Simon de la Rouviere is the innovator behind Ujo Music, and he explained in an interview with The Money Show’s Bruce Whitfield how hos blockchain-based platform is the new model for artists and a potential replacement for Spotify.
Ujo Music allows musicians to have control over their rights and music
“Ujo Music is a blockchain-based platform that allows musicians to have control over their rights and their music, that they don’t have to necessarily sign over their rights to other institutions, say record labels or publishers,” says De la Rouviere.
His platform creates a decentralized database of rights and rights owners, and it automatizes royalty payments via smart contracts and cryptos on the Ethereum blockchain.
The platform mirrors the spirit of cryptocurrencies – a growing consciousness around how value is created, managed, transformed and transferred.
“When they use Ujo Music, they can more directly license their music, where a hundred percent of the payments goes directly towards the artist,” says De la Rouviere.
“It’s not giving 30% to Apple or to other people that are not necessarily involved in the transaction between the fan and the musician.”
ConsenSys supports the platform
De la Rouviere is based in Capetown, and he has been building the platform for years now with the help of ConsenSys which is a venture production studio that is helping a diverse range of developers who are building decentralized apps across more industries such as the blockchain real estate disruptor Meridio.
“In a world where the infrastructure is owned by everyone simultaneously, and the infrastructure is shared, you don’t have to necessarily charge 10 to 30% for a transaction in the case of paying for a song on iTunes. So, we said that in the future, ten years from now, this is what the infrastructure will look like, where you could be able to pay and license music directly from the fan to the artist, where everyone supports the infrastructure,” De La Rouviere stated.