The Music Fund Is Ensuring Musicians are Paid Properly By Using AI
Justin Lam — March 15, 2018 — Business
References: themusic.fund & venturebeat
Debuting at SXSW 2018, The Music Fund is an innovative project that wants to use AI to generate more royalties for musicians. The team behind the project -- Geoff Cross, Thomas Jerde, and Nick Smith -- are hoping to use bring liquidity to the music royalty market, and will be using their experience in data science analysis and financial outcome prediction to aid artists seeking royalties. The Music Fund is currently seeking funding, though they have received backing from Winton -- the company the trio currently work at -- as well as a few other companies.
The Music Fun operates bu creating algorithms fed off by streams, views, likes and shares on platforms like Facebook, SoundCloud and Spotify to figure out who well the artists songs have performed in the past. The system will then use data science and machine learning to predict future royalty streams and pays the artist based off that information. The artist can then choose to receive royalty payments, based on the programs analysis, or exchange their entire royalties to the fund for a lump payment.
The Music Fun operates bu creating algorithms fed off by streams, views, likes and shares on platforms like Facebook, SoundCloud and Spotify to figure out who well the artists songs have performed in the past. The system will then use data science and machine learning to predict future royalty streams and pays the artist based off that information. The artist can then choose to receive royalty payments, based on the programs analysis, or exchange their entire royalties to the fund for a lump payment.
Trend Themes
1. Data-driven Royalties - Using AI and data science analysis, The Music Fund predicts future royalty streams for artists.
2. Liquidity in Music Royalty Market - The Music Fund aims to bring liquidity to the music royalty market by providing accessible funding options for artists.
3. Automation of Royalty Payments - The Music Fund automates royalty payments to artists based on data analysis, eliminating the need for manual tracking and accounting.
Industry Implications
1. Music Streaming Platforms - Music streaming platforms can leverage AI and data science to provide more accurate royalty predictions and ensure fair payments to artists.
2. Financial Technology (fintech) - Fintech companies can collaborate with The Music Fund to develop innovative solutions for financing artists and managing royalty payments.
3. Data Analysis and Predictive Analytics - Companies specializing in data analysis and predictive analytics can explore opportunities to support The Music Fund's AI-driven approach to music royalties.
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