Digital Music Store Plans To Raise $70 Million For Blockchain Music Platform
BTC Wires: Online music store eMusic has now announced an ICO to raise about $70 million in order to build a new music distribution and royalty management system that will be fully decentralised. The pre-sale event for their token EMU will start in September this year, which will be followed by a token generation event as well. ERC is a token based on the Ethereum network, which will be accepted as a method of payment on the platform. It will also be provided for loyalty and referrals, which can be used to access exclusive features.
“For two decades, eMusic has been a champion of independent artists and their fans. However, today’s supply chain for music is broken. 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,”
-said CEO of eMusic Tamir Koch.
He maintains that the company’s goal is to streamline the music supply, and in the process enable artists to get better revenues and better transparency as well.
The royalty system that is currently in place in the music industry is rather incompetent, with payments sometimes coming in as late as several years after the agreement is made. With this new platform however, musicians will be able to hold full control over the streaming and purchasing rights of their songs and albums once they are uploaded. Once the songs are played or purchased, the money gained will be fairly and transparently divided between the platform and musician, or the rights holder.
Additionally, artists will be able to withdraw the money at any point of time, which is actually a change that will let more musicians afford to keep making new songs. There are also plans for a crowdfunding platform wherein fans will be able to donate money for new music projects.
The new technology has the potential to create new opportunities for upcoming musicians. With new AMD fair payment procedures, as well as the transparency involved, artists might actually start making enough money to survive.