Exclusive: Rumblefish Hands Keys (And Money) to Video Creators With RADkey
Rumblefish, the music micro-licensing and online video monetization company, will introduce Tuesday (March 17) at SXSW an online device that gives video creators full control of online video monetization.
Described as a barcode for music licenses, RADkey allows video creators to demonstrate secured music licenses, enabling them to control the monetization of the work and eliminate ads. RADKey is starting with YouTube with plans for Vimeo and Dailymotion in the works.
"Thousands upon thousands of video creators have said to us 'I bought a license -- can I turn off ads because I need to monetize the video,'" says Rumblefish CEO Paul Anthony Troiano, noting he has often heard from car companies whose videos have competing automobile ads slapped in front of their videos. "It's infuriating for brands and agencies. This is a customer-service issue."
Rumblefish has been developing the RADkey for more than four years and using it internally for about a year with the 3 million tracks they micro-license. The company reports that it licenses music for 150,000 videos per day and its partners -- Shutterstock, AudioSocket, SynchTank and Friendly Music -- will provide keys that provide instant clearance.
Troiano, who says "music has been the Achilles heel of social video," says the control the RADkey offers will stand to benefit music rights owners financially as well.
SESAC owns Rumblefish, a Portland, Ore.-based company that started as a traditional music placement house and moved into micro-licensing, the process of connecting online video creators with licenses to use pre-existing music.
"This solution addresses the entire marketplace, not specifically SESAC artists," SESAC CEO John Josephson tells Billboard. "We're big believers in technology having a significant impact, and this unlocks additional opportunities to monetize the content in a transparent way."
The initial target is the U.S., though eventually RADkey will roll out internationally.