When your song gets performed internationally, how does the foreign performing right organization know who gets the royalties? In this digital age, how does BMI connect with the more than 90 international organizations that send us royalties to verify ownership of a song? Now, multiply that challenge by the hundreds of interconnections necessary to keep the royalty administration network among international organizations flowing accurately, swiftly and efficiently.
One of the key answers is an organization called “FastTrack the Digital Copyright Network.” Think of it as the music industry’s version of the SWIFT system in the banking industry. When you’re traveling overseas, you never really think about how the money gets from your bank account in the USA to the ATM in Paris, London or Tokyo. But somehow, it does, and the SWIFT network makes the connection. FastTrack provides similar functionality for the flow of information on music ownership around the world.
This month, FastTrack is launching a new digital newsletter aimed at songwriters, composers, music publishers, and the many businesses that distribute music to the public - from broadcasters to satellite and digital distributors. It will give insight into how this international technology platform works, and how it is planning to handle the explosion of metadata about music ownership and performance as the music business evolves around the world.
You can click on the link below for the debut issue of the newsletter, and if it looks interesting, subscribe to future quarterly editions. It is a free service of FastTrack.