SPOTIFY ACQUI-HIRES 'MEDIACHAIN' TO GET RIGHTS HOLDERS PAID!
Firstly, for those who may be unfamiliar with the term 'acqui-hire' it is when a company acquires another company's work-force /skills rather than the company as a whole.
Spotify continue to make strides towards securing better and more transparent ways to get artist's / creators paid for the creativity they share through the digital media platform, and this new relationship with Brooklyn company 'Mediachain' will help do just that.
'Medichain' is a block-chain data solution company which delivers and collates data "connected to the identity of the author, offering a channel for attribution, analytics and value to flow directly". The block-chain technology used by the company allows for a but-shared ledger connecting data "blocks" holding information about every song to its rights holders.
Through enlisting 'Medichain' and the use of this new data technology, Spotify hope to move towards a more cohesive system of data management which allows a more transparent and efficient system to streamline publishing and royalty payments to artists and rights owners.
In an announcement to welcome the move 'Mediachain said "A shared data layer is key to solving attribution, empowering creators and rights owners, and enabling a more efficient and sustainable model for creativity online... The opportunity to join an organization that shares this vision comes at a crucial time, when the relatively nascent blockchain community has few bridges to mainstream consumers, creators or the platforms they use to interact."