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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:
1) Centralized data
management:
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.
2) Automated
metadata entry:
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.
3) Version
control:
The software should
track metadata changes over time, enabling users to access previous records,
thereby facilitating auditing and maintaining a historical record.
4) Rights and
Royalties management:
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.
To Know More: https://blogs.noctil.com/metadata-repository-software/
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