WEBVTT Kind: captions Language: en 00:00:17.500 --> 00:00:19.409 align:start position:0% so<00:00:18.500> hi<00:00:18.680> everybody 00:00:19.409 --> 00:00:19.419 align:start position:0% so hi everybody 00:00:19.419 --> 00:00:21.790 align:start position:0% so hi everybody my<00:00:20.419> name<00:00:20.599> is<00:00:20.689> Phil<00:00:20.899> berry<00:00:21.140> and<00:00:21.349> I'm<00:00:21.439> one<00:00:21.649> of<00:00:21.680> the 00:00:21.790 --> 00:00:21.800 align:start position:0% my name is Phil berry and I'm one of the 00:00:21.800 --> 00:00:23.200 align:start position:0% my name is Phil berry and I'm one of the founders<00:00:22.220> of<00:00:22.250> boo<00:00:22.610> Joe<00:00:22.849> which<00:00:23.060> is<00:00:23.180> a 00:00:23.200 --> 00:00:23.210 align:start position:0% founders of boo Joe which is a 00:00:23.210 --> 00:00:25.150 align:start position:0% founders of boo Joe which is a decentralized<00:00:23.840> music<00:00:24.200> platform<00:00:24.320> built<00:00:25.009> on 00:00:25.150 --> 00:00:25.160 align:start position:0% decentralized music platform built on 00:00:25.160 --> 00:00:27.310 align:start position:0% decentralized music platform built on aetherium<00:00:25.640> especially<00:00:26.509> various<00:00:27.050> people 00:00:27.310 --> 00:00:27.320 align:start position:0% aetherium especially various people 00:00:27.320 --> 00:00:30.370 align:start position:0% aetherium especially various people involved<00:00:27.500> in<00:00:27.710> project<00:00:28.070> here<00:00:28.220> today<00:00:29.079> Simon<00:00:30.079> did 00:00:30.370 --> 00:00:30.380 align:start position:0% involved in project here today Simon did 00:00:30.380 --> 00:00:32.499 align:start position:0% involved in project here today Simon did Olivier<00:00:30.680> did<00:00:30.890> a<00:00:30.950> talk<00:00:31.669> on<00:00:31.790> tokens<00:00:32.210> before 00:00:32.499 --> 00:00:32.509 align:start position:0% Olivier did a talk on tokens before 00:00:32.509 --> 00:00:34.240 align:start position:0% Olivier did a talk on tokens before Christian<00:00:32.930> Leung<00:00:33.140> Chris<00:00:33.380> has<00:00:33.559> helped<00:00:33.950> out<00:00:34.100> and 00:00:34.240 --> 00:00:34.250 align:start position:0% Christian Leung Chris has helped out and 00:00:34.250 --> 00:00:35.170 align:start position:0% Christian Leung Chris has helped out and there's<00:00:34.370> all<00:00:34.430> kinds<00:00:34.640> of<00:00:34.670> other<00:00:34.820> people<00:00:34.940> here 00:00:35.170 --> 00:00:35.180 align:start position:0% there's all kinds of other people here 00:00:35.180 --> 00:00:37.660 align:start position:0% there's all kinds of other people here Russell<00:00:35.600> etc<00:00:36.170> but<00:00:36.680> I<00:00:36.860> have<00:00:37.040> a<00:00:37.100> confession<00:00:37.400> to 00:00:37.660 --> 00:00:37.670 align:start position:0% Russell etc but I have a confession to 00:00:37.670 --> 00:00:39.310 align:start position:0% Russell etc but I have a confession to make<00:00:37.760> which<00:00:37.940> is<00:00:37.970> that<00:00:38.060> I<00:00:38.180> am<00:00:38.450> NOT<00:00:38.690> a<00:00:38.900> developer 00:00:39.310 --> 00:00:39.320 align:start position:0% make which is that I am NOT a developer 00:00:39.320 --> 00:00:41.800 align:start position:0% make which is that I am NOT a developer and<00:00:39.890> not<00:00:40.010> a<00:00:40.040> coder<00:00:40.340> and<00:00:40.670> not<00:00:40.940> an<00:00:41.120> architect 00:00:41.800 --> 00:00:41.810 align:start position:0% and not a coder and not an architect 00:00:41.810 --> 00:00:43.870 align:start position:0% and not a coder and not an architect I'm<00:00:41.870> not<00:00:42.140> a<00:00:42.170> cryptographer<00:00:42.830> I'm<00:00:43.610> not<00:00:43.850> a 00:00:43.870 --> 00:00:43.880 align:start position:0% I'm not a cryptographer I'm not a 00:00:43.880 --> 00:00:47.440 align:start position:0% I'm not a cryptographer I'm not a technologist<00:00:44.390> at<00:00:44.570> any<00:00:44.810> kind<00:00:45.320> whatsoever<00:00:46.420> so<00:00:47.420> I 00:00:47.440 --> 00:00:47.450 align:start position:0% technologist at any kind whatsoever so I 00:00:47.450 --> 00:00:49.210 align:start position:0% technologist at any kind whatsoever so I apologized<00:00:48.080> what<00:00:48.320> I<00:00:48.350> appreciate<00:00:48.920> is<00:00:49.190> a 00:00:49.210 --> 00:00:49.220 align:start position:0% apologized what I appreciate is a 00:00:49.220 --> 00:00:51.190 align:start position:0% apologized what I appreciate is a fundamental<00:00:49.970> failing<00:00:50.329> on<00:00:50.450> my<00:00:50.630> part<00:00:50.900> in 00:00:51.190 --> 00:00:51.200 align:start position:0% fundamental failing on my part in 00:00:51.200 --> 00:00:52.930 align:start position:0% fundamental failing on my part in attending<00:00:51.710> this<00:00:51.770> conference<00:00:51.980> is<00:00:52.280> a<00:00:52.310> non<00:00:52.550> non 00:00:52.930 --> 00:00:52.940 align:start position:0% attending this conference is a non non 00:00:52.940 --> 00:00:55.330 align:start position:0% attending this conference is a non non tech<00:00:53.210> but<00:00:53.780> my<00:00:54.470> background<00:00:54.800> is<00:00:54.890> in<00:00:54.920> the<00:00:55.040> music 00:00:55.330 --> 00:00:55.340 align:start position:0% tech but my background is in the music 00:00:55.340 --> 00:00:59.140 align:start position:0% tech but my background is in the music industry<00:00:56.200> and<00:00:57.220> I<00:00:58.220> started<00:00:58.640> out<00:00:58.730> music<00:00:59.030> almost 00:00:59.140 --> 00:00:59.150 align:start position:0% industry and I started out music almost 00:00:59.150 --> 00:01:01.780 align:start position:0% industry and I started out music almost exactly<00:00:59.540> ten<00:00:59.810> years<00:01:00.020> ago<00:01:00.310> working<00:01:01.310> in<00:01:01.489> record 00:01:01.780 --> 00:01:01.790 align:start position:0% exactly ten years ago working in record 00:01:01.790 --> 00:01:04.210 align:start position:0% exactly ten years ago working in record companies<00:01:02.180> I<00:01:02.510> then<00:01:03.440> embarked<00:01:03.739> on<00:01:03.829> a<00:01:03.890> career<00:01:04.189> as 00:01:04.210 --> 00:01:04.220 align:start position:0% companies I then embarked on a career as 00:01:04.220 --> 00:01:06.910 align:start position:0% companies I then embarked on a career as a<00:01:04.369> as<00:01:04.790> a<00:01:04.850> musician<00:01:05.170> and<00:01:06.170> ultimately<00:01:06.500> set<00:01:06.680> up<00:01:06.799> my 00:01:06.910 --> 00:01:06.920 align:start position:0% a as a musician and ultimately set up my 00:01:06.920 --> 00:01:10.510 align:start position:0% a as a musician and ultimately set up my own<00:01:07.070> independent<00:01:07.610> record<00:01:07.700> company<00:01:08.210> and<00:01:09.520> after 00:01:10.510 --> 00:01:10.520 align:start position:0% own independent record company and after 00:01:10.520 --> 00:01:12.130 align:start position:0% own independent record company and after eight<00:01:10.640> years<00:01:10.670> on<00:01:11.090> the<00:01:11.240> creative<00:01:11.659> side<00:01:11.900> of<00:01:11.930> the 00:01:12.130 --> 00:01:12.140 align:start position:0% eight years on the creative side of the 00:01:12.140 --> 00:01:15.160 align:start position:0% eight years on the creative side of the music<00:01:12.500> business<00:01:12.760> I<00:01:13.760> kind<00:01:14.570> of<00:01:14.630> achieve<00:01:14.870> lots<00:01:15.080> of 00:01:15.160 --> 00:01:15.170 align:start position:0% music business I kind of achieve lots of 00:01:15.170 --> 00:01:16.719 align:start position:0% music business I kind of achieve lots of things<00:01:15.380> that<00:01:15.530> I<00:01:15.560> dreamt<00:01:15.890> of<00:01:16.040> doing<00:01:16.100> when<00:01:16.460> I<00:01:16.550> was 00:01:16.719 --> 00:01:16.729 align:start position:0% things that I dreamt of doing when I was 00:01:16.729 --> 00:01:19.149 align:start position:0% things that I dreamt of doing when I was growing<00:01:17.210> up<00:01:17.330> you<00:01:17.600> know<00:01:18.140> I<00:01:18.170> performed<00:01:18.650> on<00:01:18.740> TV 00:01:19.149 --> 00:01:19.159 align:start position:0% growing up you know I performed on TV 00:01:19.159 --> 00:01:20.740 align:start position:0% growing up you know I performed on TV I'd<00:01:19.400> played<00:01:19.640> all<00:01:19.820> the<00:01:19.909> major<00:01:20.060> festivals<00:01:20.600> I'd 00:01:20.740 --> 00:01:20.750 align:start position:0% I'd played all the major festivals I'd 00:01:20.750 --> 00:01:22.990 align:start position:0% I'd played all the major festivals I'd played<00:01:20.960> in<00:01:21.110> 13<00:01:21.440> countries<00:01:21.650> and<00:01:22.340> I<00:01:22.490> make<00:01:22.640> almost 00:01:22.990 --> 00:01:23.000 align:start position:0% played in 13 countries and I make almost 00:01:23.000 --> 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was probably I was slightly deficient on the<00:01:30.620> talent<00:01:30.979> front<00:01:31.250> and<00:01:31.909> the<00:01:32.299> second<00:01:32.630> one<00:01:32.750> was 00:01:32.920 --> 00:01:32.930 align:start position:0% the talent front and the second one was 00:01:32.930 --> 00:01:34.600 align:start position:0% the talent front and the second one was you<00:01:33.380> know<00:01:33.470> something<00:01:33.860> was<00:01:33.979> up<00:01:34.100> with<00:01:34.280> the<00:01:34.369> music 00:01:34.600 --> 00:01:34.610 align:start position:0% you know something was up with the music 00:01:34.610 --> 00:01:36.880 align:start position:0% you know something was up with the music industry<00:01:34.810> and<00:01:35.810> so<00:01:36.170> for<00:01:36.290> the<00:01:36.350> last<00:01:36.530> couple<00:01:36.710> of 00:01:36.880 --> 00:01:36.890 align:start position:0% industry and so for the last couple of 00:01:36.890 --> 00:01:39.340 align:start position:0% industry and so for the last couple of years<00:01:37.159> I've<00:01:38.119> really<00:01:38.510> been<00:01:38.690> focused<00:01:39.170> on 00:01:39.340 --> 00:01:39.350 align:start position:0% years I've really been focused on 00:01:39.350 --> 00:01:41.289 align:start position:0% years I've really been focused on working<00:01:39.860> out<00:01:40.130> what<00:01:40.310> exactly<00:01:40.729> it<00:01:40.820> is<00:01:40.850> this<00:01:41.090> up 00:01:41.289 --> 00:01:41.299 align:start position:0% working out what exactly it is this up 00:01:41.299 --> 00:01:42.910 align:start position:0% working out what exactly it is this up with<00:01:41.420> the<00:01:41.479> music<00:01:41.630> industry<00:01:42.140> and<00:01:42.500> trying<00:01:42.860> to 00:01:42.910 --> 00:01:42.920 align:start position:0% with the music industry and trying to 00:01:42.920 --> 00:01:44.250 align:start position:0% with the music industry and trying to come<00:01:43.040> up<00:01:43.159> with<00:01:43.250> some<00:01:43.400> solutions 00:01:44.250 --> 00:01:44.260 align:start position:0% come up with some solutions 00:01:44.260 --> 00:01:48.250 align:start position:0% come up with some solutions last<00:01:45.260> year<00:01:45.619> I<00:01:45.890> was<00:01:46.630> involved<00:01:47.630> in<00:01:47.780> a<00:01:47.960> project 00:01:48.250 --> 00:01:48.260 align:start position:0% last year I was involved in a project 00:01:48.260 --> 00:01:50.260 align:start position:0% last year I was involved in a project working<00:01:48.650> with<00:01:48.770> Radiohead<00:01:49.310> and<00:01:49.460> Thom<00:01:49.729> Yorke<00:01:50.090> I 00:01:50.260 --> 00:01:50.270 align:start position:0% working with Radiohead and Thom Yorke I 00:01:50.270 --> 00:01:52.630 align:start position:0% working with Radiohead and Thom Yorke I spent<00:01:51.200> several<00:01:51.380> months<00:01:51.560> working<00:01:51.860> on<00:01:52.130> a<00:01:52.310> record 00:01:52.630 --> 00:01:52.640 align:start position:0% spent several months working on a record 00:01:52.640 --> 00:01:54.370 align:start position:0% spent several months working on a record that<00:01:52.790> he<00:01:52.939> released<00:01:53.150> through<00:01:53.750> BitTorrent<00:01:54.260> on 00:01:54.370 --> 00:01:54.380 align:start position:0% that he released through BitTorrent on 00:01:54.380 --> 00:01:56.740 align:start position:0% that he released through BitTorrent on that<00:01:54.530> project<00:01:55.030> and<00:01:56.030> then<00:01:56.180> I<00:01:56.240> eventually<00:01:56.420> heard 00:01:56.740 --> 00:01:56.750 align:start position:0% that project and then I eventually heard 00:01:56.750 --> 00:01:58.450 align:start position:0% that project and then I eventually heard about<00:01:56.900> blockchain<00:01:57.320> and<00:01:57.350> went<00:01:58.159> through<00:01:58.369> the 00:01:58.450 --> 00:01:58.460 align:start position:0% about blockchain and went through the 00:01:58.460 --> 00:02:02.230 align:start position:0% about blockchain and went through the