The partnership aims to reassure streaming platforms about the integrity of content created via Boomy's platform. This comes amid growing concerns about music streaming fraud, with a recent French study suggesting that up to 3% of music streams on services like Spotify are fraudulent. Beatdapp, however, suggests that the share of fraudulent streams is closer to 10%, which would amount to a fraud worth around $1.75 billion annually.
Key takeaways:
- AI music startup Boomy has partnered with blockchain-powered streaming content auditor Beatdapp to verify the authenticity of every stream across all digital streaming platforms.
- Beatdapp conducted an analysis of Boomy’s entire distributed catalog to certify the Boomy platform and appropriately allocate entitlements owed to rights holders and content creators.
- Boomy's move comes after Spotify pulled down tens of thousands of tracks made and distributed via Boomy over concerns of streaming fraud.
- Beatdapp estimates that fraudulent streams could be as high as 10% of all streams, costing the industry up to $1.75 billion annually.