With so much happening in multiple areas of the company, we decided to deliver a quarterly wrap up for today’s blog post, summarizing each of the active areas our team is working on as we move into Q2 of 2019. Each department has been busy with the following efforts, which we will explore in more detail below:
- Launching Vezt Korea
- Overseeing VZT’s migration to Stellar
- Updating our backend to support the new token
- Securing and launching some very exciting new ISO™ content to offer on the platform
- Issuing User Payouts
- Continuing a series of promotional events that have helped us introduce the platform to a wider body of users and content rights holders
- Launching social media efforts to help introduce the world at-large to Vezt
Vezt Korea
Our team has been making preparations, both stateside and in Seoul, for the upcoming launch of Vezt Korea. After a successful internal beta, we are excited to announce that Vezt Korea’s app will launch in late June. In addition to upgrading the UX of their platform, their publishing arm, AMP is steadily lining up projects. Our official brand ambassador, Son Seung-Yeon will be featured in one of the first of these, in collaboration with a well-known producer during the official launch campaign.
In addition to IP from major KPop artists, Vezt Korea’s app will offer fans ISOs that are also available in our US marketplace, merchandise and ticket sales. This summer, their team will launch notable, high-visibility songs for their marketplace while we work on further developing and aligning our content and partnership strategy with KOMCA (Korea’s performing rights organization).
We’re also proud to share that Vezt Korea has completed registration and government approval of “AMP” as their distribution and publishing arm. AMP will allow select artists to easily distribute and collect royalty income for their work and will directly interface artists with opportunities on the Vezt Korea platform.
Stellar Migration
As announced in our last post: VZT, Vezt’s official token, is migrating to the Stellar protocol in anticipation of scale demands based on a number of our target metrics for 2019 and 2020. This process has included thoroughly updating the backend of the application to function as it did on the Ethereum network, but with the new, Stellar-based, VZT token. The app will support generating a wallet that you may send your new VZT to for participating in ISOs. Though thorough, this process will ensure that we can process a higher number of transactions simultaneously, eliminating transactions that may remain ‘pending’ in the portfolio for a longer period of time than we’d like. If you have ERC-20 VZT and need help completing the migration process, we recommend checking out our migration guide or reaching out to us at support@vezt.co with your public wallet ID.
ISO Digest
Our A&R team can’t stop showing Vezt to exciting artists we know and love. They literally can’t stop — it’s their job. They’ve ramped up the volume of well known ISO content every month of the year so far, and we can’t wait to show you what else we’re bringing to the platform. In early 2019, we launched ISOs as recorded by major artists including Rick Ross, Snoop Dogg, Too Short, Red Cafe, Jeremih, and Freddie Gibbs.
These were followed by ISOs in March and February for titles as recorded by trending artists like Tommy Genesis, Dillon Francis, Twista and more. Here’s some of our fan favorites:
- “All That” as recorded by Dillon Francis, featuring Twista and The Rej3ctz
This 2014 electro-trap anthem was produced by dance music superstar, Dillon Francis (secretly known as DJ Hanzel) and features vocals from legendary emcee Twista along with The Rej3ctz.
“I’m Yours” — as recorded by Tommy Genesis and Chuck Inglish
Hip-hop heavyweight producer Chuck Inglish teamed with the breathtakingly artistic, Tommy Genesis on this banger.
XXXTentacion
In mid-April we were honored to launch an ISO for “i don’t even speak spanish lol” as recorded by the late, XXXTentacion.
This is the first of a number of songs we’re looking to offer by the artist on the platform. As fellow fans and listeners, we’re happy to offer his fans the opportunity to participate in ISOs hosted by rights holder and executive producer Franck Bondrille.
New platform records and milestones have been set by the recently launched ISO for “I Been On”, as recorded by Beyoncé! This title was recently included in her release of HΘMΣCΘMING: THE LIVE ALBUM. Launching May 6th, this ISO sold $50K in less than 7 days. That’s a new record for the platform — the highest amount raised by an ISO to date.
You can hear this record, here.
“Can’t Feel My Face,” as recorded by The Weeknd sold $20K over a 12-hour period. At $20K, that equates to more than $1,666 raised per hour.