process<00:01:58.670> of<00:01:59.030> you<00:01:59.659> know<00:02:00.640> heavenly<00:02:01.640> angels 00:02:02.230 --> 00:02:02.240 align:start position:0% process of you know heavenly angels 00:02:02.240 --> 00:02:03.910 align:start position:0% process of you know heavenly angels singing<00:02:02.450> that<00:02:02.659> all<00:02:02.780> of<00:02:02.900> us<00:02:02.990> have<00:02:03.140> had<00:02:03.290> and<00:02:03.560> then 00:02:03.910 --> 00:02:03.920 align:start position:0% singing that all of us have had and then 00:02:03.920 --> 00:02:09.429 align:start position:0% singing that all of us have had and then I'm<00:02:04.070> you<00:02:04.369> know<00:02:04.490> Here<00:02:04.729> I<00:02:04.759> am<00:02:07.030> so<00:02:08.110> let's<00:02:09.110> start<00:02:09.349> at 00:02:09.429 --> 00:02:09.439 align:start position:0% I'm you know Here I am so let's start at 00:02:09.439 --> 00:02:12.039 align:start position:0% I'm you know Here I am so let's start at the<00:02:09.500> beginning<00:02:09.590> because<00:02:10.189> to<00:02:10.819> understand<00:02:11.360> the 00:02:12.039 --> 00:02:12.049 align:start position:0% the beginning because to understand the 00:02:12.049 --> 00:02:13.509 align:start position:0% the beginning because to understand the problems<00:02:12.499> that<00:02:12.560> face<00:02:12.799> the<00:02:12.829> music<00:02:13.010> industry 00:02:13.509 --> 00:02:13.519 align:start position:0% problems that face the music industry 00:02:13.519 --> 00:02:15.489 align:start position:0% problems that face the music industry today<00:02:13.790> you<00:02:14.450> kind<00:02:14.569> of<00:02:14.689> have<00:02:14.840> to<00:02:14.870> understand 00:02:15.489 --> 00:02:15.499 align:start position:0% today you kind of have to understand 00:02:15.499 --> 00:02:16.490 align:start position:0% today you kind of have to understand that 00:02:16.490 --> 00:02:16.500 align:start position:0% that 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that<00:02:23.640> form<00:02:23.880> the<00:02:23.970> basis<00:02:24.330> of<00:02:24.510> the 00:02:24.920 --> 00:02:24.930 align:start position:0% institutions that form the basis of the 00:02:24.930 --> 00:02:27.440 align:start position:0% institutions that form the basis of the music<00:02:25.170> industry's<00:02:25.530> infrastructure<00:02:26.220> like<00:02:26.940> PRS 00:02:27.440 --> 00:02:27.450 align:start position:0% music industry's infrastructure like PRS 00:02:27.450 --> 00:02:30.140 align:start position:0% music industry's infrastructure like PRS and<00:02:27.480> ASCAP<00:02:28.310> actually<00:02:29.310> were<00:02:29.430> born<00:02:29.760> around<00:02:30.030> the 00:02:30.140 --> 00:02:30.150 align:start position:0% and ASCAP actually were born around the 00:02:30.150 --> 00:02:32.420 align:start position:0% and ASCAP actually were born around the same<00:02:30.360> time<00:02:30.420> that<00:02:30.690> this<00:02:31.050> ship<00:02:31.320> the<00:02:31.500> Titanic<00:02:32.070> was 00:02:32.420 --> 00:02:32.430 align:start position:0% same time that this ship the Titanic was 00:02:32.430 --> 00:02:34.070 align:start position:0% same time that this ship the Titanic was sinking<00:02:32.490> on<00:02:33.000> its<00:02:33.150> maiden<00:02:33.360> voyage<00:02:33.510> in<00:02:34.020> the 00:02:34.070 --> 00:02:34.080 align:start position:0% sinking on its maiden voyage in the 00:02:34.080 --> 00:02:36.860 align:start position:0% sinking on its maiden voyage in the ocean<00:02:34.380> and<00:02:35.180> so<00:02:36.180> that<00:02:36.360> tells<00:02:36.570> you<00:02:36.690> almost 00:02:36.860 --> 00:02:36.870 align:start position:0% ocean and so that tells you almost 00:02:36.870 --> 00:02:38.780 align:start position:0% ocean and so that tells you almost everything<00:02:37.200> you<00:02:37.290> need<00:02:37.440> to<00:02:37.560> know<00:02:37.670> you<00:02:38.670> know 00:02:38.780 --> 00:02:38.790 align:start position:0% everything you need to know you know 00:02:38.790 --> 00:02:42.160 align:start position:0% everything you need to know you know this<00:02:39.120> was<00:02:39.420> a<00:02:39.630> world<00:02:40.160> before<00:02:41.160> globalization 00:02:42.160 --> 00:02:42.170 align:start position:0% this was a world before globalization 00:02:42.170 --> 00:02:46.460 align:start position:0% this was a world before globalization before<00:02:43.170> digital<00:02:43.380> and<00:02:45.290> institutions<00:02:46.290> and 00:02:46.460 --> 00:02:46.470 align:start position:0% before digital and institutions and 00:02:46.470 --> 00:02:48.740 align:start position:0% before digital and institutions and systems<00:02:46.860> that<00:02:47.550> were<00:02:47.730> created<00:02:48.209> before<00:02:48.450> you 00:02:48.740 --> 00:02:48.750 align:start position:0% systems that were created before you 00:02:48.750 --> 00:02:49.940 align:start position:0% systems that were created before you could<00:02:48.930> talk<00:02:49.080> to<00:02:49.110> somebody<00:02:49.380> on<00:02:49.620> this<00:02:49.770> other 00:02:49.940 --> 00:02:49.950 align:start position:0% could talk to somebody on this other 00:02:49.950 --> 00:02:51.470 align:start position:0% could talk to somebody on this other side<00:02:50.040> of<00:02:50.250> Atlantic<00:02:50.610> by<00:02:50.700> the<00:02:50.760> telephone<00:02:51.270> and 00:02:51.470 --> 00:02:51.480 align:start position:0% side of Atlantic by the telephone and 00:02:51.480 --> 00:02:53.590 align:start position:0% side of Atlantic by the telephone and now<00:02:52.260> being<00:02:52.500> asked<00:02:52.890> to<00:02:52.950> handle<00:02:53.340> a 00:02:53.590 --> 00:02:53.600 align:start position:0% now being asked to handle a 00:02:53.600 --> 00:02:55.790 align:start position:0% now being asked to handle a hyper-connected<00:02:54.600> digital<00:02:55.470> global 00:02:55.790 --> 00:02:55.800 align:start position:0% hyper-connected digital global 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to<00:03:04.950> you<00:03:05.190> music<00:03:05.370> writes<00:03:05.790> you 00:03:06.410 --> 00:03:06.420 align:start position:0% someone says to you music writes you 00:03:06.420 --> 00:03:10.300 align:start position:0% someone says to you music writes you just<00:03:06.600> have<00:03:06.750> to<00:03:06.840> think<00:03:06.989> sinking<00:03:07.800> ship 00:03:10.300 --> 00:03:10.310 align:start position:0% 00:03:10.310 --> 00:03:12.290 align:start position:0% so<00:03:11.310> if<00:03:11.430> we<00:03:11.550> could<00:03:11.700> dig<00:03:11.970> into<00:03:12.090> this 00:03:12.290 --> 00:03:12.300 align:start position:0% so if we could dig into this 00:03:12.300 --> 00:03:15.320 align:start position:0% so if we could dig into this globalization<00:03:13.080> point<00:03:13.970> you<00:03:14.970> know<00:03:15.060> if<00:03:15.239> you 00:03:15.320 --> 00:03:15.330 align:start position:0% globalization point you know if you 00:03:15.330 --> 00:03:19.699 align:start position:0% globalization point you know if you think<00:03:15.510> about<00:03:15.870> the<00:03:16.650> world<00:03:16.860> of<00:03:17.130> the<00:03:17.250> Titanic<00:03:18.709> it 00:03:19.699 --> 00:03:19.709 align:start position:0% think about the world of the Titanic it 00:03:19.709 --> 00:03:21.259 align:start position:0% think about the world of the Titanic it took<00:03:19.950> weeks<00:03:20.130> or<00:03:20.370> months<00:03:20.640> to<00:03:20.760> travel<00:03:20.970> from<00:03:21.209> one 00:03:21.259 --> 00:03:21.269 align:start position:0% took weeks or months to travel from one 00:03:21.269 --> 00:03:23.570 align:start position:0% took weeks or months to travel from one continent<00:03:21.930> to<00:03:22.049> another<00:03:22.170> and<00:03:22.620> so<00:03:23.370> people 00:03:23.570 --> 00:03:23.580 align:start position:0% continent to another and so people 00:03:23.580 --> 00:03:25.460 align:start position:0% continent to another and so people generally<00:03:24.030> traded<00:03:24.510> in<00:03:24.630> their<00:03:24.720> own<00:03:24.870> continents 00:03:25.460 --> 00:03:25.470 align:start position:0% generally traded in their own continents 00:03:25.470 --> 00:03:27.590 align:start position:0% generally traded in their own continents their<00:03:25.590> own<00:03:25.709> local<00:03:26.070> markets<00:03:26.489> and<00:03:26.730> the<00:03:27.330> people 00:03:27.590 --> 00:03:27.600 align:start position:0% their own local markets and the people 00:03:27.600 --> 00:03:29.360 align:start position:0% their own local markets and the people that<00:03:27.720> sent<00:03:27.959> ships<00:03:28.260> across<00:03:28.560> the<00:03:28.799> oceans<00:03:29.160> in 00:03:29.360 --> 00:03:29.370 align:start position:0% that sent ships across the oceans in 00:03:29.370 --> 00:03:31.640 align:start position:0% that sent ships across the oceans in these<00:03:29.519> times<00:03:30.170> intermediated<00:03:31.170> between<00:03:31.470> these 00:03:31.640 --> 00:03:31.650 align:start position:0% these times intermediated between these 00:03:31.650 --> 00:03:32.810 align:start position:0% these times intermediated between these different<00:03:31.769> markets<00:03:32.280> and<00:03:32.340> they<00:03:32.459> did<00:03:32.580> very<00:03:32.790> well 00:03:32.810 --> 00:03:32.820 align:start position:0% different markets and they did very well 00:03:32.820 --> 00:03:35.509 align:start position:0% different markets and they did very well out<00:03:32.970> of<00:03:33.269> it<00:03:33.440> well<00:03:34.440> today<00:03:34.620> I<00:03:34.769> can<00:03:35.070> upload<00:03:35.220> my 00:03:35.509 --> 00:03:35.519 align:start position:0% out of it well today I can upload my 00:03:35.519 --> 00:03:37.850 align:start position:0% out of it well today I can upload my video<00:03:35.790> to<00:03:36.030> YouTube<00:03:36.450> and<00:03:36.709> before-breakfast<00:03:37.709> it 00:03:37.850 --> 00:03:37.860 align:start position:0% video to YouTube and before-breakfast it 00:03:37.860 --> 00:03:40.610 align:start position:0% video to YouTube and before-breakfast it can<00:03:37.980> be<00:03:38.070> watched<00:03:38.280> in<00:03:38.459> 50<00:03:38.850> countries<00:03:39.620> but 00:03:40.610 --> 00:03:40.620 align:start position:0% can be watched in 50 countries but 00:03:40.620 --> 00:03:42.890 align:start position:0% can be watched in 50 countries but actually<00:03:41.070> the<00:03:41.610> systems<00:03:42.090> the<00:03:42.299> processes<00:03:42.810> the 00:03:42.890 --> 00:03:42.900 align:start position:0% actually the systems the processes the 00:03:42.900 --> 00:03:44.449 align:start position:0% actually the systems the processes the structure<00:03:43.230> of<00:03:43.290> the<00:03:43.350> music<00:03:43.590> industry<00:03:44.010> still 00:03:44.449 --> 00:03:44.459 align:start position:0% structure of the music industry still 00:03:44.459 --> 00:03:46.220 align:start position:0% structure of the music industry still looks<00:03:44.730> like<00:03:44.970> those<00:03:45.150> 20th<00:03:45.570> century<00:03:45.900> shipping 00:03:46.220 --> 00:03:46.230 align:start position:0% looks like those 20th century shipping 00:03:46.230 --> 00:03:48.860 align:start position:0% looks like those 20th century shipping routes<00:03:46.850> and<00:03:47.850> so<00:03:48.000> here<00:03:48.239> we<00:03:48.329> have<00:03:48.450> an<00:03:48.540> example 00:03:48.860 --> 00:03:48.870 align:start position:0% routes and so here we have an example 00:03:48.870 --> 00:03:51.620 align:start position:0% routes and so here we have an example this<00:03:49.680> is<00:03:49.829> what<00:03:49.950> happens<00:03:50.370> if<00:03:50.700> you're<00:03:51.180> in<00:03:51.299> a<00:03:51.390> if 00:03:51.620 --> 00:03:51.630 align:start position:0% this is what happens if you're in a if 00:03:51.630 --> 00:03:54.020 align:start position:0% this is what happens if you're in a if you<00:03:52.049> are<00:03:52.230> a<00:03:52.470> American<00:03:53.100> songwriter<00:03:53.519> down<00:03:53.940> the 00:03:54.020 --> 00:03:54.030 align:start position:0% you are a American songwriter down the 00:03:54.030 --> 00:03:55.789 align:start position:0% you are a American songwriter down the bottom<00:03:54.299> here<00:03:54.510> whose<00:03:54.959> song<00:03:55.260> is<00:03:55.440> played<00:03:55.650> on<00:03:55.680> the 00:03:55.789 --> 00:03:55.799 align:start position:0% bottom here whose song is played on the 00:03:55.799 --> 00:03:58.280 align:start position:0% bottom here whose song is played on the radio<00:03:55.860> in<00:03:56.459> a<00:03:56.820> country<00:03:57.299> somewhere<00:03:57.900> else 00:03:58.280 --> 00:03:58.290 align:start position:0% radio in a country somewhere else 00:03:58.290 --> 00:04:01.819 align:start position:0% radio in a country somewhere else so<00:03:58.620> perhaps<00:03:58.829> Japan<00:03:59.870> and<00:04:00.870> this<00:04:01.440> isn't<00:04:01.590> even 00:04:01.819 --> 00:04:01.829 align:start position:0% so