Blockchain Music Platform Planned By eMusicbr>
Digital music store eMusic is seeking to raise $70 million in a token generation event (TGE) to build a blockchain music distribution and royalty management platform.
Launched in 1998, eMusic is an online music and audiobook store that operates by subscription. It has served 47 million fans, helping them discover new music, artists and labels, selling nearly one billion downloads from a catalog of over 26 million tracks. It is headquartered in New York City with an office in London, and is owned by Israeli media startup TriPlay.
The digital music store is now planning to develop a transparent music distribution platform for artists and service providers. The platform will leverage the ethereum blockchain and will include everything artists need to publish and distribute music and manage rights and royalties.
“Artists simply upload their music, document the rights and choose where fans can stream or buy their music,” the company said. “When a song is played or sold, the revenue gets split between service provider and rights holders, fairly, and with full visibility to plays and payouts. Artists can withdraw what they’ve earned whenever they want, so they can afford to keep on creating new music. In addition, there are plans to launch a crowdfunding platform to further engage fans and raise money for music projects.”
The company will be conducting a public pre-sale in September for its utility token EMU that will be used in the platform. The token will be accepted as a form of payment for music on the eMusic store, provided as reward for loyalty and referral, and used to access features like unlimited cloud storage and exclusive content.
Tamir Koch, CEO of eMusic, said that while streaming has made it possible for anyone to listen to virtually any song ever recorded at any time, its underlying economics are financially crippling to the most vital piece of the music ecosystem – artists.
“Today’s supply chain is full of blockers, middlemen and inefficiencies that create barriers for artists’ music to get from the studio to fans’ headphones,” Koch said. “eMusic is going to fix this problem using an all-new blockchain platform that provides a more streamlined, transparent and autonomous structure benefiting all parties.”
Bill Campbell, an advisor to the eMusic blockchain project and former senior executive within the global digital groups at both Universal Music and Sony Music, said that he believes blockchain will change the landscape for DIY artists, allowing them true creative freedom while simultaneously ensuring that they can continue to make a living creating the music that their fans love.
“The eMusic blockchain platform solves the most critical problems facing artists looking to release their own music, including fair, transparent and expedited royalty payments and the ability to fund new music creation,” Campbell said. “In short, the eMusic blockchain platform provides artists all the tools they need to survive and thrive in a tough marketplace.”