Sacem and Pianity lead the music NFT space into a new era
Pianity – the NFT music marketplace on Arweave – and Sacem – the society of authors, composers, and publishers of music – are officially working together to bring life to the first-ever agreement that sets up a model of a fair system of remuneration for music creators and publishers on the sales of their music titles and creations in the NFT space.
Let’s have a closer look!
Pianity and Sacem
Whenever someone – especially a top charting artist – creates music and releases it into the world, it can spread like wildfire. Radio stations start playing it, web radio starts streaming it, clubs, bars, and cafes do the same, and other artists even cover the song and perform it live themselves. For all of that, certain organisations exist that collects royalties due to the original artists and creators for their intellectual property rights.
Sacem is one such organisation. According to their website: “As the world leader in the collective management of authors’ rights, Sacem is the house of authors, composers and publishers in all their diversity.”
Sacem currently has 196,700 members, made up of authors, composers, music publishers, dubbing and subtitling authors, and writer-directors from a multitude of genres. They also have more than 50 international partners comprised of major music industry players, independent publishers, and foreign authors’ societies, all of which utilise Sacem for multi-territorial management of their intellectual property rights from digital uses.
On the other side, Pianity is one of the leading music NFT marketplaces within the Web3 space today, and has onboarded many artists already.
With their combined experience and prior collaboration, the agreement between Pianity and Sacem comes naturally.
Pianity will create new value for artists by allowing them to benefit from collecting royalties on sales of their works that are sold in NFT form. Not only that, they will also collect any resale royalty (droit de suite) from those pieces.
According to the Press Release:
For Sacem, this partnership underscores its willingness to collaborate with new Music Tech players in its effort to develop novel ways to make music live in the digital world.
With the proven success of NFTs in the digital art space, it is only logical that the technology will also benefit the music industry in the future. Sacem is making sure it plans ahead to ensure its artists and user base are getting the best service possible, by collecting royalties from all digital platforms and mediums.
The collaboration between Pianity and Sacem is of great significance. Until today, artists from the traditional/Web2 world were not able to collect royalties on NFT sales unless they created the NFTs themselves and set a secondary sale fee within the NFT smart contract or via an NFT marketplace platform’s UI. Now Sacem will be able to help all creators from the traditional space collect on their Web3 intellectual property rights.
With this news, Sacem also announced it will be launching its own NFT collection as part of the Grands Prix Sacem.
This new agreement with Pianity marks a new stage in our entry into Web3 alongside an ambitious and royalty-conscious player. In view of the technological challenges to come in Web3 and the problems linked to remuneration that persist in the digital world, I remain convinced that we must build a virtuous circle to fairly share the value of music — collectively, with all the players in the industry. Sacem is committed to playing a leading role in these issues by putting its innovative approach in the service not only of our members but of the entire industry – CécileRap-Veber, CEO of Sacem.
We created Pianity with the aim of offering artists fair remuneration and allowing them to live from their music. We are very proud to work with Sacem to develop the legal framework around a format as recent as NFTs. With this partnership, we are taking a big step towards the establishment of a virtuous ecosystem where the creation of value is redistributed directly to the rights holders, whether they are authors, composers or publishers- Kevin Primicerio, Co-founder and CEO of Pianity
Read the full Press Release here.