perhaps Japan and this isn't even 00:04:01.829 --> 00:04:04.220 align:start position:0% so perhaps Japan and this isn't even cover<00:04:02.250> the<00:04:02.670> recording<00:04:03.630> rights<00:04:03.870> or<00:04:04.140> the 00:04:04.220 --> 00:04:04.230 align:start position:0% cover the recording rights or the 00:04:04.230 --> 00:04:05.960 align:start position:0% cover the recording rights or the performers<00:04:04.739> or<00:04:04.860> the<00:04:04.950> producer<00:04:05.459> any<00:04:05.670> of<00:04:05.820> that 00:04:05.960 --> 00:04:05.970 align:start position:0% performers or the producer any of that 00:04:05.970 --> 00:04:08.270 align:start position:0% performers or the producer any of that this<00:04:06.180> is<00:04:06.329> just<00:04:06.600> the<00:04:06.720> song<00:04:06.959> and<00:04:07.260> it<00:04:07.739> assumes<00:04:08.070> one 00:04:08.270 --> 00:04:08.280 align:start position:0% this is just the song and it assumes one 00:04:08.280 --> 00:04:11.150 align:start position:0% this is just the song and it assumes one songwriter<00:04:08.610> which<00:04:09.060> is<00:04:09.180> very<00:04:09.360> rare<00:04:10.070> but<00:04:11.070> it 00:04:11.150 --> 00:04:11.160 align:start position:0% songwriter which is very rare but it 00:04:11.160 --> 00:04:12.800 align:start position:0% songwriter which is very rare but it just<00:04:11.280> give<00:04:11.400> you<00:04:11.489> an<00:04:11.549> example<00:04:11.610> of<00:04:12.360> just<00:04:12.720> how 00:04:12.800 --> 00:04:12.810 align:start position:0% just give you an example of just how 00:04:12.810 --> 00:04:15.020 align:start position:0% just give you an example of just how many<00:04:12.870> intermediaries<00:04:13.410> exist<00:04:13.890> at<00:04:14.670> the<00:04:14.790> end<00:04:14.910> of 00:04:15.020 --> 00:04:15.030 align:start position:0% many intermediaries exist at the end of 00:04:15.030 --> 00:04:16.550 align:start position:0% many intermediaries exist at the end of the<00:04:15.090> day<00:04:15.239> the<00:04:15.450> songwriter<00:04:15.840> is<00:04:15.959> getting<00:04:16.260> about 00:04:16.550 --> 00:04:16.560 align:start position:0% the day the songwriter is getting about 00:04:16.560 --> 00:04:20.030 align:start position:0% the day the songwriter is getting about half<00:04:16.890> of<00:04:17.190> the<00:04:17.340> value<00:04:17.640> of<00:04:18.140> their<00:04:19.140> music<00:04:19.500> and<00:04:19.739> it 00:04:20.030 --> 00:04:20.040 align:start position:0% half of the value of their music and it 00:04:20.040 --> 00:04:21.440 align:start position:0% half of the value of their music and it takes<00:04:20.220> them<00:04:20.370> up<00:04:20.430> to<00:04:20.549> two<00:04:20.729> years<00:04:20.760> to<00:04:21.150> get<00:04:21.299> ahold 00:04:21.440 --> 00:04:21.450 align:start position:0% takes them up to two years to get ahold 00:04:21.450 --> 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digital<00:04:33.030> has<00:04:33.540> been<00:04:33.720> a 00:04:33.800 --> 00:04:33.810 align:start position:0% explosion in in digital has been a 00:04:33.810 --> 00:04:35.650 align:start position:0% explosion in in digital has been a massive<00:04:34.200> revolution<00:04:34.770> in<00:04:34.889> music<00:04:35.190> industry 00:04:35.650 --> 00:04:35.660 align:start position:0% massive revolution in music industry 00:04:35.660 --> 00:04:38.450 align:start position:0% massive revolution in music industry such<00:04:36.660> that<00:04:36.840> we're<00:04:36.930> no<00:04:37.050> longer<00:04:37.200> selling<00:04:37.740> CDs 00:04:38.450 --> 00:04:38.460 align:start position:0% such that we're no longer selling CDs 00:04:38.460 --> 00:04:41.540 align:start position:0% such that we're no longer selling CDs with<00:04:39.180> 10<00:04:39.389> songs<00:04:39.720> on<00:04:39.900> them<00:04:40.080> worth<00:04:40.230> $20<00:04:40.980> we're 00:04:41.540 --> 00:04:41.550 align:start position:0% with 10 songs on them worth $20 we're 00:04:41.550 --> 00:04:44.480 align:start position:0% with 10 songs on them worth $20 we're now<00:04:41.669> selling<00:04:42.090> a<00:04:42.180> single<00:04:42.450> play<00:04:42.930> of<00:04:43.230> half<00:04:44.100> of<00:04:44.310> one 00:04:44.480 --> 00:04:44.490 align:start position:0% now selling a single play of half of one 00:04:44.490 --> 00:04:47.990 align:start position:0% now selling a single play of half of one song<00:04:44.820> and<00:04:45.950> we're<00:04:46.950> selling<00:04:47.220> that<00:04:47.340> for<00:04:47.400> a<00:04:47.669> tiny 00:04:47.990 --> 00:04:48.000 align:start position:0% song and we're selling that for a tiny 00:04:48.000 --> 00:04:52.010 align:start position:0% song and we're selling that for a tiny tiny<00:04:48.360> fractions<00:04:48.990> of<00:04:49.080> cents<00:04:50.570> as<00:04:51.570> the<00:04:51.690> result 00:04:52.010 --> 00:04:52.020 align:start position:0% tiny fractions of cents as the result 00:04:52.020 --> 00:04:53.120 align:start position:0% tiny fractions of cents as the result the<00:04:52.050> amount<00:04:52.200> of<00:04:52.350> data<00:04:52.560> that<00:04:52.740> needs<00:04:52.980> to<00:04:53.070> be 00:04:53.120 --> 00:04:53.130 align:start position:0% the amount of data that needs to be 00:04:53.130 --> 00:04:56.150 align:start position:0% the amount of data that needs to be processed<00:04:53.639> is<00:04:53.940> doubling<00:04:54.419> every<00:04:54.570> year<00:04:55.160> there 00:04:56.150 --> 00:04:56.160 align:start position:0% processed is doubling every year there 00:04:56.160 --> 00:04:57.980 align:start position:0% processed is doubling every year there are<00:04:56.190> hunt<00:04:56.520> literally<00:04:57.030> hundreds<00:04:57.480> of<00:04:57.570> billions 00:04:57.980 --> 00:04:57.990 align:start position:0% are hunt literally hundreds of billions 00:04:57.990 --> 00:05:00.710 align:start position:0% are hunt literally hundreds of billions of<00:04:58.260> music<00:04:58.650> uses<00:04:58.980> taking<00:04:59.370> taking<00:05:00.090> place<00:05:00.360> every 00:05:00.710 --> 00:05:00.720 align:start position:0% of music uses taking taking place every 00:05:00.720 --> 00:05:03.500 align:start position:0% of music uses taking taking place every year<00:05:00.780> and<00:05:01.200> one<00:05:01.830> single<00:05:02.100> hit<00:05:02.490> song<00:05:02.790> think<00:05:03.389> of 00:05:03.500 --> 00:05:03.510 align:start position:0% year and one single hit song think of 00:05:03.510 --> 00:05:05.090 align:start position:0% year and one single hit song think of your<00:05:03.630> you<00:05:03.990> know<00:05:04.020> your<00:05:04.139> favorite<00:05:04.650> Rihanna<00:05:04.979> or 00:05:05.090 --> 00:05:05.100 align:start position:0% your you know your favorite Rihanna or 00:05:05.100 --> 00:05:08.600 align:start position:0% your you know your favorite Rihanna or Taylor<00:05:05.639> Swift<00:05:05.669> song<00:05:06.560> this<00:05:07.560> has<00:05:07.800> this<00:05:08.340> kind<00:05:08.550> of 00:05:08.600 --> 00:05:08.610 align:start position:0% Taylor Swift song this has this kind of 00:05:08.610 --> 00:05:12.020 align:start position:0% Taylor Swift song this has this kind of songs<00:05:08.880> have<00:05:09.410> 700,000<00:05:10.460> individual<00:05:11.460> revenue 00:05:12.020 --> 00:05:12.030 align:start position:0% songs have 700,000 individual revenue 00:05:12.030 --> 00:05:12.620 align:start position:0% songs have 700,000 individual revenue streams 00:05:12.620 --> 00:05:12.630 align:start position:0% streams 00:05:12.630 --> 00:05:15.230 align:start position:0% streams that's<00:05:13.020> one<00:05:13.320> song<00:05:13.740> generating<00:05:14.280> 700,000 00:05:15.230 --> 00:05:15.240 align:start position:0% that's one song generating 700,000 00:05:15.240 --> 00:05:17.629 align:start position:0% that's one song generating 700,000 different<00:05:15.570> revenue<00:05:15.720> streams<00:05:15.990> and<00:05:16.919> so<00:05:17.520> it's 00:05:17.629 --> 00:05:17.639 align:start position:0% different revenue streams and so it's 00:05:17.639 --> 00:05:19.280 align:start position:0% different revenue streams and so it's pretty<00:05:17.760> clear<00:05:18.120> that<00:05:18.419> we're<00:05:18.900> entering<00:05:19.020> a 00:05:19.280 --> 00:05:19.290 align:start position:0% pretty clear that we're entering a 00:05:19.290 --> 00:05:20.930 align:start position:0% pretty clear that we're entering a totally<00:05:19.710> new<00:05:19.860> paradigm<00:05:20.430> in<00:05:20.639> terms<00:05:20.669> of<00:05:20.850> the 00:05:20.930 --> 00:05:20.940 align:start position:0% totally new paradigm in terms of the 00:05:20.940 --> 00:05:21.860 align:start position:0% totally new paradigm in terms of the amount<00:05:21.150> of<00:05:21.210> data<00:05:21.419> that<00:05:21.570> needs<00:05:21.690> to<00:05:21.840> be 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they're going 00:05:28.020 --> 00:05:29.629 align:start position:0% of systems and processes they're going to<00:05:28.080> be<00:05:28.169> required<00:05:28.620> in<00:05:28.919> order<00:05:29.070> to<00:05:29.310> deal<00:05:29.490> with 00:05:29.629 --> 00:05:29.639 align:start position:0% to be required in order to deal with 00:05:29.639 --> 00:05:34.580 align:start position:0% to be required in order to deal with this<00:05:29.729> kind<00:05:29.970> of<00:05:30.030> music<00:05:30.300> industry<00:05:33.169> and<00:05:34.169> all<00:05:34.500> of 00:05:34.580 --> 00:05:34.590 align:start position:0% this kind of music industry and all of 00:05:34.590 --> 00:05:37.100 align:start position:0% this kind of music industry and all of this<00:05:34.680> is<00:05:34.890> said<00:05:35.070> against<00:05:35.340> just<00:05:35.789> a<00:05:36.120> ridiculous 00:05:37.100 --> 00:05:37.110 align:start position:0% this is said against just a ridiculous 00:05:37.110 --> 00:05:40.340 align:start position:0% this is said against just a ridiculous background<00:05:37.740> of<00:05:37.979> complexity<00:05:38.789> in<00:05:39.150> who<00:05:40.110> owns 00:05:40.340 --> 00:05:40.350 align:start position:0% background of complexity in who owns 00:05:40.350 --> 00:05:42.469 align:start position:0% background of complexity in who owns what<00:05:40.650> in<00:05:40.680> music<00:05:41.220> this<00:05:41.669> is<00:05:41.820> a<00:05:41.850> piece<00:05:42.060> of<00:05:42.090> music 00:05:42.469 --> 00:05:42.479 align:start position:0% what in music this is a piece of music 00:05:42.479 --> 00:05:44.240 align:start position:0% what in music this is a piece of music called<00:05:42.660> what<00:05:42.960> by<00:05:43.169> Big<00:05:43.380> Sean<00:05:43.620> I've<00:05:43.830> never<00:05:44.039> heard 00:05:44.240 --> 00:05:44.250 align:start position:0% called what by Big Sean I've never heard 00:05:44.250 --> 00:05:46.040 align:start position:0% called what by Big Sean I've never heard it<00:05:44.460> but<00:05:44.610> I'm<00:05:44.850> told<00:05:45.479> that<00:05:45.570> it's<00:05:45.750> a<00:05:45.840> really 00:05:46.040 --> 00:05:46.050 align:start position:0% it but I'm told that it's a really 00:05:46.050 --> 00:05:48.800 align:start position:0% it but I'm told that it's a really strong<00:05:46.289> piece<00:05:46.500> of<00:05:46.650> work<00:05:46.800> and<00:05:47.160> it<00:05:47.669> has<00:05:47.789> 20<00:05:48.270> it 00:05:48.800 --> 00:05:48.810 align:start position:0% strong piece of work and it has 20 it 00:05:48.810 --> 00:05:50.870 align:start position:0% strong piece of work and it has 20 it has<00:05:49.020> you<00:05:49.200> know<00:05:49.229> 20<00:05:49.770> plus<00:05:50.010> people<00:05:50.250> who<00:05:50.460> all<00:05:50.640> own 00:05:50.870 --> 00:05:50.880 align:start position:0% has you know 20 plus people who all own 00:05:50.880 --> 00:05:54.710 align:start position:0% has you know 20 plus people who all own some<00:05:51.270> you<00:05:51.780> know<00:05:51.900> from<00:05:52.200> 1.8%<00:05:52.919> up<00:05:53.700> to<00:05:53.910> 20%<00:05:54.270> of 00:05:54.710 --> 00:05:54.720 align:start position:0% some you know from 1.8% up to 20% of 00:05:54.720 --> 00:05:58.070 align:start position:0% some you know from 1.8% up to 20% of this<00:05:54.810> song<00:05:55.080> and<00:05:56.419> what's<00:05:57.419> amazing<00:05:57.660> is<00:05:57.990> that 00:05:58.070 --> 00:05:58.080 align:start position:0% this song and what's amazing is that 00:05:58.080 --> 00:05:59.779 align:start position:0% this song and what's amazing is that there<00:05:58.260> is<00:05:58.350> no<00:05:58.500> definitive<00:05:58.770> record<00:05:59.400> of<00:05:59.669> this 00:05:59.779 --> 00:05:59.789 align:start position:0% there is no definitive record of this 00:05:59.789 --> 00:06:01.610 align:start position:0% there is no definitive record of this information<00:06:00.450> so<00:06:00.990> every<00:06:01.260> record<00:06:01.470> company 00:06:01.610 --> 00:06:01.620 align:start