Can Artificial Intelligence play a role in distributing royalty payments?

Artificial Intelligence (AI) and machine learning is intimidating and there is an understandable fear of the unknown. These fears can lead to a resistance to change. But implemented the right way, and for the right reasons, this technology can be extremely useful to us all.

Let’s not shy away from this technology. AI techniques are not commonly used to distribute royalties but we think that there are some big opportunities to apply them to the world of book and music publishing.

Music composition using AI is not a new concept. As far back as 1951, the Enigma code breaker Alan Turing recorded a piece of computer-generated music. More recently we have seen Google’s Magenta Project and Sony’s Flow Machines creating music using these techniques. And I really like Spotify’s Discover Weekly track selections which are compiled by analysing the listening data it collects from its 130 million subscribers. Machine learning techniques enable its recommendations to evolve according to your listening habits over time as it remembers your reaction to the suggested play lists.

Matching Royalties

So you see, when implemented in the right way, there is little to fear and this technology can be definitely be a force for good.

At RoyaltyCloud we are embracing this to help you process your royalty payments. Our platform uses intelligent matching algorithms to allocate royalty data from your statements to your titles. RoyaltyCloud learns as you use the system so the time spent matching will reduce over time with resulting in significant time savings, increased accuracy and improved control.

A typical dictionary definition of Artificial Intelligence will talk to the systemisation of tasks that require human input to make an appropriate decision. The aim with RoyaltyCloud has always been to automate as much of the royalties’ workflow as possible – by keeping things quick and simple, you get to spend more time at the core of your business.

And don’t be concerned that we have created a black box. In a former life I worked as an accountant and auditor where I was trained in the importance of retaining evidence and audit trail to substantiate financial decision making. The principles of good data governance are front and centre to the design of the platform giving you confidence that you are being true and fair to your clients and ensuring that your records stand up to scrutiny when it comes to filing accounts and tax returns.

We will continue to look for ways of putting these techniques to better use. We have just scratched the surface of what is possible – there are plenty more gains to be made.

Get in touch to find out more and join our growing community of happy users.

Machine Learning
the use and development of computer systems that are able to learn and adapt without following explicit instructions, by using algorithms and statistical models to analyse and draw inferences from patterns in data.
Artificial Intelligence
the theory and development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.

Russell Tew 25th Apr 2021