Why PRNS?

The Issue:

There are over 3.5 million songwriters represented by Performance Rights Organizations, or PROs, with roughly 1.5 million represented songwriters in America alone. I believe there are just many songwriters that are not represented by PROs, therefore not returning any revenue for music they are creating and distributing. These unallocated royalties are what we in the music business call ‘Black Box Royalties’. Billboard recently estimated that there is around $250 million+ dollars worth of these unclaimed funds building up as we speak. This has become an increasing problem largely due to increasing use of streaming services and lack of accountability placed on music users. If songwriters continue to distribute blind to the royalties they are entitled to I believe that blackbox will continue to be an issue as the landscape of songwriters grows. When blackbox funds are not collected, they are paid to top earners, and the PROs that collected them.

As we enter the age of blockchain technology in Web 3 and the gradual use of music universally I believe if not proactive, songwriters will only create another stream of revenue they aren’t educated and onboarded about.

Our Solution:

PRNS will enable songwriters to register their catalog copyrighted works to the blockchain, while gaining education around publishing and collecting from all avenues they are entitled to. Investing into a membership will give each songwriter a unique identifier in the form of a non-fungible token and domain, called Performance Registry Identifier or .PRI, allowing works to be registered as tokens as well. We are able to require information in this registry that will in turn help the artist earn royalties what they are entitled to, in and outside of the blockchain. As an incentive songwriters are distributed a token for each song registration they complete, that will be used for voting on policies, objectives, and other CRIB related initiatives. Included will be online resources, access to licensing opportunities, and strategic partnerships with music platforms and other businesses that can be leveraged for the benefit of each member.