Spotify Acquires Mediachain Labs
Summary
Digital music service Spotify has acquired Mediachain Labs, a Brooklyn-based developer of a blockchain research agenda and open source protocol to manage data for the music industry.Mediachain Labs has been building a shared open data layer to enable a new generation of decentralized applications distributing the network effect across a community of creators, users, developers and organizations.Its collaborative federated media metadata protocol allows parties to make statements about creative works.Metadata statements are cryptographically signed by the contributor, timestamped in the Bitcoin blockchain, and stored in IPFS.Following the deal, the Mediachain team will join Spotify’s New York City offices to support Spotify’s efforts towards a more transparent and rewarding music industry for creators and rights owners.