Here is an excellent short video that can help shed light on how the music world works. Check it out!
The smart contract on Muse tackles both sides of the music world. The Master Side (recording side) and the Composition Side (often referred to as the publisher side)
Each side has it's own royalty recipients and its own permissions, independent of the other side. This means the people managing the recording side, don't need the managers of the composition side's permission to correct a typo, or to sell their rights to another party.
We are constantly refining the smart contract in order to allow for a maximum versatility.
Anyway, I just thought this was a great short vid for all of you to wrap your heads around the music world - under the hood.