BeatBack is partnership between Zenotta Ventures and the Media Asset Vault, a music asset fund committed to supporting and uplifting music artists by assisting them with the reclamation, transfer, and monetisation of their music assets. With this partnership, Zenotta aims to enable the equitable creation, production, and distribution of music within the digital world.
The music industry is broken
Streaming platforms such as Spotify, Apple Music, Amazon Music, YouTube Music, and Deezer have revolutionized the music industry and significantly accelerated global music consumption. Streaming accounted for 62% of global music revenues in 2020, representing a $13.4 billion market. Meanwhile, downloads—such as purchases from iTunes—have been decreasing by 15-20% year over year, while physical sales have fell to only 19.5% of the total music market in 2020.
However, despite the meteoric success of this novel distribution paradigm, streaming platforms have failed to drive the music industry towards a more equitable distribution of revenue. Instead, streaming has led to an untenable situation for artists and content creators. An antiquated cast of stakeholders and entrenched power base continues to disenfranchise artists and deny them the profits that they are due.
Indeed, the World Intellectual Property Organization (WIPO), an agency of the United Nations, found that the current economics and policies of streaming are having an adverse effect on music worldwide, with artists feeling the worst effects. WIPO concluded that a new royalty system is desperately needed that can pay artists more fairly.
A fair and equitable solution
BeatBack has been designed from the ground up to disrupt existing inequities in the music industry and redistribute revenue to the stakeholders that deserve it—the artists. Supported by the Zenotta Digital System, BeatBack will provide a scalable and feature-rich platform capable of transforming the music industry.
The BeatBack platform will enable an equitable music industry by uniquely assigning identity (similar to digital watermarks) to files representing any media asset, including songs, albums, and NFTs. Together with Zenotta’s unprecedented dual double entry ledger, BeatBack will be uniquely positioned to enable a successful and equitable music industry.
BeatBack will also provide artists and publishers with the ability to engage their fans directly, thereby enabling novel business models. These new business models will expand the global music catalogue by reducing the barriers faced by artists in getting promoted and their music distributed.
A modern and comprehensive feature stack
The BeatBack platform consists of several key technologies which enable the following features:
- A next-generation non-fungible token (NFT) based on SmartData, Zenotta’s proprietary decentralized file format, which allows media assets to be secured as either a file, field, or record.
- Zenotta’s lightweight and scalable Layer 1 blockchain which enables efficient and comprehensive application features, such as ticketing and releases of limited edition media.
- A comprehensive and full-featured legal framework that enables seamless rights management and dynamic management of media.
- Perfected transactions enabled by Zenotta’s novel dual double entry ledger technology, allowing for efficient and secure peer-to-peer trades of digital media assets, such as songs, albums, riffs, and music videos.
Stay tuned …
BeatBack is being developed as a music DApp (distributed application) with launch planned for 2023.