The EMusic digital music store now emits its own token emu. The goal is to help musicians earn more from their royalties.
EMusic with your token
According to announcement published by eMusic On May 26, the company launched its token. I want thanks to him “Create a sustainable music ecosystem”. eMU is also a payment method designed to allow artists on the platform to retain most of the royalties they earn.
Tamir Koch president said streaming hasn’t worked well for artists yet:
“Streaming has dramatically increased revenue [rynku] and adoption, but the model turned out to be fundamentally flawed. […] Artists receive a fraction of the royalties, and the brokers take away a larger piece of the cake, and the leading services continue to lose. “
Transparent royalty flow for artists
Koch said the eMU token is creating a new music sales model that ensures a more equitable flow of funds between fans, artists and music services. An eMusic spokesman said Cointelegraph:
“Blockchain it allows us to decentralize the distribution of music, so we can get more revenue for artists, and provides unparalleled transparency in music. The advantage of the eMU token is that it goes far beyond facilitating transactions; it also allows us to offer many features targeted directly at fans (…). “
Tokens can be used not only to buy music, but also to fund the artist’s crowdfunding.
Artists who offer their music on the eMusic platform receive 50 percent the revenue they generate.
“Major music services pay [zespołom] for music based on revenue share (…). This means that if you listen to an artist on Spotify and pay $ 9.99 per month for it, Spotify gets seventy-five percent of this amount, but the artists themselves see only a small part of it. In the middle you still have middlemen (…) “
– adds the company.
Launched in 1998, EMusic is known as one of the first websites selling MP3 recordings. According to Owler, the company currently employs 278 people and has annual revenues of USD 65.7 million. It is possible that with his new song trading model it will revolutionize the current market.