Revelator, a leader in multi-territorial rights administration, launches the music industry’s first Artist Wallet, a mobile copyright application powered by smart contracts technology.
With Artist Wallet, Revelator enables faster, more efficient payment advances to artists and music makers, by turning future receivables into instant royalty payments.
When a song is streamed online or played on the radio, rights holders are notified directly on their mobile device, and can safely access and cash out their royalties in the Wallet whenever they want.
The smart contract architecture is designed to enable accurate real-time splits of rights holder’s royalty positions, providing enhanced visibility for clearance and settlement of royalty transactions. Payments are automatically distributed to all the stakeholders at the same time.
Slow, delayed and inaccurate distribution of royalty payments have long afflicted the entertainment industry, especially: songwriters, recording artists, producers, record labels and managers. Today’s royalty system is notoriously inefficient, and attribution along the value chain is mostly manual.
According to Revelator CEO Bruno Guez, the royalties space is ripe for disruption.
“Recording artists as well as publishers have the unique struggle of income disparity and lack of transparency. Our job as a global copyright platform is to help modernize the costly and time-consuming business processes in entertainment rights and royalties. This will ultimately ensure that music makers have quick, efficient, and secure access to their earnings, whenever and wherever they need them.” said Bruno Guez, CEO of Revelator.
The underlying infrastructure is powered by Revelator Pro, a cloud-native full-stack copyright administration platform serving more than 90,000 rights holders in over 25 countries.
In an industry-first partnership, Revelator, BMAT and Teosto, a PRO from Finland, are working to advance the way performance royalties are paid by introducing near real time monitoring and processing of radio performance data.
“We are pioneering the way the performance royalties are paid, where our authors and publishers would get money in a matter of minutes, after a song was played on a radio, directly to a digital Wallet. At Teosto, we continue to focus on innovation and new ways of thinking in order to provide premium class music rights management services for our members.” said Ano Sirppiniemi, CDO of Teosto.
In addition to instant payments, the Artist Wallet enables digital asset registration, splits and contract management, transparent account reporting, and access to a network of applications designed to transform the speed of business transactions. Revelator will demo its end-to-end Wallet solution at MIDEM 2019 in Cannes.