Aurovine regularly attends MIDEM – the primary EU based music conference – to gain insight and verification primarily in the field of innovation.
We successfully launched AudioCoin to a sceptical but curious industry at last years event. Since then, many other companies have jumped on the ‘Blockchain bandwagon’ and so this years Blockchain panel was high on our priority list. We came out of it with mixed feelings.
Firstly, blockchain technology (within a music remit) is still in an awareness phase. Viable proof of concepts were discussed and requested (Aurovine have already produced 2 POC’s), but the alarming facet of this year’s panel was the chronic lack of awarenesss in the industry and from the public at large.
Vinay Gupta (Ethereum) was optimistic about Blockchain applications being as ‘inevitable as the internet’ but he pointed out that the Music Industry was starting to lag behind other industry sectors such as Finance who were throwing substantial investment into blockchain solutions.
This feeling was compounded by the irony of panellist Joe Conyers from Downtown Music Publishing who demonstrated a whole heap of issues and challenges that he experienced on a daily basis and which could potentially be solved by Blockchain applications.
The problem with the music industry is that it likes to hide under a stone when faced with inevitable change. The archaic infrastructure is like a house of cards propped up with dodgy foundations and a clandestine infrastructure.
I was amused when a vote on the major difficulty facing the implementation of blockchain technology within the industry resulted in a vote of 70+ % in favour of technical implementation being the problem. It is clearly not the case as Aurovine have already implemented this in beta fashion. The correct answer was of course awareness and resistance to change by the industry itself.
It felt to us like we’d been stuck in a vacuum for 12 months and the industry was steering headlong for the iceberg in spite of itself. Unlike Napster, Aurovine do have a business plan and we’ll strive to deliver a more robust POC that marginalises the doubters and engages the stakeholders. It will syndicate across the media and become pervasive by design. Great technology like the internet wasn’t halted by a few doubters and the same will become of the blockchain.