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The Udio/Merlin licensing deal alongside UMG's NetEase expansion shows how the music industry is bifurcating its licensing strategy - traditional streaming deals focusing on geographic expansion while AI-music platforms negotiate catalog access for training data. What's fascinating is the economics: streaming deals monetize per-play, while AI licensing creates upfront value from the same catalog without cannibalizing traditional revenue streams. RZA's stance on AI as a creative assistant rather than threat mirrors what we're seeing in licensing structures - rights holders aren't blocking the technology, they're figuring out how to extract value from it. The Pipeline funding model is the logical next step: treating licensing rights as investable assets separate from distribution deals.

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