to develop applications using blockchain technology and collaborate with a community of artists, songwriters, producers, record labels, performance and artist rights organisation (PRO), and fans on commercial projects.
“Our first priority is to break free from the archaic infrastructure that still relies on large amounts of manual labor and guesswork so that more exciting advancements can be made,” said Thomas Contin, President of The Utopia Genesis Foundation. “The foundation will focus on increasing tokenization in the music industry so that the community is able to crowdfund their projects, as well as better track and manage their music rights.”
According to MusicAlly’s 2019 report, some of the biggest challenges that music industry executives are trying to overcome include increasing recognition for non-artist stakeholders who contribute to the production of a song, identifying new opportunities in regions like the Middle East and North Africa (MENA), and standardizing business processes by streamlining data access, rights management, reporting, and the distribution of data and revenue.
To provide a solution, the Foundation will first introduce a suite of tools for the ecosystem, from streamlining creation and monetization to enabling high-volume microtransactions. The combination of big data and blockchain technology will allow first- and third-party applications to be built using APIs that can interface directly with Utopia Music's database and systems. Through the Utopia Genesis Foundation, new open standards will be introduced to address the lack of uniformity in the industry and allow for the tokenization of music rights.
“Many companies have sought out to ‘fix’ the issues in the music industry but fail to understand that it’s not something that can be done overnight, or that it needs upgrading and not disruption” explains Mattias Hjelmstedt, CEO of Utopia Music AG. “It begins with data, which Utopia Music AG has collected, and now, it’s time to figure out how to make the best use of it. it’s a great motivator to do something about it. Before the Utopia Genesis Foundation, this open access would not be possible. We look forward to continuing to support the Foundation as they work alongside key players in the industry to solve its biggest problem.”
To learn more about the Utopia Genesis Foundation, please visit its website https://utopiagenesis.com/
Download the Utopia Genesis Foundation’s Litepaper here.