position:0% information so every record company 00:06:01.620 --> 00:06:04.340 align:start position:0% information so every record company every<00:06:02.610> Performing<00:06:03.060> Rights<00:06:03.090> Society<00:06:03.450> has 00:06:04.340 --> 00:06:04.350 align:start position:0% every Performing Rights Society has 00:06:04.350 --> 00:06:06.350 align:start position:0% every Performing Rights Society has their<00:06:04.530> own<00:06:04.560> version<00:06:05.130> and<00:06:05.280> they<00:06:06.000> really<00:06:06.210> have<00:06:06.330> a 00:06:06.350 --> 00:06:06.360 align:start position:0% their own version and they really have a 00:06:06.360 --> 00:06:08.330 align:start position:0% their own version and they really have a hard<00:06:06.600> time<00:06:06.840> agreeing<00:06:07.229> which<00:06:07.860> version<00:06:08.220> of<00:06:08.250> the 00:06:08.330 --> 00:06:08.340 align:start position:0% hard time agreeing which version of the 00:06:08.340 --> 00:06:10.700 align:start position:0% hard time agreeing which version of the information<00:06:08.789> is<00:06:08.910> correct<00:06:09.289> and<00:06:10.289> if<00:06:10.470> you're<00:06:10.620> an 00:06:10.700 --> 00:06:10.710 align:start position:0% information is correct and if you're an 00:06:10.710 --> 00:06:13.129 align:start position:0% information is correct and if you're an artist<00:06:11.100> or<00:06:11.220> a<00:06:11.250> songwriter<00:06:11.700> well<00:06:12.690> the<00:06:12.870> problem 00:06:13.129 --> 00:06:13.139 align:start position:0% artist or a songwriter well the problem 00:06:13.139 --> 00:06:14.450 align:start position:0% artist or a songwriter well the problem is<00:06:13.200> if<00:06:13.350> they<00:06:13.440> don't<00:06:13.650> agree<00:06:13.889> you<00:06:14.130> don't<00:06:14.340> get 00:06:14.450 --> 00:06:14.460 align:start position:0% is if they don't agree you don't get 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complaining<00:06:23.100> about<00:06:23.190> the<00:06:23.400> problems<00:06:23.789> in<00:06:23.970> music 00:06:24.350 --> 00:06:24.360 align:start position:0% complaining about the problems in music 00:06:24.360 --> 00:06:26.480 align:start position:0% complaining about the problems in music they<00:06:24.810> we<00:06:24.930> should<00:06:25.080> start<00:06:25.289> thinking<00:06:25.650> about<00:06:25.740> some 00:06:26.480 --> 00:06:26.490 align:start position:0% they we should start thinking about some 00:06:26.490 --> 00:06:30.320 align:start position:0% they we should start thinking about some solutions<00:06:27.950> and<00:06:29.180> basically<00:06:30.180> I<00:06:30.240> think 00:06:30.320 --> 00:06:30.330 align:start position:0% solutions and basically I think 00:06:30.330 --> 00:06:32.930 align:start position:0% solutions and basically I think blockchain<00:06:31.200> if<00:06:31.380> you're<00:06:31.500> in<00:06:31.590> blockchain<00:06:32.070> has 00:06:32.930 --> 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of who owns what solves<00:06:41.580> the<00:06:41.639> problem<00:06:41.910> on<00:06:41.970> the<00:06:42.060> previous<00:06:42.449> page 00:06:42.980 --> 00:06:42.990 align:start position:0% solves the problem on the previous page 00:06:42.990 --> 00:06:46.790 align:start position:0% solves the problem on the previous page a<00:06:43.220> secondary<00:06:44.220> secondly<00:06:44.880> an<00:06:45.210> automated<00:06:46.110> smart 00:06:46.790 --> 00:06:46.800 align:start position:0% a secondary secondly an automated smart 00:06:46.800 --> 00:06:50.510 align:start position:0% a secondary secondly an automated smart contract<00:06:47.220> based<00:06:47.400> licensing<00:06:47.970> system<00:06:49.010> and<00:06:50.010> the 00:06:50.510 --> 00:06:50.520 align:start position:0% contract based licensing system and the 00:06:50.520 --> 00:06:52.010 align:start position:0% contract based licensing system and the project<00:06:50.820> that<00:06:50.910> we<00:06:51.000> are<00:06:51.060> working<00:06:51.240> on<00:06:51.570> Oh<00:06:51.780> Joe 00:06:52.010 --> 00:06:52.020 align:start position:0% project that we are working on Oh Joe 00:06:52.020 --> 00:06:54.710 align:start position:0% project that we are working on Oh Joe takes<00:06:52.860> these<00:06:53.010> core<00:06:53.220> principles<00:06:53.400> and<00:06:54.000> then 00:06:54.710 --> 00:06:54.720 align:start position:0% takes these core principles and then 00:06:54.720 --> 00:06:57.439 align:start position:0% takes these core principles and then comes<00:06:55.620> up<00:06:55.680> with<00:06:55.830> four<00:06:56.100> basic<00:06:57.000> areas<00:06:57.210> of 00:06:57.439 --> 00:06:57.449 align:start position:0% comes up with four basic areas of 00:06:57.449 --> 00:07:02.659 align:start position:0% comes up with four basic areas of functionality<00:07:00.020> first<00:07:01.020> the<00:07:02.010> decentralized 00:07:02.659 --> 00:07:02.669 align:start position:0% functionality first the decentralized 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so<00:07:11.760> now<00:07:12.060> we<00:07:12.120> have<00:07:12.330> a<00:07:12.360> single<00:07:12.630> source<00:07:12.900> of 00:07:13.070 --> 00:07:13.080 align:start position:0% so now we have a single source of 00:07:13.080 --> 00:07:15.100 align:start position:0% so now we have a single source of information<00:07:13.290> that<00:07:13.590> everybody<00:07:13.889> can<00:07:14.190> use 00:07:15.100 --> 00:07:15.110 align:start position:0% information that everybody can use 00:07:15.110 --> 00:07:18.860 align:start position:0% information that everybody can use second<00:07:16.520> anybody<00:07:17.520> can<00:07:17.700> use<00:07:17.729> the<00:07:18.150> music<00:07:18.270> as<00:07:18.690> long 00:07:18.860 --> 00:07:18.870 align:start position:0% second anybody can use the music as long 00:07:18.870 --> 00:07:20.719 align:start position:0% second anybody can use the music as long as<00:07:19.050> they<00:07:19.200> follow<00:07:19.500> the<00:07:19.740> terms<00:07:19.950> of<00:07:20.370> those<00:07:20.520> use 00:07:20.719 --> 00:07:20.729 align:start position:0% as they follow the terms of those use 00:07:20.729 --> 00:07:23.090 align:start position:0% as they follow the terms of those use policies<00:07:21.240> and<00:07:22.200> this<00:07:22.350> is<00:07:22.470> actually<00:07:22.889> a 00:07:23.090 --> 00:07:23.100 align:start position:0% policies and this is actually a 00:07:23.100 --> 00:07:24.650 align:start position:0% policies and this is actually a fundamentally<00:07:23.880> different<00:07:24.180> approach<00:07:24.479> to 00:07:24.650 --> 00:07:24.660 align:start position:0% fundamentally different approach to 00:07:24.660 --> 00:07:27.469 align:start position:0% fundamentally different approach to licensing<00:07:24.860> which<00:07:25.860> is<00:07:26.100> not<00:07:26.370> about<00:07:26.550> control<00:07:27.090> and 00:07:27.469 --> 00:07:27.479 align:start position:0% licensing which is not about control and 00:07:27.479 --> 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people can use it freely as long as they meet<00:07:33.600> the<00:07:33.750> terms<00:07:33.990> set<00:07:34.710> by<00:07:34.770> the<00:07:34.979> people<00:07:35.280> that 00:07:35.300 --> 00:07:35.310 align:start position:0% meet the terms set by the people that 00:07:35.310 --> 00:07:42.980 align:start position:0% meet the terms set by the people that created<00:07:35.910> that<00:07:35.940> content<00:07:39.229> and<00:07:41.510> third<00:07:42.510> and<00:07:42.840> at 00:07:42.980 --> 00:07:42.990 align:start position:0% created that content and third and at 00:07:42.990 --> 00:07:45.260 align:start position:0% created that content and third and at the<00:07:43.110> core<00:07:43.530> of<00:07:43.560> the<00:07:43.800> automated<00:07:44.340> automation 00:07:45.260 --> 00:07:45.270 align:start position:0% the core of the automated automation 00:07:45.270 --> 00:07:46.600 align:start position:0% the core of the automated automation piece<00:07:45.450> is<00:07:45.630> that<00:07:45.750> people<00:07:46.020> get<00:07:46.200> paid 00:07:46.600 --> 00:07:46.610 align:start position:0% piece is that people get paid 00:07:46.610 --> 00:07:48.710 align:start position:0% piece is that people get paid automatically<00:07:47.610> using<00:07:47.970> a<00:07:48.030> smart<00:07:48.300> contract 00:07:48.710 --> 00:07:48.720 align:start position:0% automatically using a smart contract 00:07:48.720 --> 00:07:51.260 align:start position:0% automatically using a smart contract when<00:07:49.169> the<00:07:49.260> music<00:07:49.530> is<00:07:49.620> used<00:07:49.889> and<00:07:50.880> on<00:07:51.000> the<00:07:51.120> other 00:07:51.260 --> 00:07:51.270 align:start position:0% when the music is used and on the other 00:07:51.270 --> 00:07:54.740 align:start position:0% when the music is used and on the other in<00:07:51.450> the<00:07:51.570> other<00:07:51.600> direction<00:07:52.970> the<00:07:53.970> permission<00:07:54.600> to 00:07:54.740 --> 00:07:54.750 align:start position:0% in the other direction the permission to 00:07:54.750 --> 00:07:56.540 align:start position:0% in the other direction the permission to use<00:07:54.930> music<00:07:55.080> the<00:07:55.350> license<00:07:55.770> is<00:07:56.190> also 00:07:56.540 --> 00:07:56.550 align:start position:0% use music the license is also 00:07:56.550 --> 00:08:00.680 align:start position:0% use music the license is also transferred<00:07:56.789> by<00:07:57.210> some<00:07:57.389> contract<00:07:58.430> and<00:07:59.690> finally 00:08:00.680 --> 00:08:00.690 align:start position:0% transferred by some contract and finally 00:08:00.690 --> 00:08:02.420 align:start position:0% transferred by some contract and finally this<00:08:00.810> is<00:08:00.870> core<00:08:01.229> infrastructure<00:08:01.740> so<00:08:02.310> it's 00:08:02.420 --> 00:08:02.430 align:start position:0% this is core infrastructure so it's 00:08:02.430 --> 00:08:04.460 align:start position:0% this is core infrastructure so it's designed<00:08:02.729> to<00:08:02.820> be<00:08:03.000> open<00:08:03.450> and<00:08:03.660> adaptable<00:08:04.410> to 00:08:04.460 --> 00:08:04.470 align:start position:0% designed to be open and adaptable to 00:08:04.470 --> 00:08:07.400 align:start position:0% designed to be open and adaptable to almost<00:08:04.889> any<00:08:05.190> use<00:08:05.930> anybody<00:08:06.930> can<00:08:07.139> come<00:08:07.260> up<00:08:07.380> with 00:08:07.400 --> 00:08:07.410 align:start position:0% almost any use anybody can come up with 00:08:07.410 --> 00:08:08.990 align:start position:0% almost any use anybody can come up with a<00:08:07.530> new<00:08:07.680> business<00:08:07.889> model<00:08:08.370> a<00:08:08.400> new<00:08:08.580> app<00:08:08.729> a<00:08:08.849> new 00:08:08.990 --> 00:08:09.000 align:start position:0% a new business model a new app a new 00:08:09.000 --> 00:08:11.420 align:start position:0% a new business model a new app a new service<00:08:09.389> for<00:08:09.570> music<00:08:09.930> can<00:08:10.410> plug<00:08:10.620> into<00:08:10.830> this<00:08:11.099> and 00:08:11.420 --> 00:08:11.430 align:start position:0% service for music can plug into this and 00:08:11.430 --> 00:08:13.490 align:start position:0% service for music can plug into this and make<00:08:11.970> use<00:08:12.120> of<00:08:12.150> the<00:08:12.360> content<00:08:12.840> and<00:08:12.960> the<00:08:13.050> flows<00:08:13.289> of 00:08:13.490 --> 00:08:13.500 align:start position:0% make use of the content and the flows of 00:08:13.500 --> 00:08:20.680 align:start position:0% make use of the content and the flows of the<00:08:13.979> flows<00:08:14.220> of<00:08:14.250> licenses<00:08:14.970> etc<00:08:15.090> within<00:08:15.870> this<00:08:19.639> so 00:08:20.680 --> 00:08:20.690 align:start position:0% the flows of licenses etc within this so 00:08:20.690 --> 00:08:23.779 align:start position:0% the flows of licenses etc within this so last<00:08:21.690> month<00:08:22.050> we<00:08:22.349> release<00:08:22.889> the<00:08:23.010> prototype<00:08:23.520> in 00:08:23.779 --> 00:08:23.789 align:start position:0% last month we release the prototype in 00:08:23.789 --> 00:08:25.790 align:start position:0% last month we release the prototype in collaboration<00:08:24.510> with<00:08:24.539> the<00:08:25.500> grammy-winning 00:08:25.790 --> 00:08:25.800 align:start position:0% collaboration with the grammy-winning 00:08:25.800 --> 00:08:27.010 align:start position:0% collaboration with the grammy-winning artist<00:08:26.070> Imogen<00:08:26.669> Heap 00:08:27.010 --> 00:08:27.020 align:start position:0% artist Imogen Heap 00:08:27.020 --> 00:08:29.990 align:start position:0% artist Imogen Heap and<00:08:28.020> this<00:08:28.139> is<00:08:28.260> a<00:08:28.289> single<00:08:28.740> song<00:08:29.010> test<00:08:29.400> case<00:08:29.669> for 00:08:29.990 --> 00:08:30.000 align:start position:0% and this is