eMusic, digital music store based in New York, has launched its own ERC20-based digital token, eMU, to let users directly support artists. eMusic is the first major becomes the first major music service to launch a digital token.
eMusic announced the news in blog post published on Tuesday, May 26. According to the company, the aim of the project is to create “a unique opportunity to build a sustainable music ecosystem to the benefit of artists, fans, and music services.”
Tamir Koch, CEO of eMusic, commented:
“Streaming has dramatically increased revenues and adoption, but the model has proven itself to be fundamentally flawed”, said Tamir Koch, President of eMusic. “Hard-up artists receive a fraction of the royalties, while intermediaries take an ever-growing slice of the pie and leading services remain loss-making. The eMU token is now here to reinvent music distribution. It creates a brand-new commercial model built on fair compensation and transparent flow of funds between fans, artists and music services.”
According to eMusic, based on Blockchain, the eMU crypto asset is a secure and decentralized payment method designed to allow artists on the platform to keep more of the royalties they earn. Music Lovers can now purchase eMU token from Estonia-based digital exchange Bibox. The token can be used to buy music from eMusic.
The eMU token is an ERC-20 standard token and available to non-US residents. The token is available at price of $0.39. The company has assured that that each token will always buy at least one song on the eMusic store.
eMusic said that by buying music through eMU, fans are reassured that proceeds go directly to support the music they love. Token holders can also earn instant rewards from their favourite artists when sharing music and reviews. They can also crowdfund their favourite artist’s next tour.
According to this music platform, this is the first of many features that that eMU and blockchain technology will bring to eMusic. In the long run, the token may also be added to third party platforms.
Guojie Liu, Managing Director at Bibox, stated:
“eMusic pioneered the concept of digital music and was among the very first music subscription services. When they say that blockchain is the future, the music industry should take note. We are delighted to be listing eMU on our exchange and anticipate strong demand for using the token on the eMusic platform and beyond.”
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