Creating accurate metadata!
NIM has solved the challenge of creating accurate metadata for new registrations.
It’s time to butt head with the challenge of the “black box.”
NIM has been working on a service that we believe will go a long way to solve the black box challenge.
NIM has estimated that we are able to grow the yearly payments of music royalties between $35 million and $316 million (until it’s not possible to identify more) and link them to their rightful owners (figures based upon statistic from Statista and spreadsheet available upon request).
To prove that we are on the right track! NIM is willing to spend 5 million CopyrightCoins® and a potential $75 million each year to identify and link “existing” royalties generating copyrights and reduce the “black box”.
This will make the finder (on average) CCIM 4200 in airdrop (reward to report it) and a potential USD 115 744 per year in transaction fee rewards.
Background: Airdrop and bounties.
We are structuring the CopyrightCoins® ownership with rewards (airdrops and bounties)so that any qualified finder will get 4 200 CCIM at a base exchange of 1 USD and with a potential for much more…
I wrote a small article about the “unmatched royalties in the USA” that estimated the global “black box” of unmatched royalties to be around $787 million.
It should be a simple exercise to pay out the royalties to the creators with due payments.
It is not!
In the music world, metadata includes all the underlying information tied to a released song or album, including titles, songwriter and producer names, the publisher(s), the record label, and more.
From a monetising point of view, that information needs to be synchronised across all kinds of industry databases to make sure that when you play a song, the right people are identified and paid.
The problem is that there’s not one place where music metadata is stored.
Instead, fractions of metadata are kept in thousands of different “silos” across the Internet and, more importantly, in the physical world (written on papers and in at best – in spreadsheets).
Inconsistent metadata is a challenge that is in desperate need of solving so songwriters and artists can get paid.
The fast growth of online music does not help. It actually makes paying royalties – harder.
NIM has worked intensely to make registration of copyrights as a basis for correct payment of royalties, and it works (almost) 100% all the time (still garbage in, garbage out based 😜)
However, there is still an enormous amount of money in the “black boxes” that never reaches the songwriters or artist/music labels.
Companies like Session and Audiam are doing a fantastic job identifying metadata, helping the rightful owners to collect royalties.
Nonetheless, there’s still a lot of money in the “black box”, some estimates say up to $7 billion year-on-year.
It’s time for the NIM ecosystem!