a single song test case for 00:08:30.000 --> 00:08:32.839 align:start position:0% and this is a single song test case for a<00:08:30.360> new<00:08:30.690> kind<00:08:31.050> of<00:08:31.320> music<00:08:31.650> industry<00:08:32.130> might<00:08:32.640> look 00:08:32.839 --> 00:08:32.849 align:start position:0% a new kind of music industry might look 00:08:32.849 --> 00:08:34.310 align:start position:0% a new kind of music industry might look like<00:08:33.060> if<00:08:33.360> it<00:08:33.539> was<00:08:33.630> built<00:08:33.839> on<00:08:33.930> the<00:08:33.990> blockchain 00:08:34.310 --> 00:08:34.320 align:start position:0% like if it was built on the blockchain 00:08:34.320 --> 00:08:38.870 align:start position:0% like if it was built on the blockchain and<00:08:35.690> as<00:08:36.690> I<00:08:36.900> just<00:08:36.959> described<00:08:37.500> we<00:08:38.310> have<00:08:38.430> a<00:08:38.459> set<00:08:38.729> of 00:08:38.870 --> 00:08:38.880 align:start position:0% and as I just described we have a set of 00:08:38.880 --> 00:08:42.649 align:start position:0% and as I just described we have a set of policies<00:08:39.469> attached<00:08:40.469> to<00:08:40.650> the<00:08:40.740> song<00:08:41.510> which<00:08:42.510> are 00:08:42.649 --> 00:08:42.659 align:start position:0% policies attached to the song which are 00:08:42.659 --> 00:08:44.360 align:start position:0% policies attached to the song which are the<00:08:42.719> terms<00:08:42.990> under<00:08:43.260> which<00:08:43.349> music<00:08:43.830> can<00:08:43.950> be<00:08:44.070> used 00:08:44.360 --> 00:08:44.370 align:start position:0% the terms under which music can be used 00:08:44.370 --> 00:08:47.600 align:start position:0% the terms under which music can be used and<00:08:45.230> also<00:08:46.230> the<00:08:46.350> details<00:08:46.740> the<00:08:47.190> share<00:08:47.430> of 00:08:47.600 --> 00:08:47.610 align:start position:0% and also the details the share of 00:08:47.610 --> 00:08:49.579 align:start position:0% and also the details the share of revenue<00:08:48.120> that<00:08:48.510> is<00:08:48.690> owned<00:08:48.900> by<00:08:49.050> each<00:08:49.320> of<00:08:49.530> the 00:08:49.579 --> 00:08:49.589 align:start position:0% revenue that is owned by each of the 00:08:49.589 --> 00:08:52.670 align:start position:0% revenue that is owned by each of the stakeholders<00:08:50.570> so<00:08:51.570> each<00:08:51.810> different<00:08:52.170> use<00:08:52.410> a 00:08:52.670 --> 00:08:52.680 align:start position:0% stakeholders so each different use a 00:08:52.680 --> 00:08:55.510 align:start position:0% stakeholders so each different use a stream<00:08:53.220> a<00:08:53.459> download<00:08:53.970> or<00:08:54.270> a<00:08:54.510> sink 00:08:55.510 --> 00:08:55.520 align:start position:0% stream a download or a sink 00:08:55.520 --> 00:08:58.550 align:start position:0% stream a download or a sink might<00:08:56.520> have<00:08:56.850> different<00:08:57.600> use<00:08:58.290> terms 00:08:58.550 --> 00:08:58.560 align:start position:0% might have different use terms 00:08:58.560 --> 00:09:03.940 align:start position:0% might have different use terms associated<00:08:58.980> with<00:08:59.340> it<00:08:59.580> and<00:08:59.760> different<00:09:00.300> splits 00:09:03.940 --> 00:09:03.950 align:start position:0% 00:09:03.950 --> 00:09:07.580 align:start position:0% in<00:09:04.950> this<00:09:05.460> case<00:09:05.700> we<00:09:05.940> can<00:09:06.060> see<00:09:06.330> that<00:09:07.050> image<00:09:07.320> and 00:09:07.580 --> 00:09:07.590 align:start position:0% in this case we can see that image and 00:09:07.590 --> 00:09:09.440 align:start position:0% in this case we can see that image and receiver<00:09:07.980> you<00:09:08.160> know<00:09:08.280> ninety<00:09:08.640> percent<00:09:08.790> of<00:09:09.240> a 00:09:09.440 --> 00:09:09.450 align:start position:0% receiver you know ninety percent of a 00:09:09.450 --> 00:09:11.600 align:start position:0% receiver you know ninety percent of a download<00:09:09.870> you<00:09:10.830> know<00:09:10.950> it<00:09:11.040> seems<00:09:11.220> a<00:09:11.310> lot<00:09:11.460> but 00:09:11.600 --> 00:09:11.610 align:start position:0% download you know it seems a lot but 00:09:11.610 --> 00:09:12.920 align:start position:0% download you know it seems a lot but it's<00:09:11.730> fair<00:09:11.970> given<00:09:12.270> that<00:09:12.390> she's<00:09:12.570> a<00:09:12.600> songwriter 00:09:12.920 --> 00:09:12.930 align:start position:0% it's fair given that she's a songwriter 00:09:12.930 --> 00:09:14.630 align:start position:0% it's fair given that she's a songwriter the<00:09:13.350> publisher<00:09:13.770> the<00:09:13.920> record<00:09:14.190> label<00:09:14.520> the 00:09:14.630 --> 00:09:14.640 align:start position:0% the publisher the record label the 00:09:14.640 --> 00:09:16.220 align:start position:0% the publisher the record label the performer<00:09:15.060> the<00:09:15.090> producer<00:09:15.660> the<00:09:15.870> artist 00:09:16.220 --> 00:09:16.230 align:start position:0% performer the producer the artist 00:09:16.230 --> 00:09:19.490 align:start position:0% performer the producer the artist everything<00:09:16.560> else<00:09:16.740> and<00:09:17.150> then<00:09:18.150> non<00:09:19.140> featured 00:09:19.490 --> 00:09:19.500 align:start position:0% everything else and then non featured 00:09:19.500 --> 00:09:21.050 align:start position:0% everything else and then non featured artists<00:09:19.920> will<00:09:20.040> each<00:09:20.130> receive<00:09:20.280> in<00:09:20.700> the<00:09:20.790> region 00:09:21.050 --> 00:09:21.060 align:start position:0% artists will each receive in the region 00:09:21.060 --> 00:09:23.360 align:start position:0% artists will each receive in the region of<00:09:21.120> 1%<00:09:21.600> each<00:09:21.750> this<00:09:22.410> is<00:09:22.470> kind<00:09:22.800> of<00:09:22.890> an<00:09:23.010> industry 00:09:23.360 --> 00:09:23.370 align:start position:0% of 1% each this is kind of an industry 00:09:23.370 --> 00:09:27.980 align:start position:0% of 1% each this is kind of an industry standard<00:09:23.880> figure<00:09:26.180> so<00:09:27.180> now<00:09:27.360> I<00:09:27.390> know<00:09:27.540> not 00:09:27.980 --> 00:09:27.990 align:start position:0% standard figure so now I know not 00:09:27.990 --> 00:09:30.740 align:start position:0% standard figure so now I know not knowing<00:09:28.260> this<00:09:28.350> information<00:09:28.920> we<00:09:29.700> can<00:09:29.730> now<00:09:30.030> test 00:09:30.740 --> 00:09:30.750 align:start position:0% knowing this information we can now test 00:09:30.750 --> 00:09:34.730 align:start position:0% knowing this information we can now test it<00:09:30.900> out<00:09:31.020> by<00:09:31.260> purchasing<00:09:31.680> a<00:09:31.770> download<00:09:33.590> here<00:09:34.590> we 00:09:34.730 --> 00:09:34.740 align:start position:0% it out by purchasing a download here we 00:09:34.740 --> 00:09:36.320 align:start position:0% it out by purchasing a download here we use<00:09:34.860> the<00:09:34.980> light<00:09:35.190> wallet<00:09:35.490> that<00:09:35.670> Christian<00:09:36.120> from 00:09:36.320 --> 00:09:36.330 align:start position:0% use the light wallet that Christian from 00:09:36.330 --> 00:09:40.850 align:start position:0% use the light wallet that Christian from consensus<00:09:36.900> made<00:09:37.080> and<00:09:39.230> therefore<00:09:40.230> all<00:09:40.620> I<00:09:40.650> got 00:09:40.850 --> 00:09:40.860 align:start position:0% consensus made and therefore all I got 00:09:40.860 --> 00:09:43.040 align:start position:0% consensus made and therefore all I got to<00:09:40.980> do<00:09:41.130> to<00:09:41.430> purchase<00:09:41.790> this<00:09:41.910> song<00:09:42.180> is<00:09:42.390> enter<00:09:42.840> a 00:09:43.040 --> 00:09:43.050 align:start position:0% to do to purchase this song is enter a 00:09:43.050 --> 00:09:47.710 align:start position:0% to do to purchase this song is enter a password<00:09:43.680> I<00:09:44.900> have<00:09:45.900> the<00:09:46.050> light<00:09:46.380> wallet<00:09:46.650> loaded 00:09:47.710 --> 00:09:47.720 align:start position:0% password I have the light wallet loaded 00:09:47.720 --> 00:09:51.310 align:start position:0% password I have the light wallet loaded and<00:09:49.220> then<00:09:50.220> the<00:09:50.370> song<00:09:50.580> starts<00:09:50.970> downloading 00:09:51.310 --> 00:09:51.320 align:start position:0% and then the song starts downloading 00:09:51.320 --> 00:09:57.460 align:start position:0% and then the song starts downloading automatically<00:09:54.260> the<00:09:55.260> ephah<00:09:55.530> price<00:09:55.800> is<00:09:56.240> updated 00:09:57.460 --> 00:09:57.470 align:start position:0% automatically the ephah price is updated 00:09:57.470 --> 00:10:01.780 align:start position:0% automatically the ephah price is updated using<00:09:58.470> an<00:09:58.590> Oracle<00:09:59.040> it's<00:09:59.490> made<00:09:59.700> by<00:09:59.880> Simon<00:10:00.410> and 00:10:01.780 --> 00:10:01.790 align:start position:0% using an Oracle it's made by Simon and 00:10:01.790 --> 00:10:04.160 align:start position:0% using an Oracle it's made by Simon and therefore<00:10:02.790> the<00:10:02.880> price<00:10:03.090> and<00:10:03.300> u.s.<00:10:03.480> dollars<00:10:03.810> is 00:10:04.160 --> 00:10:04.170 align:start position:0% therefore the price and u.s. dollars is 00:10:04.170 --> 00:10:06.650 align:start position:0% therefore the price and u.s. dollars is always<00:10:04.920> the<00:10:05.040> same<00:10:05.280> which<00:10:05.520> is<00:10:05.550> attractive<00:10:06.330> to 00:10:06.650 --> 00:10:06.660 align:start position:0% always the same which is attractive to 00:10:06.660 --> 00:10:10.130 align:start position:0% always the same which is attractive to an<00:10:06.750> artist<00:10:07.140> in<00:10:07.290> the<00:10:07.380> current<00:10:07.710> world<00:10:07.890> who<00:10:09.140> you 00:10:10.130 --> 00:10:10.140 align:start position:0% an artist in the current world who you 00:10:10.140 --> 00:10:12.530 align:start position:0% an artist in the current world who you know<00:10:10.290> just<00:10:11.190> wants<00:10:11.430> to<00:10:11.520> receive<00:10:11.790> dollars 00:10:12.530 --> 00:10:12.540 align:start position:0% know just wants to receive dollars 00:10:12.540 --> 00:10:14.660 align:start position:0% know just wants to receive dollars frankly<00:10:13.110> so<00:10:14.100> I<00:10:14.130> can<00:10:14.340> let<00:10:14.430> me<00:10:14.520> see<00:10:14.640> a 00:10:14.660 --> 00:10:14.670 align:start position:0% frankly so I can let me see a 00:10:14.670 --> 00:10:16.670 align:start position:0% frankly so I can let me see a transparent<00:10:15.420> list<00:10:15.990> of<00:10:16.080> transactions<00:10:16.620> that 00:10:16.670 --> 00:10:16.680 align:start position:0% transparent list of transactions that 00:10:16.680 --> 00:10:18.590 align:start position:0% transparent list of transactions that have<00:10:16.830> all<00:10:16.890> taken<00:10:17.070> place<00:10:17.250> what<00:10:18.090> Cheney<00:10:18.360> can 00:10:18.590 --> 00:10:18.600 align:start position:0% have all taken place what Cheney can 00:10:18.600 --> 00:10:20.570 align:start position:0% have all taken place what Cheney can tell<00:10:18.810> that<00:10:18.960> I<00:10:19.020> recorded<00:10:19.740> this<00:10:19.950> video<00:10:20.130> three 00:10:20.570 --> 00:10:20.580 align:start position:0% tell that I recorded this video three 00:10:20.580 --> 00:10:22.070 align:start position:0% tell that I recorded this video three times<00:10:20.820> with<00:10:21.090> I'm<00:10:21.210> the<00:10:21.240> last<00:10:21.450> person<00:10:21.660> to<00:10:21.870> make 00:10:22.070 --> 00:10:22.080 align:start position:0% times with I'm the last person to make 00:10:22.080 --> 00:10:25.430 align:start position:0% times with I'm the last person to make the<00:10:22.200> glass<00:10:22.380> to<00:10:22.500> me<00:10:22.590> transactions<00:10:24.080> and<00:10:25.080> this<00:10:25.290> is 00:10:25.430 --> 00:10:25.440 align:start position:0% the glass to me transactions and this is 00:10:25.440 --> 00:10:27.080 align:start position:0% the glass to me transactions and this is a<00:10:25.470> you<00:10:25.740> know<00:10:25.830> fully<00:10:26.070> transparent<00:10:26.430> record<00:10:26.940> of 00:10:27.080 --> 00:10:27.090 align:start position:0% a you know fully transparent record of 00:10:27.090 --> 00:10:29.080 align:start position:0% a you know fully transparent record of whoever's<00:10:27.450> interacted<00:10:27.840> with<00:10:27.900> this<00:10:28.020> music<00:10:28.410> and 00:10:29.080 --> 00:10:29.090 align:start position:0% whoever's interacted with this music and 00:10:29.090 --> 00:10:32.390 align:start position:0% whoever's interacted with this music and then<00:10:30.090> we<00:10:30.270> have<00:10:30.480> under<00:10:30.840> distributions<00:10:31.500> these 