Announcing the next phase of the eMusic Blockchain Project
This has been an exciting few months for eMusic. We are happy to announce that our eMusic chief Tamir Koch has just led a majority investment in a UK tech firm as part of a campaign to push forward the eMusic Blockchain Project, and bring to life our ambitious strategy for decentralizing digital music infrastructure for the benefit of artists and audiences.
The deal, worth £2m, sees Magic Investments S.A. and Shmuel Koch Holdings take a controlling stake of 7digital, the global leader in B2B end-to-end digital music solutions, with over 69% of the shares, enabling eMusic to connect their distribution platform to a global network of music providers.
And that’s just the start. An arms-length commercial agreement is expected to follow later this year which would allow DIY artists to upload content via blockchain, directly to the platform for distribution to a global network of music service providers. As the first ever truly transparent system, this will allow artists to publish and distribute their music, manage and track their own rights and royalties to music fans worldwide.
Additional momentum in the project is expected through the creation of the eMU token to be used in the music ecosystem. The eMU represents a completely new way to pay for music. When used on the platform, eMU will allow fans to purchase music directly from artists, earn instant rewards from sharing music and reviews, and even crowdfund their favorite artist’s next tour. For artists, the eMU makes a fully transparent and automated royalty payment system possible, reducing overhead costs required in distributing music and receiving royalties for purchases and plays. The eMU token will be generated and listed on exchanges in July and will only be available for purchase and use by non-US residents.
For our team at eMusic these are the two critical steps that bring our dream to a reality. As Tamir says: “It’s exciting to bring our project into the next phase. Our investment in a global music distributor, together with the creation of our eMU token, complements our strategy to build a global blockchain solution that completely reinvents music distribution and royalties management. In this way, we intend to put control, power and revenue in the hands of the industry’s most important assets: the artists and the fans.”
Our mission at eMusic is to use decentralized rights management to give artists more control of their content and bring transparency to the flow of funds so they can build sustainable careers in the industry. Artists can already sign up to learn more on eMusic for Artists and be a part of upcoming product launches. To learn more about the eMusic Blockchain Project visit our pagehere or watch Don Rio, one of our featured artists, on why he sees a future in blockchain.