iDenfy, a Lithuanian-based RegTech company best known for its identity verification tools, has announced a new partnership with SetFreaks, the world’s first pre-release service for DJs in the dance music industry. This collaboration will enhance regulated compliance and automate user identity verification on the SetFreaks platform while adding an extra layer of security to internal fraud prevention measures.
SetFreaks, the world’s first pre-release service for DJs in the dance music industry, offers its growing audience of DJs the unique opportunity to play tracks exclusively in their sets for a minimum of eight weeks before the official release. Thus helping DJs stand out with fresh, unreleased music while maintaining integrity value for producers and labels, and creating a buzz of anticipation for the upcoming release. However, piracy is a significant concern in the music industry, with countless tracks leaking onto pirate sites.
Biometric and face recognition algorithms
Latest reports indicate that global film piracy increased by 33% during the COVID-19 lockdown
The 18-24 age group has the highest number of people downloading music without paying, which hurts not only artists but also creators, publishers, and distributors, impacting the entire media industry. Every year, online video piracy leads to the loss of 230,000 to 560,000 jobs in the United States, resulting in an estimated annual revenue loss of $29.2 billion. Additionally, the latest reports indicate that global film piracy increased by 33% during the COVID-19 lockdown, and it can be expected to grow depending on cultural behaviour.
Recognising these challenges, SetFreaks has taken a proactive stance in safeguarding its tracks by partnering with iDenfy and its identity verification solution, which is able to recognise, verify, and extract information from over 3,000 identity documents using advanced biometric and face recognition algorithms. Currently, iDenfy will work with SetFreaks to ensure support with secure login methods complemented by expert reviewers who oversee all automated processes, mitigating potential errors, fraud attempts, or failures.
iDenfy’s identity verification solution
SetFreaks creates an only affair for DJs, allowing them to stand out and elevate their performances
SetFreaks’ mission is to restore the value of music for producers and labels while providing DJs with the opportunity to incorporate unique tracks into their sets before the rest of the world gains access to them. By offering limited edition pre-releases, SetFreaks creates an exclusive experience for DJs, allowing them to stand out and elevate their performances with rare and unique music.
This not only enhances the DJ’s set but also builds anticipation and excitement for the wider release of these tracks. In the meantime, iDenfy’s identity verification solution ensures that customers who purchase limited edition pre-releases will experience a secure and rapid verification process to protect tracks from unauthorised distribution and maintain exclusivity.
iDenfy’s identity verification service
SetFreaks wanted a simple onboarding process and minimal time spent on manual verifications
Additionally, SetFreaks wanted a simple onboarding process and minimal time spent on manual verifications. Manually gathering documents in the extensive databases and ensuring that compliant data was provided would be a hassle for its internal team.
Without automation, the platform risked losing customers due to an inefficient Identity verification process. iDenfy’s identity verification service has already improved verification times and rates compared to manual processes.
Partner with SetFreaks
“We chose iDenfy because we needed a simple and fast way to perform identity checks for our customers. The user experience had to be seamless, and the verification process needed to be quick. iDenfy provided exactly what we were looking for, ensuring a smooth, efficient, and accurate verification process,” commented Onnik Tavitian, the CEO of SetFreaks.
Domantas Ciulde, CEO of iDenfy, added: “We’re excited to partner with SetFreaks, an innovative platform in the dance music industry. Our identity verification solution will help to protect the exclusivity of pre-release tracks, allowing DJs to elevate their performances with rare and unique music.”