Tokenisation of Media Entitlements: Synchronising Wide Access to Content and Accurate Remuneration of Creators Through Standardised Rights Registration and Monetisation Processes

Project Overview 

This project is looking to overhaul royalty management via tokenisation of media entitlements, facilitating direct and efficient remuneration channels between creators and consumers using blockchain technology. The team, composed of experts like Philippe Rixhon and Niall Roche, is working towards token standardisation, with a focus on the music and film industries, aiming to significantly shorten the royalty processing time from months to days. With a methodology that combines rigorous research and community collaboration, the project is expected to create a more transparent, cost-effective, and swift system for monetising media content, setting the stage for new industry standards and enhancing the blockchain ecosystem.

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Abstract

ESF has extended financial support to a transformative initiative, aiming to revolutionise the royalty management system through the tokenisation of media entitlements monetisation. The project is designed to enable a seamless flow of content from creators to consumers and vice versa for remuneration, leveraging the efficiency of blockchain technology. By fostering regulatory-compliant tokens, the endeavour seeks to not only align with current standards but also to pave the way for new benchmarks in the industry.

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Background

The team behind this project boasts an array of experts from varied disciplines and institutions, including Philippe Rixhon, Niall Roche, Walter Hernandez, Eason Chen, and John Collomosse and builds upon the pioneering work of Victor Rodríguez Doncel, Mirko Zichichi, and Titusz Pan. Their collective expertise ranges across blockchain technology, digital rights, data engineering, artificial intelligence, and more, all of which will be pivotal in advancing the project’s objectives.

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Objectives

The core ambition of the project lies in tokenising the monetisation of media entitlements, ensuring their validation through third-party projects, and instigating the standardisation of these tokens. The initiative's strategy is to encompass a broad application of these monetisation tokens, particularly within the music streaming sector and in the use of music within films, with the end goal of establishing a market presence.

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Expected Outcomes and Impact

The project is set to dramatically simplify and accelerate royalty management processes, transitioning from a timeline of months to mere days, aiming for unparalleled accuracy and cost-efficiency. The initiative will significantly contribute to the blockchain ecosystem, building on collaborations with established technology providers like Hedera and accounting for various standardisation efforts and interoperability between ledgers, all while ensuring sustainability and affordability.

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Ecosystem Development

The development of the blockchain ecosystem is expected to benefit from the advancements in cross-ledger interoperability, sustainable practices, and cost-effective solutions. This will occur through strategic partnerships and embracing initiatives that further the utilisation of blockchain technology within the realm of media rights management.

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Methodology & Implementation

The methodology combines research and development, innovation, and community collaboration. This project is geared towards a detailed examination of the creative industries' requirements, formulating smart contracts, and deploying a tokenisation system.

Implementation involves several steps, beginning with the design and development of tokenisation systems based on test data, and moving towards validating and standardising smart contracts. The methodology extends to applying these systems within music streaming services and films, coming together in a comprehensive go-to-market plan.

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‍Conclusion

This initiative represents a significant step towards modernising the way media entitlements are monetised, with the potential to establish a new industry standard. Through the development of regulatory-compliant tokens and the strategic collaboration of an expert team, this project stands to not only streamline royalty management but also to extend its impact to standardisation bodies and the broader blockchain ecosystem. The anticipated outcome is a sophisticated, transparent, and efficient system that benefits creators, consumers, and the industry at large.

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