We are honored to recently be featured in Forbes Magazine as we prep for our launch! Read the full article below:
Could This Blockchain Venture Help Find The Whopping $2.5B That Eludes The Music Industry?
It’s that time of the year again when certain companies are in the midst of a flurry of activity preparing for the annual SXSW conference which will kick off in Austin, Texas in just a couple of weeks. While many professionals still very much debate whether or not this particular festival still has the relevancy it once had, a few new companies, many of them tech-based are hoping to use the event to take their startups to the next level via the Festival’s “Release It” pitch competition. And one female founder, in particular, is planning to pull out all the stops.
Farah Allen founder of The Labz is furiously working with her team to not only prepare for the competition at SXSW but also hit a couple of key internal benchmarks for her company, simultaneously. This is about little sleep and massive focus given that Allen’s company is one of only ten companies selected by Festival officials from over 9000 applicants chosen for the spotlight, and with each moment she’s thinking, as per lyrics of rap legend Tupac, “All Eyez On Me.”
Primarily, The Labz seeks to solve a pain point that has existed in the music industry nearly since its inception. According to a recent story in Digital Music News, nearly $2.5 billion in revenue goes unclaimed in the music industry because the overall ecosystem is lacking in efficiency and transparency. So Allen decided to do something about it.
“I was solving asset management and data intelligence issues for large organizations in other industries for the past 15 years,” explains Allen. “And it is normal for those businesses to automate workflows. I heard (recording artist/actor) Jamie Foxx say on his radio show one day that he never got paid for Blame It because 30 people claimed that they co-wrote the song, and there were never any documents to prove otherwise. I kept hearing other stories like this over and over so I decided to transfer my skills to solving this data issue for the music industry.”
Thus, The Labz was born and currently touts itself as a new platform that makes owning the rights to one’s creative work as easy as file sharing and writing lyrics. The company accomplishes this task by combining the creative workflow of digital communication with complex business intelligence and asset protection technologies such as AI, electronic documentation and blockchain technology.