DRRIPP stands for Decentralized Royalty, Residual, and Interest Payment Platform
Royalty income is income received from allowing someone to use your property. Royalty payments are used for patents, copyrighted work or franchises are common examples. Royalties are typically legally binding.
It's money that you continue to get after completing some work like investment of time and resources. Common examples include money made by artists in Film/Music industry, when you watch a movie, television series or you hear your favorite song on radio or streaming platform. These payments are also legally binding and negotiated by unions on behalf of artists. Common examples of these unions are Screen Actors Guild, Directors Guild of America & Writers Guild of America.
Established studios have in-house royalty and residual payment departments and there are boutique businesses that provide royalty, residual and payroll services to small production companies across north America. Contrary to popular notion, this task is not performed programmatically and insiders familiar with the inner workings know the extent of manual intervention in each step with speed and accuracy being the biggest challenge. Since, royalty and residuals are contractually mandated, slow, and inaccurate payments also means legal challenges, penalties and fees incurred by studios and broadcast companies. While the industry continues to operate with inefficiencies in its workflow, it's the creative artists who lose out on fair and equitable pay. Bigger studios have also moved to an offshore model for roles such as voice actors by hiring in the UK since there is no concept of residual payment outside of USA. We believe there is a better way to address these challenges that are currently hidden from public view by providing a platform that embraces automation running on public blockchain that will benefit both the artist (actors, musicians, authors) community and businesses that employ them while producing and distributing entertainment content that we all consume and love.
Royalty (including arts, entertainment, and recreation) is a $372B/year industry. Typical royalty percent is anywhere between 1% to 20%, on average 10% or $37.2B/year is paid annually as royalty payment.
In the US $2.2B is paid out annually as residual payment in addition to $800M Paid annually for commercial residuals. Data suggests there is opportunity for 10 - 15% Uplift with timely and accurate payment benefiting actors, musicians and authors.
Taking an MVP approach, we will build and test core platform features including the Sales data aggregation engine and the Residual calc engine, both of which will come with significant IP rights. A book will be published to test out core platform features end to end post launch. Details to be announced on 03/2023. Let's review the Field Guide for milestone dates & deliverable...