Transparency remains a big challenge for the music industry in 2018, according to Gregor Pryor, co-chair of law firm Reed Smith’s global Entertainment and Media Industry Group.
“As ever, the challenge with distribution is data hygiene. Getting composers and creators focused on all of the supply chain is a difficult thing to do,” he said in an interview for the NY:LON Connect conference blog.
“Meantime, the black box grows and only the major rightsholders benefit. Stem and the other creator-focused aggregators may help change this paradigm, one song at a time.”
Stem was one of the startups that Pryor sees having an impact on the industry in 2018, but there are others.
“Adaptive music has some room to grow, and Weav is an exciting proposition. There are also a number of companies – some earlier stage than others – that are focused more on the creator and the creative process, and this can only be a good thing,” said Pryor.
“ROLI, Native Instruments and even Pioneer DJ are in on this, as well as Yousician and Oktav. I’m less excited about the plethora of early-stage companies in our space that are hyping blockchain or getting ready for an ICO.”