[image credit : Bluebox]
UK-born global distribution and record label services company Ditto Music last week announced that it will soon launch the Bluebox application for musicians.
The problem started when recently Ditto made a royalty payment of 60,000 pounds sterling ($80,000) to the wrong artist. Parsons reportedly had to pay the correct artist out of his own pocket.
But Bluebox will allow artists to address legal concerns, such as copyright registration, publishing, and mechanical splits. The app records music around legally-binding smart contracts, which are written into code and instantly copyrights the content.
“Aside from the billions of dollars in unclaimed royalties that Bluebox will be tackling, the Bluebox app will let creators lock in their split payments at the point of creation and get paid separately and accurately for each use of that song,” Ditto Music CEO and founder Lee Parsons said.
“It’s going to revolutionise payments across the music industry and help the millions of artists claim what is rightfully theirs”.
Bluebox, which uses blockchain technology to record data, will offer tools that let musicians record ownership and split royalty payments. The news comes after Ditto raised $1m to kick start the new service.
Bluebox is expected to launch in May, according to Billboard.