2023 NY Metadata Roundtable

Shaping the Future of Music Data

Ongoing Confluence of Industry Pioneers

The year has been buzzing with activity at Verifi Media. Some of the highlights have certainly included our metadata roundtable events, first in Paris, and most recently our U.S. edition at the New York offices of Loeb & Loeb. This gathering brought together a diverse group of thought leaders, each representing a crucial facet of the digital music supply chain, and the key takeaway was that data sharing and transparency is key to moving forward in the digital age. And in what transpired to be perfect timing, Verifi and Bill Rosenblatt published our white paper on Data Collaboration which premiered at the event, and is now available digitally on our website.

So, what have we learned as an industry and where are we going in 2024?

Music Rights and Data Collaboration = Paramount

Cover of Verifi’s white paper, “Music Rights & Data Collaboration: The Key to the Next Level of Revenue In the Music Industry.” authored by Bill Rosenblatt

Something that roundtable participants agreed on was that diverse data challenges across the music supply chain start with structural problems. The absence of composition metadata at DSPs or antiquated technology systems can make matching and reporting accurately not just challenging but sometimes impossible.

If the music industry, as a collective, cannot process essential data quickly and at increasing volume, especially for complex categories like remixes, money is left on the table.

Some of the issues discussed for further consideration within the industry are:

• Data Quality and Standardization
• Lack of Education for industry stakeholders including DIY Creators
• Increasing Complexity of Remixes and Versions
• The Need for More Trust in the Benefits of Data Collaboration
• Cross-System Interoperability and Communication
• Barriers to Entry for Smaller Companies
• Regulatory Challenges
• Outdated Technology and Infrastructure

It was clear there is a call for accurate, regularly updated matching between recordings and works, with a special focus on new release information. The participants expressed a strong desire for a unified solution instead of perpetuating the current siloed data system.

Crafting a Vision for the Future

Source: “The Evolution from Data Sharing To Collaboration — And Why It’s Important” — Snowflake

Discussions in NY in greater detail continued to conclude that multiparty data collaboration was imperative. Verifi covered the three critical dimensions of big data — volume, variety, and velocity. This led to exploring the nuances between sharing and collaboration, offering a new lens on standards, assessment, governance, and regulations. Highlighting the power of a collective truth was shown through examples from a case study from the financial market.

Data Standards and Collaborative Initiatives: A consensus emerged regarding the critical importance of data standards, particularly in the context of DDEX fields. Participants recognized the need to classify works and recordings into trees and hierarchies, especially for derivative works.

Prioritizing Education and Transparency: Tackling challenges posed by privacy regulations and shifting the focus from competing on data to competing on services was a recurring theme. Educating all stakeholders on the importance of data accuracy and transparency within the industry were emphasized.

Leveraging Innovative Technologies: Embracing technology and innovation is seen as pivotal for overcoming data challenges. Participants discussed the potential of AI and predictive analytics in enhancing data efficiency.

The group aligned on key takeaways for a world with enhanced data collaboration, which we recommend here:

• Embrace and Promote Data Education: Take steps to educate creators, colleagues, and partners about the importance of accurate metadata and data quality.
• Collaborate Actively: Engage in collaborative efforts within the industry to improve data quality and communication.
• Invest in Technology: Explore opportunities to invest in modernizing data infrastructure, including the development of standardized data fields and interoperable systems. Explore AI solutions and automation to streamline data processes and stay ahead of emerging industry trends.
• Support DIY Creators: Help lower the barriers to entry to and provide guidance on accurate data registration.
• Incentivize Data Tracking: Work on creating incentives for proper data tracking and management, potentially through partnerships or industry-wide initiatives.
• Advocate for Regulatory Improvements: Actively participate in industry-wide initiatives aimed at addressing data challenges and improving collaboration. Incentives for Data Tracking: Attendees discussed the need to incentivize proper data tracking, as tracking and managing data can be costly and complex.

The Future of Music Data Collaboration

The roundtable discussion highlighted the challenges posed by structural legacy processes, and the opportunities which can emerge from data collaboration. By embracing education, collaboration, and technology, the industry can pave the way for a future where data flows seamlessly, creators are fairly compensated, and trust reigns supreme.

At Verifi Media, we’re committed to leading the way in the music data revolution, ensuring that the industry’s secrets are unlocked for the benefit of all stakeholders. Stay tuned for more insights and initiatives as we embark on this journey together.

If you’re interested in learning more about Verifi, or attending one of our future events in Paris or New York, please get in touch with our team: info@verifi.media