Web3 is currently reshaping the music industry in terms of opportunities for labels and artists.
The technology is also affecting the world of sync, thanks to platforms such as Dequency. The decentralised music licensing marketplace is designed to help music and visual creators connect and collaborate directly with one another.
The start-up aims to shake up the sync process, by removing gatekeepers and speeding up payments (currently in the Algo cryptocurrency). It’s billed as a “soundtrack to the metaverse”.
“Using Web3 technology, specifically smart contracts and crypto, we can envision a decentralised, two-sided marketplace for direct peer-to-peer licensing,” said CEO Keatly Haldeman. “Music rights-holders set their own fees, have approval rights, get paid instantly and with low transaction fees.”
Dequency has raised $4.5 million through an investment round led by Borderless Capital.
“Our seed round has been critical in funding the first major phases of platform development: from releasing our two-sided sync marketplace to building the catalogue of music available on Dequency,” said Haldeman. “We've been focused on getting a usable product into the world so people can start experimenting with Web3 sync licensing in meaningful ways.”
There is so much experimentation happening with Web3 media
Haldeman stresses that he has a music industry background that can reassure any clients uncertain about the new approach.
“I have played in bands since he was 11 years old,” he told Music Week. “In 2004, I founded my first sync licensing and publishing company after cold calling music supervisors to pitch my own band and, 10 years later, became a founding partner and CEO of Riptide Music Group.”
As well as building and supporting a community of artists on the platform, the team are looking to enrich their offering with plans to accept credit card payments.
“There is so much experimentation happening with Web3 media, it’s incredibly exciting,” said Haldeman. “It provides a new way to interact with and own entertainment, games, education and collectibles, and creators are just starting to play with this new medium.”
The roster of clients is expanding and now includes German rock act Milky Chance, who have 11.5 million monthly listeners on Spotify. And Haldeman is confident that big names will embrace the growing marketplace.
“With such flexibility and control, we anticipate even the most established catalogues and artists will feel comfortable making their music available for sync online,” he said.