Blockchain for Media and Entertainment Content Rights and Royalties Management
EY and Microsoft have launched a blockchain solution for content rights and royalties management which is aimed to streamline the costly and time-consuming processes in entertainment rights and royalties. The solution is first being deployed within gaming with Microsoft and its game publisher partners. The companies have designed the solution to serve any industry where intellectual property or assets are licensed to other parties and where the creators are paid royalties based on royalty agreements. Within this value chain – which can include authors, song writers, production houses, developers etc. – the intellectual property generates millions of transactions aggregating to billions of dollars per month in royalties to be paid. The royalty calculations along the value chain are currently mostly manual and generally managed via offline data sources.
The new rights and royalties management solution is designed to enable increased trust and transparency between industry players, significantly reduce operational inefficiencies in the rights and royalties management process, and eliminate the need for costly manual reconciliation and partner reviews. In addition, the solution aims to provide near real-time visibility of sales transactions to the participants in the blockchain network and to help the participants to react to market needs faster and more effectively as they get timely, improved insights into the content that is being purchased.