eMusic, a supporter of independent artists and labels since 1998, has announced a $70M token sale to build a decentralized music distribution and royalty management system. eMusic is planning a public pre-sale for its eMusic utility token (EMU) beginning in September 2018, with a token generation event (TGE) immediately following.
For over 20 years, eMusic has served 47 million fans, in discovering new music, artists and labels, selling nearly one billion downloads from a catalogue of over 26 million tracks. By embracing blockchain, eMusic will develop a sustainable music ecosystem for artists, service providers and the fans that support them. eMusic’s mission is to correct an imbalanced music industry by building a fair, simple and transparent music distribution platform for artists and service providers.
Tamir Koch, CEO of eMusic, stated: “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. And on the other side of the supply chain, service providers are losing billions and struggling to stay alive. Most fans don’t realize that this is an unsustainable future with fewer artists and fewer providers. 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. 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,”
Using a system of simple smart contracts, the eMusic blockchain platform will include everything artists need to publish and distribute music and manage rights and royalties. Artists upload their music, document the rights and choose where fans can stream or buy their music. 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.
Bill Campbell, an advisor to the eMusic blockchain project and former senior executive within the global digital groups at both Universal Music Group and Sony Music Entertainment, said: “This technology 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. In short, the eMusic blockchain platform provides artists all the tools they need to survive and thrive in a tough marketplace.”
EMU is an ERC-20 utility token on the Ethereum blockchain, designed to enhance the core functionality of the eMusic platform. Immediately following the TGE, eMusic’s EMU 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.