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Onchain Summer – Where Art, Music, and Gaming Converge with Blockchain

Coinbase is hosting a multi-week blockchain event that celebrates art, music, gaming, and more, bringing the community together for innovation and collaboration. The event, called Onchain Summer, is presented by Coinbase and will take place from August 9 to August 31. It aims to showcase the utility of blockchain technology and its impact beyond financial applications.

The event is powered by Base, a layer-2 network incubated by Coinbase, and is designed to unite industry-leading brands, artists, creators, and crypto enthusiasts from around the world. Onchain Summer will leverage blockchain technology to build and distribute art, music, games, and social experiences. Attendees can participate in on-chain mints to access ownable content on a daily basis.

Participating in the event allows crypto and blockchain enthusiasts to directly support artists and musicians. Renowned brands such as Friends with Benefits, Coca-Cola, Parallel, and Highlight are part of Onchain Summer, contributing to a diverse range of experiences.

The event offers global accessibility via blockchain technology. Users can access Onchain Summer by visiting onchainsummer.xyz in their browsers and using a compatible Ethereum wallet. The integration between Coinbase Wallet and the Base network enables easy participation for Coinbase users. To make purchases during the event, users can transfer Ether to the Base network, which offers low-cost transaction fees.

Base, as a layer-2 network on the Ethereum blockchain, provides an efficient environment for development. During the event, builders will have the opportunity to experience Base’s capabilities by creating and growing on-chain projects.

By joining Onchain Summer, attendees can engage in games, idea trading, socializing, and collecting content from their favorite creators. Events like Onchain Summer play a significant role in uniting the global crypto and blockchain community, allowing participants to explore the potential of on-chain art, music, and gaming and discover new horizons for their passions.

BMI Transitions into For-Profit Status: Impact on the Music Publishing World

Introduction

Broadcast Music Inc. (BMI), an organization operating as a not-for-profit entity for over 80 years, has recently announced its transformation into a for-profit commercial enterprise. This shift comes as BMI seeks to adapt to a changing music industry landscape and explore new avenues for growth. By embracing a for-profit model, BMI aims to make strategic investments, enhance its services, and increase distributions to its affiliates, including publishers and songwriters. This article delves into BMI’s decision to transition, its potential effects on the music publishing world, and the organization’s growth prospects.

BMI’s Shift to a For-Profit Model

Earlier this year, BMI engaged Goldman Sachs to explore strategic opportunities, including the possibility of a sale. However, potential bidders either fell short of the desired price or presented intricate business plans that did not resonate with BMI’s management. This evaluation process led BMI to recognize the need to become more commercial to sustain growth in an evolving industry. Consequently, BMI’s President and CEO, Mike O’Neill, emphasized the importance of adopting a for-profit model to open new opportunities, invest in the business, and support affiliates while amplifying the value of their music.

Objectives and Potential Impact

BMI’s primary objective in transitioning to a for-profit commercial enterprise is to fuel growth at an accelerated pace compared to its historical performance. The organization aims to increase distributions to its affiliates beyond previous levels. By becoming a for-profit entity, BMI gains financial flexibility and the ability to leverage its valuation, estimated to be over $1 billion, for strategic investments and expansion.

Effects on the Music Publishing World

  1. Increased Investments and Technological Advancements: BMI intends to allocate investments toward upgrading and adopting new technologies to enhance existing services and develop new ones. This move can bring improvements to music licensing, royalty collections, and overall operational efficiency.
  2. Potential International Expansion: With the new commercial model, BMI may explore growth opportunities beyond the United States, particularly in unlicensed territories. Expanding into these regions would enable BMI to extend its licensing presence and strengthen its operations in countries that currently lack robust music licensing and collection societies.
  3. Potential Partnerships and Acquisitions: To achieve its growth objectives, BMI may engage in strategic partnerships or acquisitions, collaborating with or acquiring other companies in the music industry. Such alliances could provide BMI with additional resources, expertise, and market reach.
  4. Maintaining Consent Decree and Royalty Distributions: Despite the shift to a for-profit model, BMI’s consent decree with the U.S. Department of Justice will remain unchanged. Songwriter and publisher royalty collections will not be utilized to finance BMI’s new initiatives. Instead, proceeds generated from these initiatives will be reinvested in BMI, ensuring the organization’s continued support for affiliates.

Conclusion

BMI’s decision to transition from a not-for-profit organization to a for-profit commercial enterprise reflects its commitment to adapting to the evolving music industry landscape. By embracing a more commercial model, BMI aims to make strategic investments, enhance its technological capabilities, expand internationally, and provide greater financial flexibility to drive growth. While the long-term effects of this transition on the music publishing world remain to be seen, BMI’s move signifies its determination to remain at the forefront of industry changes while prioritizing the success and interests of its affiliates – songwriters, composers, and publishers alike.

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9 AI Tools To Give Your Music an Advantage

In this video we’re diving into the world of AI tools that will give your music a competitive edge and unfair advantage. The music industry is constantly evolving, and leveraging AI technology has become a game-changer for musicians and artists worldwide. These cutting-edge tools harness the power of artificial intelligence to transform your music production, promotion and overall success this year. In this video, I’ll take you through 9 incredible AI tools that can revolutionize your single releases and help you stand out from the crowd. These AI tools provide invaluable resources for enhancing your creative process and maximizing the impact of your single releases, getting you more streams and more fans. This isn’t just how to release music, it’s how to release music with A

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Transcript: An artificial intelligence seems to have made its way to Hollywood as well. Be it movies, music, AI is fast entering the entertainment industry, and Grammys has taken note of this. The record Academy, the organization behind the Grammy Awards, is seeking to cut the use of AI in the industry. Updated Rules From The Academy state that artists can use AI in their songs and submit them for consideration for an award. However, it should have a meaningful human authorship. In work songs that are fully AI-generated, will not be eligible for any awards. The only human, and only human creators, can be considered, nominated, or win a Grammy. But that’s not all. While the music industry is tackling AI in their own way, the film industry is suffering from backlash for using generative AI. Fans are criticizing Marvel’s new television series, Secret Invasion, for AI-generated opening credits. But there are some in Tinseltown who are embracing the use of AI. Recently, Paul McCartney announced that a new Beatles record featuring John Lennon’s AI-generated voice will be released later this year. The opinion on the use of AI in the industry stands divided. While some are welcoming the change, others are fearful of its repercussions.

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