Music giant Sony seems ready to take a step towards the blockchain and could target Japanese pop fans.
According to the media outlet Coin Post, the branch of Sony Music Group, the music label and distribution arm of the industry giant, has entered into a partnership agreement with Gaudiy, a Japanese blockchain company that aims to tokenize parts of the entertainment industry.
The two companies have already started pilot experiments using blockchain platforms that will target major Japanese pop (J-pop) fans that are part of Sony Music Group. This entity also distributes K-pop music.
The same media reported that Sony Music Entertainment – the international arm of the Sony Music Group subsidiary – owns a large number of intellectual property (IP) titles for manga, video games and other games, which opens the door to other potential collaborations.
Gaudiy has already signed collaboration agreements with other Japanese entertainment companies, including manga giant Shueisha, publisher of the popular Weekly Shonen Jump series, as well as Aniplex, an anime and music production company owned by Sony Music Entertainment-and a number of national sports teams.
The news came on the same day that Gaudiy announced that he had received a $2.9 million Series A injection of funds. According to TechCrunch Japan, the round was underwritten by Strive, a Tokyo-based investor who invests in internet and cell phone companies.
The company said it was developing a series of fan-centric offerings that will foster mutually beneficial relationships between IP developers and rights holders and fans.
Earlier this year, Sony announced that it was developing a common database platform that uses blockchain technology as part of a new Mobility as a Service (MaaS) offering.
In 2018, the business group said it was working on a rights management platform for digital content via the blockchain. More and more mainstream industries are adopting blockchain technology by trying small scale operations. If these go well, we will certainly see more in the same vein.