07 Aug Artist Royalties – Music and Painted Art the same?
Are all artists treated as equals when it comes to royalties? In short, no.
We’ve all heard of musicians receiving royalty payments every time their song is played. Even after the musicians passed on, musicians’ estates can be earning at astronomical rates.
The same can’t be said for visual artists whose skill levels might be on par, but their chosen medium fits into a different rule book when it comes to being paid. These artists are often not getting their entitled royalties, largely due to the inability to easily trace the resale path.
In most countries, it is a legal entitlement. For example, the Australian Government has appointed The Copyright Agency to collect fees and distribute royalties for the reuse of text and images. Of particular interest is their Resale Royalty Scheme for artists which denotes that all sales over $1,000 must be reported and the original artist should receive 5%. This is a welcoming initiative for artists but still a manual process and heavily relies on sales figures being reported.
ArtChain Global, an Australian blockchain startup, is currently developing a solution in partnership with Swinburne University to address this issue.
ArtChain Global’s solution to managing royalties
The ArtChain Global platform will use blockchain technology to search, track and trade authentic artwork. It is a permanent digital record for all artwork as it moves through the sale and resale life. The platform will incorporate a royalty tracking and payable system to provide an efficient way to manage artist’s income and ongoing royalty entitlements.
Participating artists around the world can relax knowing that they will be aware of all royalty triggering occurrences.