00:10:32.390 --> 00:10:32.400 align:start position:0% then we have under distributions these 00:10:32.400 --> 00:10:34.400 align:start position:0% then we have under distributions these are<00:10:32.520> the<00:10:32.580> outcomes<00:10:32.760> of<00:10:33.390> the<00:10:33.870> smart<00:10:34.230> contract 00:10:34.400 --> 00:10:34.410 align:start position:0% are the outcomes of the smart contract 00:10:34.410 --> 00:10:36.610 align:start position:0% are the outcomes of the smart contract being<00:10:34.890> enacted<00:10:35.310> based<00:10:35.520> on<00:10:35.700> the<00:10:35.790> policies<00:10:36.240> so 00:10:36.610 --> 00:10:36.620 align:start position:0% being enacted based on the policies so 00:10:36.620 --> 00:10:39.650 align:start position:0% being enacted based on the policies so we<00:10:37.620> can<00:10:37.800> see<00:10:38.010> that<00:10:38.160> Imogen<00:10:38.580> did<00:10:38.850> get<00:10:39.060> paid<00:10:39.300> what 00:10:39.650 --> 00:10:39.660 align:start position:0% we can see that Imogen did get paid what 00:10:39.660 --> 00:10:41.600 align:start position:0% we can see that Imogen did get paid what she<00:10:39.780> should<00:10:39.930> have<00:10:40.050> got<00:10:40.140> paid<00:10:40.380> and<00:10:41.040> we<00:10:41.250> can<00:10:41.400> see 00:10:41.600 --> 00:10:41.610 align:start position:0% she should have got paid and we can see 00:10:41.610 --> 00:10:44.300 align:start position:0% she should have got paid and we can see that<00:10:41.760> all<00:10:41.910> the<00:10:42.090> the<00:10:42.740> non<00:10:43.740> featured<00:10:44.040> artists 00:10:44.300 --> 00:10:44.310 align:start position:0% that all the the non featured artists 00:10:44.310 --> 00:10:45.530 align:start position:0% that all the the non featured artists got<00:10:44.460> paid<00:10:44.640> what<00:10:44.790> they<00:10:44.880> should<00:10:45.120> have<00:10:45.210> got<00:10:45.330> paid 00:10:45.530 --> 00:10:45.540 align:start position:0% got paid what they should have got paid 00:10:45.540 --> 00:10:47.990 align:start position:0% got paid what they should have got paid and<00:10:46.200> so<00:10:47.160> we<00:10:47.280> can<00:10:47.370> see<00:10:47.460> exactly<00:10:47.490> where<00:10:47.880> the 00:10:47.990 --> 00:10:48.000 align:start position:0% and so we can see exactly where the 00:10:48.000 --> 00:10:50.150 align:start position:0% and so we can see exactly where the money<00:10:48.120> going<00:10:48.420> and<00:10:49.290> I<00:10:49.320> can<00:10:49.470> follow<00:10:49.650> the<00:10:49.890> tread 00:10:50.150 --> 00:10:50.160 align:start position:0% money going and I can follow the tread 00:10:50.160 --> 00:10:52.340 align:start position:0% money going and I can follow the tread thread<00:10:50.670> transparently<00:10:51.420> from<00:10:51.930> start<00:10:52.230> to 00:10:52.340 --> 00:10:52.350 align:start position:0% thread transparently from start to 00:10:52.350 --> 00:10:52.850 align:start position:0% thread transparently from start to finish 00:10:52.850 --> 00:10:52.860 align:start position:0% finish 00:10:52.860 --> 00:10:55.370 align:start position:0% finish be<00:10:53.730> confident<00:10:54.210> that<00:10:54.240> everybody<00:10:54.720> is<00:10:55.170> being 00:10:55.370 --> 00:10:55.380 align:start position:0% be confident that everybody is being 00:10:55.380 --> 00:10:56.780 align:start position:0% be confident that everybody is being paid<00:10:55.560> what<00:10:55.680> they<00:10:55.800> should<00:10:55.980> be<00:10:56.190> in<00:10:56.370> accordance 00:10:56.780 --> 00:10:56.790 align:start position:0% paid what they should be in accordance 00:10:56.790 --> 00:10:59.800 align:start position:0% paid what they should be in accordance with<00:10:57.210> the<00:10:57.330> policy<00:10:57.840> and<00:10:58.020> the<00:10:58.440> smart<00:10:58.680> contract 00:10:59.800 --> 00:10:59.810 align:start position:0% with the policy and the smart contract 00:10:59.810 --> 00:11:03.110 align:start position:0% with the policy and the smart contract and<00:11:00.810> this<00:11:00.900> prototype<00:11:01.290> is<00:11:01.740> live<00:11:02.220> now<00:11:02.610> you<00:11:02.910> Joe 00:11:03.110 --> 00:11:03.120 align:start position:0% and this prototype is live now you Joe 00:11:03.120 --> 00:11:05.810 align:start position:0% and this prototype is live now you Joe music<00:11:03.480> calm<00:11:03.900> so<00:11:04.530> feel<00:11:04.920> free<00:11:04.950> to<00:11:05.190> go<00:11:05.460> and<00:11:05.610> blow 00:11:05.810 --> 00:11:05.820 align:start position:0% music calm so feel free to go and blow 00:11:05.820 --> 00:11:08.199 align:start position:0% music calm so feel free to go and blow your<00:11:06.150> point<00:11:06.540> seven<00:11:06.900> of<00:11:06.990> an<00:11:07.080> Easter<00:11:07.440> download 00:11:08.199 --> 00:11:08.209 align:start position:0% your point seven of an Easter download 00:11:08.209 --> 00:11:11.079 align:start position:0% your point seven of an Easter download this<00:11:08.480> song<00:11:08.980> and<00:11:09.980> it's<00:11:10.189> you<00:11:10.399> know<00:11:10.519> up<00:11:10.790> there 00:11:11.079 --> 00:11:11.089 align:start position:0% this song and it's you know up there 00:11:11.089 --> 00:11:19.509 align:start position:0% this song and it's you know up there semi-permanently<00:11:17.800> so<00:11:18.800> the<00:11:18.949> prototype<00:11:19.220> is 00:11:19.509 --> 00:11:19.519 align:start position:0% semi-permanently so the prototype is 00:11:19.519 --> 00:11:22.239 align:start position:0% semi-permanently so the prototype is clearly<00:11:19.790> limited<00:11:20.269> in<00:11:20.389> scope<00:11:20.949> but<00:11:21.949> the<00:11:22.069> net 00:11:22.239 --> 00:11:22.249 align:start position:0% clearly limited in scope but the net 00:11:22.249 --> 00:11:23.590 align:start position:0% clearly limited in scope but the net effect<00:11:22.550> of<00:11:22.639> all<00:11:22.819> of<00:11:22.970> this<00:11:23.059> is<00:11:23.269> that<00:11:23.389> we<00:11:23.480> can 00:11:23.590 --> 00:11:23.600 align:start position:0% effect of all of this is that we can 00:11:23.600 --> 00:11:25.419 align:start position:0% effect of all of this is that we can create<00:11:23.809> a<00:11:23.899> fully<00:11:24.199> automated<00:11:24.740> licensing 00:11:25.419 --> 00:11:25.429 align:start position:0% create a fully automated licensing 00:11:25.429 --> 00:11:27.759 align:start position:0% create a fully automated licensing system<00:11:25.850> that<00:11:26.360> directly<00:11:26.839> addresses<00:11:27.290> the 00:11:27.759 --> 00:11:27.769 align:start position:0% system that directly addresses the 00:11:27.769 --> 00:11:28.869 align:start position:0% system that directly addresses the structural<00:11:28.189> problems<00:11:28.459> in<00:11:28.519> the<00:11:28.610> music 00:11:28.869 --> 00:11:28.879 align:start position:0% structural problems in the music 00:11:28.879 --> 00:11:30.609 align:start position:0% structural problems in the music industry<00:11:28.999> and<00:11:29.600> what<00:11:30.170> which<00:11:30.290> we<00:11:30.410> genuinely 00:11:30.609 --> 00:11:30.619 align:start position:0% industry and what which we genuinely 00:11:30.619 --> 00:11:32.650 align:start position:0% industry and what which we genuinely believe<00:11:30.860> can<00:11:31.369> wreak<00:11:31.550> untold<00:11:31.759> havoc<00:11:32.179> on<00:11:32.509> the 00:11:32.650 --> 00:11:32.660 align:start position:0% believe can wreak untold havoc on the 00:11:32.660 --> 00:11:37.150 align:start position:0% believe can wreak untold havoc on the old<00:11:32.809> way<00:11:32.990> of<00:11:33.019> doing<00:11:33.170> things<00:11:36.009> it<00:11:37.009> is 00:11:37.150 --> 00:11:37.160 align:start position:0% old way of doing things it is 00:11:37.160 --> 00:11:39.280 align:start position:0% old way of doing things it is fundamental<00:11:37.670> shared<00:11:37.970> infrastructure<00:11:38.600> that 00:11:39.280 --> 00:11:39.290 align:start position:0% fundamental shared infrastructure that 00:11:39.290 --> 00:11:41.619 align:start position:0% fundamental shared infrastructure that allows<00:11:39.410> creators<00:11:40.069> and<00:11:40.399> their<00:11:40.699> customers<00:11:41.449> to 00:11:41.619 --> 00:11:41.629 align:start position:0% allows creators and their customers to 00:11:41.629 --> 00:11:44.559 align:start position:0% allows creators and their customers to do<00:11:42.019> business<00:11:42.050> with<00:11:42.860> confidence<00:11:43.759> and<00:11:44.029> free<00:11:44.480> of 00:11:44.559 --> 00:11:44.569 align:start position:0% do business with confidence and free of 00:11:44.569 --> 00:11:48.790 align:start position:0% do business with confidence and free of intermediaries<00:11:47.139> so<00:11:48.139> perhaps<00:11:48.619> we'll<00:11:48.769> have 00:11:48.790 --> 00:11:48.800 align:start position:0% intermediaries so perhaps we'll have 00:11:48.800 --> 00:11:50.379 align:start position:0% intermediaries so perhaps we'll have time<00:11:49.129> for<00:11:49.160> questions<00:11:49.309> in<00:11:49.610> a<00:11:49.670> moment<00:11:49.819> but<00:11:50.149> first 00:11:50.379 --> 00:11:50.389 align:start position:0% time for questions in a moment but first 00:11:50.389 --> 00:11:51.759 align:start position:0% time for questions in a moment but first I<00:11:50.749> just<00:11:51.079> want<00:11:51.199> to<00:11:51.259> say<00:11:51.350> something<00:11:51.559> about 00:11:51.759 --> 00:11:51.769 align:start position:0% I just want to say something about 00:11:51.769 --> 00:11:54.150 align:start position:0% I just want to say something about adoption<00:11:52.429> of<00:11:52.550> this<00:11:52.670> kind<00:11:52.970> of<00:11:53.089> a<00:11:53.179> system 00:11:54.150 --> 00:11:54.160 align:start position:0% adoption of this kind of a system 00:11:54.160 --> 00:11:55.960 align:start position:0% adoption of this kind of a system because<00:11:55.160> one<00:11:55.279> of<00:11:55.369> those<00:11:55.459> compelling 00:11:55.960 --> 00:11:55.970 align:start position:0% because one of those compelling 00:11:55.970 --> 00:11:58.809 align:start position:0% because one of those compelling arguments<00:11:56.829> that<00:11:57.829> people<00:11:58.100> put<00:11:58.279> in<00:11:58.429> music 00:11:58.809 --> 00:11:58.819 align:start position:0% arguments that people put in music 00:11:58.819 --> 00:12:01.509 align:start position:0% arguments that people put in music against<00:11:59.119> this<00:11:59.269> kind<00:11:59.480> of<00:11:59.600> thing<00:11:59.809> is<00:11:59.990> that<00:12:00.369> it<00:12:01.369> is 00:12:01.509 --> 00:12:01.519 align:start position:0% against this kind of thing is that it is 00:12:01.519 --> 00:12:04.119 align:start position:0% against this kind of thing is that it is simply<00:12:01.910> unrealistic<00:12:02.899> to<00:12:03.350> expect<00:12:03.470> rights 00:12:04.119 --> 00:12:04.129 align:start position:0% simply unrealistic to expect rights 00:12:04.129 --> 00:12:05.829 align:start position:0% simply unrealistic to expect rights holders<00:12:04.519> to<00:12:04.610> unpick<00:12:05.059> all<00:12:05.240> of<00:12:05.389> their<00:12:05.509> hundred 00:12:05.829 --> 00:12:05.839 align:start position:0% holders to unpick all of their hundred 00:12:05.839 --> 00:12:07.780 align:start position:0% holders to unpick all of their hundred years<00:12:06.019> of<00:12:06.110> contracts<00:12:06.800> and<00:12:06.889> jump<00:12:07.459> on<00:12:07.610> board 00:12:07.780 --> 00:12:07.790 align:start position:0% years of contracts and jump on board 00:12:07.790 --> 00:12:09.669 align:start position:0% years of contracts and jump on board with<00:12:07.970> this<00:12:08.149> and<00:12:08.959> you<00:12:09.259> know<00:12:09.350> when<00:12:09.470> you<00:12:09.529> think 00:12:09.669 --> 00:12:09.679 align:start position:0% with this and you know when you think 00:12:09.679 --> 00:12:10.809 align:start position:0% with this and you know when you think about<00:12:09.740> this<00:12:10.009> it<00:12:10.160> is<00:12:10.279> actually<00:12:10.429> quite<00:12:10.699> a 00:12:10.809 --> 00:12:10.819 align:start position:0% about this it is actually quite a 00:12:10.819 --> 00:12:13.840 align:start position:0% about this it is actually quite a depressing<00:12:11.300> thought<00:12:12.249> but<00:12:13.249> fortunately<00:12:13.610> when 00:12:13.840 --> 00:12:13.850 align:start position:0% depressing thought but fortunately when 00:12:13.850 --> 00:12:15.189 align:start position:0% depressing thought but fortunately when I<00:12:13.879> said<00:12:14.089> compelling<00:12:14.569> what<00:12:14.689> I<00:12:14.720> really<00:12:15.079> meant 00:12:15.189 --> 00:12:15.199 align:start position:0% I said compelling what I really meant 00:12:15.199 --> 00:12:19.559 align:start position:0% I said compelling what I really meant