In an exclusive interview with Flaunt, Rhiyen Sharp sat down with co-founder Phoenix Stone, the acclaimed music industry Veteran and current CEO of Halogen Entertainment, to understand his ‘Remedy Tech’ company and how it can be called a ‘disruptor to the generally accepted remuneration system’ by which artists and their record labels have been receiving video streaming payments previously. And importantly how there is space for Remedy Tech in such a crowded music environment.
A rare figure in this industry (and one who I have personally known and worked with for the best part of a decade now), Phoenix is a co-founder and partner in a the technology company and describes its aims simply as a way to “close the monetary gap between eyes and ears”.
He simplifies the need for his technology now with: “As a co-founder of Backstreet Boys Inc/Transcontinental Records (Phoenix also ran his own’ JV ‘label at Columbia Records, Capitol Records Virgin Records and Sony Japan…) saw a time when we sold 200 million records in about 5 years - I mean PHYSICAL records. Then I saw the evolution of streaming and how music was devalued with technologies like Napster and others.”“Now” Phoenix explains, “the industry has figured out how to sustain and make money in a streaming world.”
“So it’s always been my passion to create technology that empowers music rights holders to make more money. I started looking at videos and It didn’t make sense to me that a music video that plays the same sound recording that receives a full streaming rate at Spotify and Apple Music only receives a fraction of that rate when connected to a video.”
With that at the forefront of the team and Phoenix’s thinking, they created Remedy, a tech solution to this issue. Remedy adds value across the board to the music industry creators, their labels, songwriters and everyone involved in the revenue splits coming from the music.
“Anytime video content exists that is connected to music our tech pulls the audio from the users streaming source (Spotify or Apple Music) while playing the visual. Therefore, while the eyes are consuming the video, the sound recording is being played and payed at the highest streaming rate… and the streams help chart positions. We give you a link that you can post anywhere… from all socials, to embedding the video in an article, or anywhere you can post a link.”
More on the process of how Remedy works can be found at: https://www.remedytech.io/#how-it-works