Why have millions of music creators been underserved when it comes to recognition and royalty payments?
- Why is catalog management so important in the music industry?
- How does the lack of a system for collecting credits and information lead to unpaid music royalties?
Recently, we had the pleasure of sitting down with the CEO of Sound Credit, Gebre Waddell, to dive deep into the world of catalog management and the importance of data transparency in the music industry. If any of the above questions piqued your curiosity, keep reading or watch his video below!
"In relation to data, an inordinate and unnecessary amount of time is taken up in U.S. occupations by tasks that could (and probably should) be outsourced to computers."
Michael Berolzheimer - Founder & Managing Partner, Bee Partners
Read more about the share of work between humans and machines in our Human-Machine Convergence Insight Paper or more about the mission and vision of Sound Credit on their website.
TL;DR
Gebre Waddell, CEO of Sound Credit, describes the critical role of data transparency in the music industry, emphasizing the paramount importance of organized catalog management and highlighting the risks associated with licensing and legal challenges. Sound Credit addresses the staggering issue of 1.4 billion in unpaid music royalties annually by introducing the Metastream Transfer platform, revolutionizing the handling of music data.
He also delves into the shortcomings of generic file transfer services for the music supply chain, underscoring the need for specialized features. Gebre discusses disrupting industry norms, prioritizing customer needs, and even introduces Sound Credit's revolutionary playlist feature, empowering professionals to streamline information management and access content seamlessly.
To conclude, this blog highlights Sound Credit's impact on millions of music creators, fulfilling industry dreams and shaping the future of music data management. The innovative journey of Sound Credit stands as a testament to visionary leadership, industry insight, and a commitment to solving real-world challenges, positioning them at the forefront of transformative changes in the music industry.
Gebre Waddell: Addressing Unpaid Royalties
Sound Credit's Supply Chain Innovation
The Significance of Catalog Management
The saying in the music supervision realm goes, "You don't want to license a lawsuit." This underlines the critical importance of having a well-organized and cohesive catalog. The risk of losing out on opportunities or facing legal challenges is too significant to ignore. Gebre, CEO and Founder of Sound Credit emphasized the paramount importance of catalog management, highlighting how the value of a record label or a publishing company is intrinsically tied to the meticulous management of their catalog. It's not just a collection of songs; it's the key to unlocking opportunities for placements in films or other valuable content uses.
Addressing Unpaid Music Royalties
Gebre shed light on a staggering issue in the music industry: 1.4 billion in music royalties goes unpaid every year. The root cause? A lack of a comprehensive system for collecting credits and information and delivering it through the industry's supply chain. This is the problem that Sound Credit set out to solve.
With the introduction of Sound Credit's Metastream Transfer, the landscape of music data management underwent a massive change. This platform seamlessly combines metadata, streaming, and file transfers into one cohesive system. Now, users can add credits and royalty payment information for contributors, attach the files themselves, and stream the entire experience when received by the recipient.
Beyond Generic File Transfer Services
Gebre drew attention to the fact that traditional file transfer services like Dropbox, Google Drive, and WeTransfer, while effective for general purposes, lack the specialized features needed by the music supply chain. These services may facilitate file transfers, but they fall short when it comes to managing royalties, contributors, and other essential data.
Sound Credit recognized the need for innovation in the supply chain. It's not just about transferring files; it's about transferring information and ensuring that the data meets the rigorous requirements of the music industry.
Did you know that 100,000 songs are delivered to streaming services daily?
Disrupting the Norm
To truly disrupt any industry, Gebre explained, one must look beyond what incumbents are doing and find unexplored opportunities. It's about innovating beyond current capabilities, identifying what the incumbents may have missed, and forging a new path.
While respecting the accomplishments of industry leaders, the focus is on finding areas where further innovation is needed. Gebre stressed the importance of understanding customer needs and partner feedback to prioritize development efforts effectively.
The Playlist Feature: A Revolutionary Leap
Gebre shared his excitement about Sound Credit's latest innovation—the playlist feature. This feature allows users to send information, credits, and metadata seamlessly along the supply chain. When the recipient receives it, they can instantly stream and download the content. This feature revolutionizes how professionals in the industry preview and interact with music before official sessions or releases.
For engineers, music supervisors, and record labels, the playlist feature provides a streamlined and efficient way to manage information, legal requirements, and immediate access to the content.
Empowering Music Creators
The conversation also touched upon the significant impact Sound Credit has had on the millions of music creators worldwide. With approximately 100,000 songs delivered to streaming services daily, these creators have long been underserved in terms of data recognition and royalty payments.
Sound Credit has brought innovative solutions to this long-standing problem, fulfilling dreams that have been harbored in the industry for the past two decades. Their contributions are not just changing the way music data is managed; they are shaping the future of the music industry itself.
In conclusion, Sound Credit's journey is a testament to the power of visionary leadership, industry understanding, and a commitment to solving real-world problems. The music industry is undergoing a transformation, and Sound Credit is at the forefront, leading the way with groundbreaking innovations. As we look to the future, it's evident that the harmony of technology and music has never sounded more promising.
3 Key Takeaways:
- Importance of Catalog Management in the Music Industry: Effective catalog management is integral to the value of record labels and publishing companies, serving as a crucial vault for their assets. The ability to swiftly access catalog information is essential for seizing opportunities, avoiding licensing pitfalls, and ensuring cohesive and organized data.
- The Need for a System to Collect Credits and Information in the Music Industry: With so much in unpaid music royalties annually, the lack of a comprehensive system for collecting credits and delivering information through the supply chain is a pressing issue. Sound Credit's groundbreaking Metastream Transfer addresses this gap by combining metadata, streaming, and file transfers in one platform, facilitating the addition of credits and royalty payment information.
- Exciting Playlist Feature: Sound Credit's playlist feature vastly improves the music industry supply chain by allowing seamless sharing of information, credits, and metadata. Recipients can instantly stream and download content, providing engineers, music supervisors, and record labels with a powerful tool for previewing and interacting with music before official sessions or releases.
Gebre came through our third fund, and since the investment, the team has continued to grow its service and personnel. Click here to learn more about the Company and Team, or here if you are a Founder innovating in any of our three vectors.
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