Ditto Music announce launch of ‘Bluebox’23 January 2020 - Press release
DITTO MUSIC ANNOUNCE LAUNCH OF ‘BLUEBOX’: A BRAND-NEW SUITE OF MUSIC INDUSTRY TOOLS PUTTING 250,000 ARTISTS ON THE BLOCKCHAIN
Global music distribution and record label services provider Ditto Music has announced the launch of Bluebox, a brand new blockchain-backed suite of tools and applications for musicians.
Launching May 2020, Bluebox will offer a suite of innovative tools for the music industry, using blockchain technology to guarantee better transparency and fairer deals. Bluebox will provide pioneering ways to record ownership and streamline split royalty payments, leading to higher collection rates and massively reducing the loss of earnings currently experienced by artists.
Working with over 250,000 artists worldwide, including Grammy Award winning Chance the Rapper, Ditto Music is leading the charge to give songwriters and producers more control over the money they earn from their music, using the blockchain to clean up the music industry's long-standing issues with inefficient data management.
For musicians, Bluebox will instantly generate legally binding smart contracts between all parties involved in the creation of songs, including producers, writers, sample owners and more. Using a single database – or ‘source of truth’ – any information supplied through Bluebox is verified using blockchain technology, allowing for accurate multiple split payments for the lifetime of the sound recording.
Bluebox will also power Ditto Music’s new music publishing division, about which more information will be released in the near future.
Bluebox have already secured the support major music industry partners, with the likes of MGM and Sentric Music harnessing the technologies potential.
Ditto have also raised $1 million in private seed capital to create Bluebox, led by blockchain investment firm Kosmos Capital at a valuation of $20 million.
Ditto currently pays out around $100 million a year to artists across the world and will be one of the first to incorporate blockchain-backed Bluebox technology into their system, offering industry-leading transparency to their 250,000 users.
Ditto Music and Bluebox CEO & Founder Lee Parsons says: ““Aside from the billions of dollars in unclaimed royalties that Bluebox will be tackling, the Bluebox app will let creators lock in their split payments at the point of creation and get paid separately and accurately for each use of that song. It’s going to revolutionise payments across the music industry and help the millions of artists claim what is rightfully theirs”.
The Bluebox app will be available for everyone from May 2020.