Dot Blockchain boss: ‘Music will be a $100bn industry’

Dot Blockchain founder Benji Rogers made a startling prediction at our NY:LON Connect conference yesterday. “This is the most extraordinary time to invest in music startups. I think the potential is absolutely huge, because of what’s coming,” he said. “My prediction is we’ll be at $100bn a year as an industry in two years, but it’s going to be really painful to get there.” How though? Rogers suggested that the key will be solving “the interoperability layer” of the music industry, building usage permissions into music files to speed up the licensing process, and (hopefully) attract back investors who’ve been giving music a swerve. “If you combined the publishing and the performance information into a tradeable asset, you can make bets based on its provenance, and licensing becomes ten times faster,” said Rogers. For now, some of the familiar obstacles remain. “From a legal perspective, the two big obstacles for any music startup that license music are punitive advances… and MFNs,” said Reed Smith partner Sachin Premnath, speaking on the same panel as Rogers. “If you have two very engaged labels who believe in your product, and one that doesn’t and gives you a very onerous deal, with MFN’s you’re lumbered with the worst deal.”

Source: Music Ally