The music business ontology provides a vocabulary to describe and store music-business-related data in a structured way. Benefits are a unified storage, simplified exchange as well as an easier linking of the data.
Nowadays, there are numerous different data formats used in the music industry to store data. Usually, there is no way to automatically translate data from one format to another, as there is no standard software used by the whole industry. When you exchange data with your business partners, you have to convert them manually to fit your (or their, depending who is the bigger fish) needs. With the music business ontology, you have an extensible format you can use for data exchange. Every business partner using the mbo just needs to convert their data ONCE, regardless of what business software they use. The only thing they have to be able to do is to convert their data to and from the mbo format.