Inaugural User Payouts
Q1 also saw the completion of our first round of user payouts, following the collection of royalties earned by some of our very first in-app ISOs! Vezt users who participated in some of the first 22 launched ISOs received their Q4 payments in March and April, with total payouts reaching over $6,000.
And we’re just getting started! For newer Vezt users who were under the impression their royalties would be available within a month or two of first participating in an ISO, we recommend checking out our guide on When to Expect a Quarterly Payment and Withdrawing Your Balance for more information on when to expect your first payment.
Event Recap
SXS-Vezt
March saw members of the Vezt team make a quick stop at the #ConsenSysSXSW Blockchain House on the Ethereal Summit stage. The blockchain and music themed event was hosted by Phu Styles, Founder of the Women in Blockchain Foundation and Vezt Advisor.
Their afternoon lineup, attended by influencers, journalists and musicians alike, included panels on the “The Future of Music”, “Why The Future Is Female”, along with a fireside chat between NY Times Best Selling Author and #1 Apple Podcaster, Neil Strauss and Phu Styles. The diverse panels preceded captivating musical performances from sensational singer and songwriter, Shelita Burke, and rising Chicago rapper, Chris Hasty.
“The Future of Music” panel was moderated by Neil Strauss and featured Vezt’s CEO, Steve Stewart, alongside Shelita Burke and Phu Styles. This conversation explored the transformative nature of crowdfunding music production and the exponential impact blockchain can have on publishers, labels, artists, IP owners and consumers.
April Social Media Summit
Our April Social Media Summit was a huge success, with top minds from across the tech, music and social media industries in attendance. Moderated by Jin Yu, the summit featured the following guest panelists:
- Francisco Mejia | Sr. Marketing Manager Playboy, Tiger Woods Genesis Open
- Kaila Yu | Award Winning Travel Blogger/Writer: VICE and many more…
- Kristin Wong | Co-founder Nylon Pink
- Gabby Bianco | Lead Singer of Indie Rock Pop Band, Smoke Season
The group discussed how individuals can leverage trends and insights when creating their own brand. This included monetization, search optimization and utilizing brand partnerships across the most engaged verticals to maximize the exposure of one’s product.
New York
Our executive team met earlier this year with major digital music distribution, publishing, and licensing service, Tunecore, in Brooklyn. We were also thrilled to have our COO, Robert Menendez speak at NYU’s Clive Davis School of Music on the 28th of February alongside Level and Treble.fm.
As some of the most passionate listeners, we feel it’s important to engage students on the future of the music industry, both to learn and share how Vezt is helping to change the game for artists and listeners alike.
This Month:
On Wednesday, June 12th, Vezt will be hosting the SIZE MATTERS | Female Entrepreneurs speaking about scaling up small business event at our offices in the Pacific Design Center.
The evening of networking, light bites and good conversation will feature a panel discussion of world-class women sharing their stories of trials, tribulations and success in their endeavors. Featured panel speakers include X XX. If you are in the Los Angeles area and are interested in the growth of women in business, RSVP here to join us!
On the same evening, Vezt is sponsoring the grand opening WeWork’s latest addition to the Pacific Design Center complex. Vezt is proud to provide the celebration hosted by WeWork, Imagine Impact, LippsLA, and LivexLive with the evening’s musical talent and more to support the launch of their newest media and entertainment hub in the heart of West Hollywood.
Learn Vezt
Our social media team has done a great job actively engaging new members of the Vezt community and keeping them in the loop on great upcoming ISOs. Now, they’re taking this a step further by regularly posting content to help new and existing Vezt users understand how the platform works and what terms like ISO®, Reversion Period and Publishing Rights even mean.
Keep an eye out once a week for informative posts like these to get a better understanding of the app and contributing to Initial Song Offerings. If you want to check to get ahead of the curve, you can always check out our support guide.
This concludes our major updates for the first quarter of the year! Stay tuned in the coming weeks for exciting new content on all things Vezt — we’ve heard your requests and looks forward to sharing interesting content related to artists using Vezt and the ISOs on the platform (think: playlists, videos and more). In the coming weeks we’ll be excited to share this, a first look at Vezt Korea and much more. Until then!
