Brief: Spotify gets on the blockchain train with new acquisition

Photo credit: Spotify.

• Spotify has acquired New York-based startup Mediachain to improve its artist attribution and royalties collection efforts.
• Mediachain was developing peer-to-peer database technology using the blockchain. It helped attribute media works to their creators and reward them accordingly.
• Unpaid royalties and the lack of standardization in attribution of works to artists is a constant headache for Spotify and other streaming services. Spotify recently had to pay around US$25 million in settlements for this reason.

Source: TechCrunch