Revelator to Distribute Music Royalties With Blockchain
Revelator, a startup founded by veterans in the music industry, has secured US$2.5 million in funding from leading venture capital firms including Digital Currency Group and Exigent Capital to create a more transparent royalty and rights management ecosystem in the music industry.
Essentially, the Revelator blockchain platform serves as a solution to a serious issue within the music industry today. Artists and songwriters are struggling to manage royalties and monetize their creations due to involvement of various third-party firms and distributors. Royalties and payments of artists divided amongst a lengthy list of middlemen before arriving to the original artist.
Envisioning to restructure music industries worldwide, the Revelator team, founded by music veteran and Quango Music Group founder Bruno Guez, has developed a unified blockchain platform that handles marketing, sales, accounting, analytics, and copyright management for artists with the absence of distributors or third-party agencies.
The simplicity, efficiency and transparency of the Revelator blockchain network allows artists to track their earnings, secure all of their royalties, and ensure the rights of their creations with substantially lower costs compared to distributor-reliant platforms and networks.
More importantly, the transparency of the Revelator blockchain network enables artists to receive payments and royalties of their creations in real-time, from top digital stores and streaming platforms like the Apple iTunes store and Spotify.
“If you have data every day, why can’t we make payments every day?” Revelator founder and CEO Bruno Guez said in an interview. “If you had 1,000 downloads, I can pay you $700 tomorrow.”
The efficiency of the Revelator blockchain network also allows the company to pay its artists with little to zero transaction fees. That means, artists will receive full payments from the Revelator network without having to deal with transaction fees they normally do with bank account and credit card payments.
How it Works
The distribution process of the artists’ music in the Revelator network and on its platform is fairly simple, possessing similarities with existing platforms.
Initially, the artist can upload their music to the Revelator cloud network. Once the song is integrated into the Revelator cloud network, the platform can start monetizing the song by distributing to various streaming channels and digital stores like Spotify and Apple iTunes.
The marketing and analytics services of the Revelator platform further allows artists to help reach mainstream media and expose their music to a wider range of listeners.
When the artist’s music is publicized and it begins to bring in revenues from various channels, the Revelator platform starts to utilize its analytics technologies to track each revenue stream for the artist. This allows artists to analyze their revenues in certain time periods in great detail.
When the revenues are ready to be distributed amongst the artist and other digital creators such as the producer, composer, and musicians, the artist can utilize the Revelator automation technology to automatically split the revenue accordingly.
Impact on the Music Industry
Apart from the decentralization and transparency the Revelator platform provides, it grants artists access to a variety of smart cloud-based applications that are currently unseen in the music industry.
Since music is distributed by an agency or a distributor and revenues are managed by the artist’s management, the original artist rarely gets to analyze the source of the revenues, regions that distributed the artist’s music, and decide how the payment is being divided amongst producers, the artist, and other individuals involved in the making process.
With the blockchain-based monetization method and distribution mechanism of Revelator, artists will be able to gain full control of their music and revenues.
The establishment of a platform like Revelator in today’s music industry will truly reform the entire revenue split system and incentivize rightful owners of music in a more rewarding way.