Mediachain Labs, designed to explore how the next generation of blockchains and open, peer-to-peer protocols would empower creators to better reach their audiences and earn a living, has been acquired by Spotify.
Brooklyn-based Mediachain Labs has been the driving force behind the Mediachain project, a world-class blockchain research agenda and open source protocol to better manage data that is critical to the health of the music industry.
The Mediachain team will join Spotify’s New York City offices and help further Spotify’s journey towards a more fair, transparent and rewarding music industry for creators and rights owners.
From a statement on the Mediachain Blog:
“Over the last three years, we’ve developed open, decentralized data infrastructure, built open-first applications to surface attribution for creators, and even prototyped our own cryptocurrency to reward creators and curators for their contributions to culture. All of these efforts have been driven by the passionate community of creators, developers, blockchain enthusiasts, media organizations and investors who have shared our vision for a more open and programmable world for media metadata.
“This experience, as well as the rest of the team’s personal pursuits as creatives, has driven our conviction about the future of media metadata: 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.”