Music streaming platforms together total 67% of global music revenue share, compared to 16.1 % of physical sales. As per Midia Research, in 2023 Q3 alone, the streaming music subscribers reached 713.4m worldwide. A year-on-year growth percent of 14.4%, having grown by 90m.
As we see more growth in this industry, there is a big need to manage huge volumes of metadata that is sent to all these platforms that drive revenue. Therefore, it becomes a necessity to choose the right repository software that offers good features to drive the revenue.
The five must-have capabilities of reliable metadata repository software:
A metadata repository tool provides a centralized storage and management platform for music or audio-visual metadata, ensuring easy accessibility and up-to-date information.
Technology and automation enable music professionals to standardize metadata entry and update, reducing data errors and inaccuracies, crucial for royalty calculations, licensing, and effective rights management.
The software should track metadata changes over time, enabling users to access previous records, thereby facilitating auditing and maintaining a historical record.
Efficient metadata repository software tracks rights and ensures fair distribution of royalties for music usage, tracking ownership, rights, and royalties among stakeholders like songwriters, publishers, and artists.
5)Metadata integration:
The software’s functionality is enhanced by seamless metadata transformation and integration with external music databases, and streaming services, enabling access to additional metadata information.
