In an industry, such as the music industry, either the artist themselves or a publishing company own the rights to the content put out.
As such, these copyright privileges allow the holder to receive a royalty fee every time this content is used for commercial purposes. The issue with the current system is knowing who owns these rights and then to ensure that royalty payments are distributed to all who are legally obliged to receive payment.
A smart contract solution here, built on a blockchain, would keep track of all ownership rights. This ensures trust in true ownership – as any changes to the data on the blockchain requires a consensus from all parties on the network.
As a consequence of knowing true ownership at all times, the same smart contract would ensure that a royalty payment is generated and paid in real time – with the added benefit that as the transaction is broadcast across the blockchain, every relevant stakeholder can instantly reflect this on their accounting.