27th November – eMusic, a champion of independent artists and labels since 1998, has announced the token sale for its new eMusic Token (eMU) will open to the public on 26th November.
Funds from the sale will be used for development of the eMusic Blockchain project, the first-of-its-kind music distribution and payments platform that will fairly pay artists in a fully transparent manner and connect them directly to fans for the promotion of music, live events, and merchandising as well as crowdfunding.
eMusic has been a leading provider of independent music for over 20 years, with nearly 50 million customers served and one billion downloads purchased. It is the first major music service to fully embrace blockchain as a means of fixing the music industry’s broken supply chain.
“As a proven digital music service provider, eMusic understands the problems in today’s music industry and has the fundamental experience to provide innovative solutions that create new opportunities and real economic value for fans, artists and music services,” said Tamir Koch, CEO of eMusic. “Our blockchain project will allow artists to retain ownership of their music, while also drastically reducing overhead costs required in distributing music and getting royalties for purchases and plays, which means artists will be able to receive faster payments with a better split of profits.”
The blockchain-based platform will be fuelled by the eMU Token, which will benefit both artists and fans. As soon as eMU Tokens are available, music lovers can use them to purchase music from the eMusic retail store and access token features and benefits like exclusive content, special discounts, live events, and musical sneak peeks. Artists can use eMU Tokens to incentivise fans to purchase music and merchandise or reward loyalty and promotion. Fans will also get the rare opportunity to be involved in the music making process by using EMU tokens to crowdfund projects from their favourite artists.
“eMusic’s goal is to develop a sustainable music ecosystem that benefits artists, fans and the platforms that serve them, and we believe the eMU Token will drive this new economy,” stated Koch. “The eMU Token provides fans access to a catalogue of over 26 million of the best independent music tracks at the best prices, while providing more revenue for the artists on the platform.”
eMusic will require potential buyers to pass a Know Your Customer (KYC) check and verify residency before purchasing any eMU Tokens. Currently, the tokens are not being offered or sold to US residents.
To learn more, please visit: token.emusic.com. This notice does not constitute an offer of securities for sale and the tokens have not been registered as securities under the US Securities Act of 1933, as amended, or any state securities laws.
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