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Similarly if you are a working musician and you put your songs on Spotify and you earn $50, you have $50. If you earn $50,000, you have $50,000. But if you earn $50 million, the math changes: Now you have a catalogue of songs worth hundreds of millions of dollars, which is the present value of your expected future earnings. Some music investment firm would probably pay you hundreds of millions of dollars for that catalogue, if you want. Even if you don’t want, Bloomberg will do the math for you and declare you a billionaire:
Two Sigma Had a Rogue Calibrator
bloomberg.com
Already back in 2002, Nick Szabo wrote a paper about a formal language for contracts, in which he explicitly pointed out that the use of procedural computer language may be tempting but causing more harm than good. This doesn't even mention all the existing programming languages that are used in the financial industry or new ways of creating program languages, which allow for formal proving (samples here and here).
Code Is Law? Not Quite Yet
coindesk.com
But, with the rise of platforms like Musical.ly and TikTok, the century-old consumption-based model of royalty payments has been replaced by a collaborative model, in which rights holders and online creators are partners in the chancy enterprise of virality. As a social-media native, Pace knew what the music industry would soon grasp collectively: that the balance of power had shifted from the song and its owners to the netizens who could make the song go viral. A new economy of TikTok creator-influencers was emerging, who were selling lightning in a bottle,
So You Want to Be a TikTok Star | The New Yorker
John Seabrook
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