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Dequency launches music rights portal to create the first open, two-sided sync licensing marketplaceDecentralized music licensing marketplace allows owners to set fees; eliminates third parties from music licensing transactions to increase speed of payment, reduce costs. NEW YORK, July 6, 2022 /PRNewswire/ -- Dequency has today launched its web3-powered music licensing marketplace, opening its portal to music rights holders everywhere, having completed a 4-month restricted beta phase.
Dequency is building a unique, decentralized music licensing marketplace for music rights holders and visual creators to connect, collaborate, and transact directly with one another. Built on Algorand, the marketplace is the only option for on-chain sync licensing for blockchain-native content such as motion-visual digital art, NFT projects, games, and metaverse productions. Analogous to Bitcoin's trustless digital payments, Dequency eliminates third parties from music licensing transactions to increase speed of payment, reduce fees, and give control of the system to market participants. Dequency CEO Keatly Haldeman said: "We use web3 tools such as smart contracts and cryptocurrency, not to be part of the hype cycle, but because this technology enables unprecedented efficiency and control for licensing transactions and payment." Prior to today, Dequency released a beta product with a limited seed catalog available to license. Today's v1.0 launch creates a two-sided marketplace, allowing any music rightsholder that owns both the recording and publishing rights of a track to license their music directly to a licensee without an intermediary in between the transaction.. Music rights owners that use the Dequency marketplace are also able to set their own licensing fees, making this a first of its kind proposition for an online sync platform. Dequency executed the first ever sync license on a public blockchain last year when Late Night People by Goldfish ft. Soweto Kinch was licensed through the platform's SmartSync contract for use in Algorand's Decipher conference, which was held in Miami, Florida last November. The company raised $4.5 million via an investment round led by Borderless Capital in February this year. About the v1 launch, Haldeman said: "Our goal is to create a decentralized sync marketplace here artists and music rights holders control their online licensing experience, thereby attracting the most discerning creators and copyright owners. Audio-visual content creators benefit from a uniquely diverse and elevated catalog of music with easy licensing for their projects. Today, we're one step closer to our vision becoming reality." Black Dave, a musician and thought leader in web3 music, and an early adopter of Dequency said: "Using web3 technology to purchase, track and pay for licenses for music is absolutely the future. Automating this process as much as possible via the blockchain allows for a new era of democratization of sync licensing, and I'm very excited to be a part of it." Among Dequency's earliest supporters, electronic music duo Goldfish said: "We have always strived to make music that is unique and finally we have a platform that suits our quest!" About The Dequency Team Keatly Haldeman (CEO), a lifelong musician, is co-founder and former CEO of Riptide Music Group, a publishing company and record label specialising in the synchronization of music to picture. Riptide's roster includes songs by artists such as Foster The People, Selena Gomez, Migos, Quavo, Ziggy Marley, Big Gigantic, Black Flag, The Turtles, Goldfish, and Fatboy Slim. George Howard (CIO), JD/MBA, was recently named one of America's 50 Greatest Disruptors by Newsweek Magazine. He is a founding member of Open Music Initiative (OMI), a collaborative effort between MIT, Harvard, and Berklee to create an open-source protocol to increase transparency for royalty distribution. He is the former president of Rykodisc; cofounder of digital music distributor TuneCore; a Distinguished Professor of music business/management at Berklee College of Music; and author of 2017's best-selling book: Everything In Its Right Place: How Blockchain Technology Will Lead to a More Transparent Music Industry. Mark Ross (Board member) is the CEO of ACME Innovation which creates access to the metaverse for media companies, and has founded or financed a multitude of entertainment related companies and start-ups including Audigent, Music Audience Exchange, Riptide Music Group, Project M, and Sir George Martin's GrandMaster Music. Steve Kokinos (Board member) is the CEO of Algorand Inc. and responsible for overall business vision and strategy. Steve is a serial entrepreneur, most recently co-founder and Executive Chairman of Fuze, where he was responsible for corporate strategy. Prior to Fuze, Steve was co-founder of BladeLogic, Inc., a recognized leader in the data center automation market with a Fortune 500 client list including GE, Time Warner, Microsoft, Cable & Wireless, Walmart, and Sprint, among others. Visit: www.dequency.io. About Algorand Algorand is transforming economic models and economies of all kinds. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand's high–performing Layer-1 blockchain is unparalleled for bringing fast, frictionless, and inclusive technologies to everyone. Algorand is reshaping every industry–from TradFi and DeFi to new creator economies and beyond. With an extraordinary commitment to interoperability and consistent delivery, our sustainable technology powers more participation, transparency, and efficiency for all. As the technology of choice for 2000+ global organizations, the Algorand ecosystem is transforming the next generation of financial products, protocols and exchange of value. For more information, visit www.algorand.com. Media Contact: [email protected]
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