was<00:12:15.610> really<00:12:16.610> quite<00:12:16.790> flawed<00:12:17.149> and<00:12:17.449> here's<00:12:18.199> why 00:12:19.559 --> 00:12:19.569 align:start position:0% was really quite flawed and here's why 00:12:19.569 --> 00:12:22.509 align:start position:0% was really quite flawed and here's why it's<00:12:20.569> because<00:12:20.839> today<00:12:21.259> there<00:12:21.860> are<00:12:21.980> 30<00:12:22.189> million 00:12:22.509 --> 00:12:22.519 align:start position:0% it's because today there are 30 million 00:12:22.519 --> 00:12:26.379 align:start position:0% it's because today there are 30 million songs<00:12:23.029> on<00:12:23.179> Spotify<00:12:24.670> but<00:12:25.670> in<00:12:25.759> the<00:12:25.850> next<00:12:26.089> decade 00:12:26.379 --> 00:12:26.389 align:start position:0% songs on Spotify but in the next decade 00:12:26.389 --> 00:12:27.429 align:start position:0% songs on Spotify but in the next decade they're<00:12:26.509> going<00:12:26.660> to<00:12:26.720> be<00:12:26.809> a<00:12:26.839> hundred<00:12:26.990> million 00:12:27.429 --> 00:12:27.439 align:start position:0% they're going to be a hundred million 00:12:27.439 --> 00:12:30.819 align:start position:0% they're going to be a hundred million songs<00:12:27.860> on<00:12:28.009> Spotify<00:12:28.629> and<00:12:29.629> that<00:12:30.110> is<00:12:30.259> not<00:12:30.529> just 00:12:30.819 --> 00:12:30.829 align:start position:0% songs on Spotify and that is not just 00:12:30.829 --> 00:12:31.929 align:start position:0% songs on Spotify and that is not just all<00:12:31.009> the<00:12:31.129> new<00:12:31.279> songs<00:12:31.549> are<00:12:31.670> going<00:12:31.759> to<00:12:31.850> be 00:12:31.929 --> 00:12:31.939 align:start position:0% all the new songs are going to be 00:12:31.939 --> 00:12:33.819 align:start position:0% all the new songs are going to be written<00:12:32.269> all<00:12:32.600> the<00:12:33.019> new<00:12:33.199> bands<00:12:33.410> that<00:12:33.619> are<00:12:33.709> going 00:12:33.819 --> 00:12:33.829 align:start position:0% written all the new bands that are going 00:12:33.829 --> 00:12:36.069 align:start position:0% written all the new bands that are going to<00:12:33.889> be<00:12:33.949> formed<00:12:34.339> but<00:12:35.089> it's<00:12:35.209> all<00:12:35.329> the<00:12:35.480> remixes 00:12:36.069 --> 00:12:36.079 align:start position:0% to be formed but it's all the remixes 00:12:36.079 --> 00:12:39.220 align:start position:0% to be formed but it's all the remixes and<00:12:36.379> samples<00:12:37.309> and<00:12:37.660> derivative<00:12:38.660> works<00:12:38.869> to<00:12:39.139> the 00:12:39.220 --> 00:12:39.230 align:start position:0% and samples and derivative works to the 00:12:39.230 --> 00:12:41.169 align:start position:0% and samples and derivative works to the user-generated<00:12:39.889> content<00:12:40.459> that<00:12:40.879> are<00:12:40.970> going<00:12:41.119> to 00:12:41.169 --> 00:12:41.179 align:start position:0% user-generated content that are going to 00:12:41.179 --> 00:12:43.689 align:start position:0% user-generated content that are going to be<00:12:41.240> brought<00:12:41.449> online<00:12:41.689> over<00:12:42.199> this<00:12:42.290> time<00:12:42.589> and<00:12:43.519> so 00:12:43.689 --> 00:12:43.699 align:start position:0% be brought online over this time and so 00:12:43.699 --> 00:12:45.069 align:start position:0% be brought online over this time and so it<00:12:43.819> turns<00:12:44.029> out<00:12:44.179> we<00:12:44.329> don't<00:12:44.509> actually<00:12:44.660> have<00:12:45.019> to 00:12:45.069 --> 00:12:45.079 align:start position:0% it turns out we don't actually have to 00:12:45.079 --> 00:12:47.319 align:start position:0% it turns out we don't actually have to solve<00:12:45.439> this<00:12:46.040> problem<00:12:46.189> for<00:12:46.549> the<00:12:46.790> 30<00:12:46.999> million 00:12:47.319 --> 00:12:47.329 align:start position:0% solve this problem for the 30 million 00:12:47.329 --> 00:12:49.840 align:start position:0% solve this problem for the 30 million songs<00:12:47.839> that<00:12:48.170> go<00:12:48.410> back<00:12:48.589> into<00:12:48.799> history<00:12:48.949> we<00:12:49.369> just 00:12:49.840 --> 00:12:49.850 align:start position:0% songs that go back into history we just 00:12:49.850 --> 00:12:51.069 align:start position:0% songs that go back into history we just have<00:12:49.939> to<00:12:50.029> solve<00:12:50.240> them<00:12:50.299> for<00:12:50.449> the<00:12:50.509> 70<00:12:50.899> million 00:12:51.069 --> 00:12:51.079 align:start position:0% have to solve them for the 70 million 00:12:51.079 --> 00:12:52.929 align:start position:0% have to solve them for the 70 million songs<00:12:51.499> they're<00:12:51.980> gonna<00:12:52.189> happen<00:12:52.399> in<00:12:52.459> the<00:12:52.549> future 00:12:52.929 --> 00:12:52.939 align:start position:0% songs they're gonna happen in the future 00:12:52.939 --> 00:12:55.239 align:start position:0% songs they're gonna happen in the future and<00:12:53.209> these<00:12:53.929> things<00:12:54.139> are<00:12:54.410> free<00:12:54.679> of<00:12:54.829> you<00:12:55.129> know 00:12:55.239 --> 00:12:55.249 align:start position:0% and these things are free of you know 00:12:55.249 --> 00:12:57.549 align:start position:0% and these things are free of you know free<00:12:55.850> of<00:12:55.970> all<00:12:56.059> these<00:12:56.269> attachments<00:12:57.079> from<00:12:57.499> the 00:12:57.549 --> 00:12:57.559 align:start position:0% free of all these attachments from the 00:12:57.559 --> 00:12:59.970 align:start position:0% free of all these attachments from the past<00:12:57.850> and<00:12:58.850> the<00:12:58.910> same<00:12:59.059> applies<00:12:59.299> the<00:12:59.480> video 00:12:59.970 --> 00:12:59.980 align:start position:0% past and the same applies the video 00:12:59.980 --> 00:13:04.419 align:start position:0% past and the same applies the video every<00:13:00.980> single<00:13:01.730> minute<00:13:03.009> is<00:13:04.009> it<00:13:04.129> every<00:13:04.279> single 00:13:04.419 --> 00:13:04.429 align:start position:0% every single minute is it every single 00:13:04.429 --> 00:13:07.689 align:start position:0% every single minute is it every single minute<00:13:04.899> 30<00:13:05.899> yeah<00:13:06.319> every<00:13:06.559> single<00:13:06.709> minute<00:13:07.069> 35 00:13:07.689 --> 00:13:07.699 align:start position:0% minute 30 yeah every single minute 35 00:13:07.699 --> 00:13:09.879 align:start position:0% minute 30 yeah every single minute 35 hours<00:13:08.269> of<00:13:08.509> video<00:13:08.749> content<00:13:09.019> uploaded<00:13:09.679> to 00:13:09.879 --> 00:13:09.889 align:start position:0% hours of video content uploaded to 00:13:09.889 --> 00:13:12.429 align:start position:0% hours of video content uploaded to YouTube<00:13:10.540> so<00:13:11.540> in<00:13:11.720> the<00:13:11.779> next<00:13:11.990> decade<00:13:12.319> we're 00:13:12.429 --> 00:13:12.439 align:start position:0% YouTube so in the next decade we're 00:13:12.439 --> 00:13:15.780 align:start position:0% YouTube so in the next decade we're talking<00:13:12.860> about<00:13:13.179> 130<00:13:14.179> million<00:13:14.540> hours<00:13:14.990> of<00:13:15.139> video 00:13:15.780 --> 00:13:15.790 align:start position:0% talking about 130 million hours of video 00:13:15.790 --> 00:13:18.460 align:start position:0% talking about 130 million hours of video you<00:13:16.790> know<00:13:16.910> we<00:13:17.419> can<00:13:17.569> make<00:13:17.689> a<00:13:17.749> total<00:13:18.110> great<00:13:18.290> with 00:13:18.460 --> 00:13:18.470 align:start position:0% you know we can make a total great with 00:13:18.470 --> 00:13:19.390 align:start position:0% you know we can make a total great with the<00:13:18.559> past 00:13:19.390 --> 00:13:19.400 align:start position:0% the past 00:13:19.400 --> 00:13:20.920 align:start position:0% the past cause<00:13:19.610> the<00:13:20.030> past<00:13:20.240> is<00:13:20.420> going<00:13:20.570> to<00:13:20.630> look<00:13:20.750> like<00:13:20.900> a 00:13:20.920 --> 00:13:20.930 align:start position:0% cause the past is going to look like a 00:13:20.930 --> 00:13:23.170 align:start position:0% cause the past is going to look like a small<00:13:21.260> minority<00:13:21.500> of<00:13:21.860> content<00:13:22.400> in<00:13:22.580> ten<00:13:23.000> years 00:13:23.170 --> 00:13:23.180 align:start position:0% small minority of content in ten years 00:13:23.180 --> 00:13:28.420 align:start position:0% small minority of content in ten years time<00:13:24.850> and<00:13:25.850> here's<00:13:26.480> something<00:13:26.660> else<00:13:27.190> it<00:13:28.190> turns 00:13:28.420 --> 00:13:28.430 align:start position:0% time and here's something else it turns 00:13:28.430 --> 00:13:30.190 align:start position:0% time and here's something else it turns out<00:13:28.760> that<00:13:29.060> lots<00:13:29.270> of<00:13:29.360> the<00:13:29.450> institutions<00:13:30.140> that 00:13:30.190 --> 00:13:30.200 align:start position:0% out that lots of the institutions that 00:13:30.200 --> 00:13:32.380 align:start position:0% out that lots of the institutions that we<00:13:30.350> would<00:13:30.470> like<00:13:30.620> to<00:13:30.740> disrupt<00:13:31.190> or<00:13:31.430> a<00:13:31.460> place<00:13:31.730> are 00:13:32.380 --> 00:13:32.390 align:start position:0% we would like to disrupt or a place are 00:13:32.390 --> 00:13:34.360 align:start position:0% we would like to disrupt or a place are actually<00:13:32.810> owned<00:13:33.080> and<00:13:33.440> controlled<00:13:33.470> and<00:13:34.160> run 00:13:34.360 --> 00:13:34.370 align:start position:0% actually owned and controlled and run 00:13:34.370 --> 00:13:35.800 align:start position:0% actually owned and controlled and run for<00:13:34.700> the<00:13:34.760> interests<00:13:35.240> of<00:13:35.330> songwriters 00:13:35.800 --> 00:13:35.810 align:start position:0% for the interests of songwriters 00:13:35.810 --> 00:13:38.410 align:start position:0% for the interests of songwriters publishers<00:13:36.350> and<00:13:36.470> artists<00:13:37.010> and<00:13:37.970> those 00:13:38.410 --> 00:13:38.420 align:start position:0% publishers and artists and those 00:13:38.420 --> 00:13:40.420 align:start position:0% publishers and artists and those songwriters<00:13:38.990> an<00:13:39.080> artists<00:13:39.530> are<00:13:39.710> not<00:13:40.220> happy 00:13:40.420 --> 00:13:40.430 align:start position:0% songwriters an artists are not happy 00:13:40.430 --> 00:13:43.810 align:start position:0% songwriters an artists are not happy with<00:13:40.550> the<00:13:40.730> status<00:13:40.910> quo<00:13:42.040> and<00:13:43.040> so<00:13:43.430> yes<00:13:43.670> we've 00:13:43.810 --> 00:13:43.820 align:start position:0% with the status quo and so yes we've 00:13:43.820 --> 00:13:46.150 align:start position:0% with the status quo and so yes we've already<00:13:44.000> worked<00:13:44.450> with<00:13:44.690> an<00:13:45.160> independent 00:13:46.150 --> 00:13:46.160 align:start position:0% already worked with an independent 00:13:46.160 --> 00:13:47.170 align:start position:0% already worked with an independent artist<00:13:46.490> in<00:13:46.580> Imogen<00:13:46.940> Heap 00:13:47.170 --> 00:13:47.180 align:start position:0% artist in Imogen Heap 00:13:47.180 --> 00:13:49.150 align:start position:0% artist in Imogen Heap we're<00:13:48.140> currently<00:13:48.350> working<00:13:48.740> on<00:13:48.890> a<00:13:48.950> joint 00:13:49.150 --> 00:13:49.160 align:start position:0% we're currently working on a joint 00:13:49.160 --> 00:13:51.370 align:start position:0% we're currently working on a joint project<00:13:49.700> with<00:13:49.940> an<00:13:50.270> artist<00:13:50.660> who<00:13:50.810> has<00:13:50.960> had<00:13:51.110> two 00:13:51.370 --> 00:13:51.380 align:start position:0% project with an artist who has had two 00:13:51.380 --> 00:13:53.800 align:start position:0% project with an artist who has had two top<00:13:51.620> 20<00:13:51.950> albums<00:13:52.100> in<00:13:52.430> the<00:13:52.460> US<00:13:52.820> but<00:13:53.510> we're<00:13:53.690> also 00:13:53.800 --> 00:13:53.810 align:start position:0% top 20 albums in the US but we're also 00:13:53.810 --> 00:13:56.500 align:start position:0% top 20 albums in the US but we're also already<00:13:54.350> working<00:13:54.830> with<00:13:55.040> all<00:13:55.790> of<00:13:55.820> that<00:13:56.180> not<00:13:56.390> all 00:13:56.500 --> 00:13:56.510 align:start position:0% already working with all of that not all 00:13:56.510 --> 00:13:58.540 align:start position:0% already working with all of that not all of<00:13:56.660> them<00:13:56.810> a<00:13:56.960> large<00:13:57.410> number<00:13:57.710> of<00:13:58.040> the<00:13:58.370> big 00:13:58.540 --> 00:13:58.550 align:start position:0% of them a large number of the big 00:13:58.550 --> 00:14:00.310 align:start position:0% of them a large number of the big