The Open Music Initiative aims to streamline the way online royalties are tracked and paid.
The OMI, in cooperation with the MIT Media Lab, aims to create "open source standards and innovation" in order to better and more accurately compensate music performers, creators and rightsholders. Among the entities that have signed on are YouTube, SoundCloud, Spotify, Pandora, Netflix, SiriusXM and all three major labels (Sony, Universal and Warner), plus a handful of smaller radio stations, music stores and publishing companies.
The co-founder of OMI, Panos Panay, said in a statement that the program is meant "to use the brainpower, neutrality and convening ability of our collective academic institutions, along with broad industry collaboration, to create a shared digital architecture for the modern music business."
"We believe an open-sourced platform around creative rights can yield an innovation dividend for creators and rights holders alike," he adds.
BerkleeICE IDEO will team up for an Open Music Initiative "summer lab" in Boston, taking place from July 11 through 29th, to explore the "intersection of open source technologies, creator rights and music consumption."