New Music Format Brings New Meaning to Music Appreciation
Upcoming music format introduces a profit center for consumers and provides a solution to the music industry's frustration with declining royalties
[ClickPress, Fri Aug 04 2017] A fundamental change is on the horizon for the music industry with a new music format called Pearl that will increase the long-term revenue potential for artists and record labels while introducing a new layer of value for consumers.
Individuals will be able to hold title to their music allowing them to buy, play and re-sell digital music in a variety of online environments. Even more impressively, it allows music artists and record labels the ability to restrict the quantities that are in the market and prevent unauthorized copying and transfer of those files through a proprietary multi-layered digitally fingerprinted format.
This new format, built around the Pearl framework is being developed by Bellevue, WA based Pearl Development Labs and solves many of the issues that have plagued the digital music industry.
A key benefit for artists and record labels is automated royalty streams that collect a percentage of the amount of any re-sale. This opens the door for artists to really cater to their most loyal fans instead of relying on mass market volumes by actually encouraging secondary markets. Additionally, if appreciation occurs due to demand of limited quantities, both creators and consumers benefit.
Artists and labels will be able to generate more revenue on 100,000 units than they would have made on selling over a million units, because a re-sale pays the artist as much royalty, if not more than, the original sale.
The market has shown that support for this technology will be well received. The global digital music sector remains strong, according to a report by music industry leader IFPI, the global recorded music market grew by 5.9% in 2016 with total revenues of US$15.7 billion.
Unfortunately, as highlighted in their report, this growth comes with a continued value gap for the artists and record companies that are seeing reduced compensation for their work, which is limiting the industry’s overall revenue potential.
According to IFPI Chief Executive Frances Moore: "This should be great news for music creators, investors and consumers. But there is good reason why the celebrations are muted: it is simply that the revenues, vital in funding future investment, are not being fairly returned to rights holders. The message is clear and it comes from a united music community: the value gap is the biggest constraint to revenue growth for artists, record labels and all music rights holders. Change is needed - and it is to policymakers that the music sector looks to effect change."
Pearl is solving this issue organically by providing a suite of solutions that solve the underlying issues that have resulted in the deterioration of industry profits.
The Pearl file extension will be supported through a service that will be launched as both a marketplace and developer API toolkit. The API will allow companies from multiple industries to work with artists to distribute targeted music content to their audience. Media hubs, game developers and social sites can collaborate on distribution campaigns in addition to selling in more traditional ecommerce style marketplaces.
For more information visit http://pearl.build.