institutions<00:13:59.240> and<00:13:59.420> music<00:13:59.750> the<00:13:59.870> people<00:13:59.990> that 00:14:00.310 --> 00:14:00.320 align:start position:0% institutions and music the people that 00:14:00.320 --> 00:14:02.080 align:start position:0% institutions and music the people that really<00:14:00.500> control<00:14:01.010> things<00:14:01.310> and<00:14:01.430> that's<00:14:01.910> why 00:14:02.080 --> 00:14:02.090 align:start position:0% really control things and that's why 00:14:02.090 --> 00:14:03.370 align:start position:0% really control things and that's why because<00:14:02.390> the<00:14:02.480> pressure<00:14:02.690> from<00:14:02.840> artists<00:14:03.260> and 00:14:03.370 --> 00:14:03.380 align:start position:0% because the pressure from artists and 00:14:03.380 --> 00:14:06.700 align:start position:0% because the pressure from artists and writers<00:14:03.500> is<00:14:04.040> real<00:14:04.870> and<00:14:05.870> it's<00:14:06.260> not<00:14:06.380> just<00:14:06.590> about 00:14:06.700 --> 00:14:06.710 align:start position:0% writers is real and it's not just about 00:14:06.710 --> 00:14:09.160 align:start position:0% writers is real and it's not just about music<00:14:07.190> because<00:14:07.820> music<00:14:08.030> is<00:14:08.270> a<00:14:08.330> raw<00:14:08.540> ingredient 00:14:09.160 --> 00:14:09.170 align:start position:0% music because music is a raw ingredient 00:14:09.170 --> 00:14:12.310 align:start position:0% music because music is a raw ingredient that<00:14:09.380> is<00:14:09.500> used<00:14:09.830> in<00:14:10.130> film<00:14:10.700> in<00:14:10.970> TV<00:14:11.390> and<00:14:11.660> games<00:14:11.960> in 00:14:12.310 --> 00:14:12.320 align:start position:0% that is used in film in TV and games in 00:14:12.320 --> 00:14:15.430 align:start position:0% that is used in film in TV and games in your<00:14:12.740> vines<00:14:13.100> and<00:14:13.870> so<00:14:14.870> what<00:14:15.080> we're<00:14:15.170> talking 00:14:15.430 --> 00:14:15.440 align:start position:0% your vines and so what we're talking 00:14:15.440 --> 00:14:17.560 align:start position:0% your vines and so what we're talking about<00:14:15.530> here<00:14:15.950> is<00:14:16.340> a<00:14:16.400> totally<00:14:16.820> new<00:14:17.000> paradigm<00:14:17.390> for 00:14:17.560 --> 00:14:17.570 align:start position:0% about here is a totally new paradigm for 00:14:17.570 --> 00:14:21.820 align:start position:0% about here is a totally new paradigm for content<00:14:18.020> and<00:14:18.730> all<00:14:19.730> content<00:14:20.150> creators<00:14:20.660> and<00:14:20.900> I 00:14:21.820 --> 00:14:21.830 align:start position:0% content and all content creators and I 00:14:21.830 --> 00:14:23.530 align:start position:0% content and all content creators and I really<00:14:22.370> believe<00:14:22.580> that<00:14:22.940> we<00:14:23.240> are<00:14:23.360> within 00:14:23.530 --> 00:14:23.540 align:start position:0% really believe that we are within 00:14:23.540 --> 00:14:27.580 align:start position:0% really believe that we are within touching<00:14:23.870> distance<00:14:24.050> of<00:14:24.500> achieving<00:14:25.100> that<00:14:26.590> so 00:14:27.580 --> 00:14:27.590 align:start position:0% touching distance of achieving that so 00:14:27.590 --> 00:14:43.060 align:start position:0% touching distance of achieving that so thank<00:14:27.830> you<00:14:27.890> very<00:14:27.920> much<00:14:41.800> they<00:14:42.800> don't<00:14:42.950> have<00:14:43.040> a 00:14:43.060 --> 00:14:43.070 align:start position:0% thank you very much they don't have a 00:14:43.070 --> 00:14:44.890 align:start position:0% thank you very much they don't have a very<00:14:43.220> quick<00:14:43.400> question<00:14:43.520> while<00:14:44.420> they<00:14:44.540> work<00:14:44.690> out 00:14:44.890 --> 00:14:44.900 align:start position:0% very quick question while they work out 00:14:44.900 --> 00:14:51.930 align:start position:0% very quick question while they work out with<00:14:45.050> this<00:14:45.140> time<00:14:45.380> for<00:14:45.620> it<00:14:47.320> question 00:14:51.930 --> 00:14:51.940 align:start position:0% 00:14:51.940 --> 00:14:55.180 align:start position:0% so<00:14:52.940> this<00:14:53.120> is<00:14:53.329> come<00:14:54.230> out<00:14:54.320> of<00:14:54.500> the<00:14:54.620> consensus 00:14:55.180 --> 00:14:55.190 align:start position:0% so this is come out of the consensus 00:14:55.190 --> 00:14:57.430 align:start position:0% so this is come out of the consensus organization<00:14:55.880> which<00:14:56.089> is<00:14:56.269> an<00:14:56.720> indeterminate 00:14:57.430 --> 00:14:57.440 align:start position:0% organization which is an indeterminate 00:14:57.440 --> 00:15:00.850 align:start position:0% organization which is an indeterminate number<00:14:57.829> between<00:14:58.190> 50<00:14:58.880> and<00:14:59.560> something<00:15:00.560> above 00:15:00.850 --> 00:15:00.860 align:start position:0% number between 50 and something above 00:15:00.860 --> 00:15:02.889 align:start position:0% number between 50 and something above that<00:15:01.040> and<00:15:02.029> I<00:15:02.120> suppose<00:15:02.360> and<00:15:02.570> the<00:15:02.630> people<00:15:02.810> that 00:15:02.889 --> 00:15:02.899 align:start position:0% that and I suppose and the people that 00:15:02.899 --> 00:15:05.380 align:start position:0% that and I suppose and the people that works<00:15:03.019> on<00:15:03.140> the<00:15:03.230> prototype<00:15:03.769> was<00:15:04.640> sort<00:15:05.269> of<00:15:05.329> a 00:15:05.380 --> 00:15:05.390 align:start position:0% works on the prototype was sort of a 00:15:05.390 --> 00:15:08.889 align:start position:0% works on the prototype was sort of a calling<00:15:05.630> for<00:15:05.839> about<00:15:06.019> five<00:15:06.700> you<00:15:07.700> know<00:15:07.820> back<00:15:08.660> end 00:15:08.889 --> 00:15:08.899 align:start position:0% calling for about five you know back end 00:15:08.899 --> 00:15:11.980 align:start position:0% calling for about five you know back end contract<00:15:09.440> stuff<00:15:10.360> front<00:15:11.360> end<00:15:11.510> development<00:15:11.810> in 00:15:11.980 --> 00:15:11.990 align:start position:0% contract stuff front end development in 00:15:11.990 --> 00:15:12.819 align:start position:0% contract stuff front end development in graphic<00:15:12.260> design 00:15:12.819 --> 00:15:12.829 align:start position:0% graphic design 00:15:12.829 --> 00:15:14.800 align:start position:0% graphic design you<00:15:13.160> know<00:15:13.250> me<00:15:13.459> doing<00:15:13.820> waiting<00:15:14.420> my<00:15:14.600> hands 00:15:14.800 --> 00:15:14.810 align:start position:0% you know me doing waiting my hands 00:15:14.810 --> 00:15:19.870 align:start position:0% you know me doing waiting my hands around<00:15:14.930> kind<00:15:15.620> of<00:15:15.680> thing 00:15:19.870 --> 00:15:19.880 align:start position:0% 00:15:19.880 --> 00:15:22.060 align:start position:0% how<00:15:20.329> does<00:15:20.480> Imogen<00:15:20.899> Heap<00:15:20.930> feel<00:15:21.529> about<00:15:21.829> Howard 00:15:22.060 --> 00:15:22.070 align:start position:0% how does Imogen Heap feel about Howard 00:15:22.070 --> 00:15:26.019 align:start position:0% how does Imogen Heap feel about Howard oddly<00:15:22.459> I<00:15:24.160> think<00:15:25.160> one<00:15:25.430> of<00:15:25.459> the<00:15:25.640> things<00:15:25.790> that<00:15:25.970> I 00:15:26.019 --> 00:15:26.029 align:start position:0% oddly I think one of the things that I 00:15:26.029 --> 00:15:27.519 align:start position:0% oddly I think one of the things that I find<00:15:26.240> the<00:15:26.329> most<00:15:26.420> interesting<00:15:26.630> about<00:15:27.019> it<00:15:27.170> is 00:15:27.519 --> 00:15:27.529 align:start position:0% find the most interesting about it is 00:15:27.529 --> 00:15:31.090 align:start position:0% find the most interesting about it is that<00:15:28.010> having<00:15:29.019> come<00:15:30.019> having<00:15:30.500> fully<00:15:30.769> embraced 00:15:31.090 --> 00:15:31.100 align:start position:0% that having come having fully embraced 00:15:31.100 --> 00:15:32.829 align:start position:0% that having come having fully embraced this<00:15:31.220> idea<00:15:31.370> of<00:15:31.760> transparency<00:15:32.120> and<00:15:32.660> full 00:15:32.829 --> 00:15:32.839 align:start position:0% this idea of transparency and full 00:15:32.839 --> 00:15:36.130 align:start position:0% this idea of transparency and full transparency<00:15:33.140> I<00:15:33.820> think<00:15:34.820> that<00:15:35.450> it<00:15:35.540> is<00:15:35.720> quite<00:15:36.110> a 00:15:36.130 --> 00:15:36.140 align:start position:0% transparency I think that it is quite a 00:15:36.140 --> 00:15:38.860 align:start position:0% transparency I think that it is quite a shock<00:15:36.230> to<00:15:36.769> suddenly<00:15:37.070> have<00:15:37.370> people<00:15:37.820> be<00:15:38.570> able<00:15:38.720> to 00:15:38.860 --> 00:15:38.870 align:start position:0% shock to suddenly have people be able to 00:15:38.870 --> 00:15:40.600 align:start position:0% shock to suddenly have people be able to see<00:15:39.170> how<00:15:39.350> much<00:15:39.560> of<00:15:39.769> the<00:15:39.950> income<00:15:40.100> she's 00:15:40.600 --> 00:15:40.610 align:start position:0% see how much of the income she's 00:15:40.610 --> 00:15:42.310 align:start position:0% see how much of the income she's receiving<00:15:41.000> and<00:15:41.480> that's<00:15:41.690> just<00:15:41.839> an<00:15:41.930> interesting 00:15:42.310 --> 00:15:42.320 align:start position:0% receiving and that's just an interesting 00:15:42.320 --> 00:15:44.889 align:start position:0% receiving and that's just an interesting dynamic<00:15:42.500> that<00:15:43.060> wake<00:15:44.060> up<00:15:44.209> having<00:15:44.390> to<00:15:44.480> explore 00:15:44.889 --> 00:15:44.899 align:start position:0% dynamic that wake up having to explore 00:15:44.899 --> 00:15:46.300 align:start position:0% dynamic that wake up having to explore and<00:15:45.110> it<00:15:45.200> but<00:15:45.589> it's<00:15:45.709> sort<00:15:45.769> of<00:15:45.860> what<00:15:45.980> it<00:15:46.070> proves 00:15:46.300 --> 00:15:46.310 align:start position:0% and it but it's sort of what it proves 00:15:46.310 --> 00:15:48.370 align:start position:0% and it but it's sort of what it proves is<00:15:46.610> that<00:15:46.910> if<00:15:47.360> it's<00:15:47.510> transparent<00:15:47.959> it<00:15:48.019> has<00:15:48.140> to<00:15:48.290> be 00:15:48.370 --> 00:15:48.380 align:start position:0% is that if it's transparent it has to be 00:15:48.380 --> 00:15:50.590 align:start position:0% is that if it's transparent it has to be right<00:15:48.560> and<00:15:48.890> so<00:15:49.820> she's<00:15:50.120> kind<00:15:50.329> of<00:15:50.360> really 00:15:50.590 --> 00:15:50.600 align:start position:0% right and so she's kind of really 00:15:50.600 --> 00:15:51.639 align:start position:0% right and so she's kind of really thinking<00:15:50.779> hard<00:15:51.050> it's<00:15:51.230> really<00:15:51.260> making<00:15:51.620> her 00:15:51.639 --> 00:15:51.649 align:start position:0% thinking hard it's really making her 00:15:51.649 --> 00:15:54.310 align:start position:0% thinking hard it's really making her think<00:15:51.920> hard<00:15:52.250> about<00:15:52.519> what<00:15:53.510> should<00:15:53.839> what<00:15:54.050> should 00:15:54.310 --> 00:15:54.320 align:start position:0% think hard about what should what should 00:15:54.320 --> 00:15:55.990 align:start position:0% think hard about what should what should artists<00:15:55.130> get<00:15:55.250> in<00:15:55.339> a<00:15:55.399> few<00:15:55.519> shorts<00:15:55.850> but<00:15:55.940> it 00:15:55.990 --> 00:15:56.000 align:start position:0% artists get in a few shorts but it 00:15:56.000 --> 00:15:57.910 align:start position:0% artists get in a few shorts but it should<00:15:56.240> non<00:15:56.930> featured<00:15:57.260> artists<00:15:57.620> get<00:15:57.800> it 00:15:57.910 --> 00:15:57.920 align:start position:0% should non featured artists get it 00:15:57.920 --> 00:15:58.509 align:start position:0% should non featured artists get it cetera 00:15:58.509 --> 00:15:58.519 align:start position:0% cetera 00:15:58.519 --> 00:16:02.110 align:start position:0% cetera um<00:15:58.730> so<00:15:59.000> that's<00:15:59.089> interesting<00:16:00.880> you'd<00:16:01.880> have<00:16:02.029> to 00:16:02.110 --> 00:16:02.120 align:start position:0% um so that's interesting you'd have to 00:16:02.120 --> 00:16:05.490 align:start position:0% um so that's interesting you'd have to ask<00:16:02.240> him<00:16:02.420> agenda<00:16:02.980> for<00:16:03.980> her<00:16:04.100> own<00:16:04.250> view<00:16:04.519> on<00:16:04.640> it 00:16:05.490 --> 00:16:05.500 align:start position:0% ask him agenda for her own view on it 00:16:05.500 --> 00:16:08.529 align:start position:0% ask him agenda for her own view on it thank<00:16:06.500> you