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EMusic launches a token so artists can earn more

May 27, 2020

eMusic, the pioneering digital music store, has its own eMU token that allows musicians to earn more royalties.

According to an announcement from eMusic on May 26, the company released its token with the goal of creating a sustainable music ecosystem. The eMU crypto asset is a payment method that allows artists on the platform to keep more of the royalty they deserve mostly.

Company President Tamir Koch said streaming (or listening to music online) didn’t work well for artists:

“Streaming has dramatically increased sales and acceptance, but the model has proven to be fundamentally flawed. […] Artists barely receive a fraction of the royalties, while brokers take an ever larger piece of the cake. and the main services are still deficient. “

Transparent flow of royalties to artists

EMusic launches a token so artists can earn moreEMusic launches a token so artists can earn more

Koch said the eMU token created a new business model that would result in a fairer flow of money between fans, artists, and music services. An eMusic spokesman told Cointelegraph:

“The blockchain enables us to decentralize music distribution to free up more revenue for artists and offers unprecedented transparency about music consumption.” The nice thing about the eMU token is that it goes far beyond facilitating transactions;; to allows us to offer fans a range of direct features, including instant rewards, merchandise, bulk funding, and more“”

Tokens can be spent on music and they are guaranteed to be sufficient for at least one song. Fans who interact on the platform will be rewarded with tokens for things like sharing music and reviews.

Token They can also be used to fund an artist’s activitieslike a tour. In the long term, the token can also be added to third-party platforms.

Artists who offer their music on the platform receive 50% of the income they generate. Although this may seem like an unfair separation to some, the company said the usual agreements are much worse:

“Top music services pay for music based on revenue sharing, while artist payments are based on a per-use model. This means that you pay $ 9.99 when you listen to an artist on Spotify a month, Spotify spends 75%, but artists only see a small part of it“Right in the middle there are agents like collection agencies who pay artists for every song they play.”

TO eMusic, Launched in 1998, is known as one of the first Websites for selling DRM-free MP3 music recordings. According to the owner’s corporate data website, the company employs 278 people and has annual earnings of $ 65.7 million.

Will cryptocurrencies eliminate middlemen in the music industry?

Many believe that crypto assets have the potential to change the music industry significantly with its ability to eliminate the mediator. Independent marketing and public relations advisor Eric Doyle told Cointelegraph last year:

“With the ability to avoid taking a lot of profits, Musicians and listeners alike are starting to pay attention to how DLT can change the industry. For example, Tune.fm is a music streaming platform that uses a cryptocurrency (the JAM token) that is supported by the DLT Hedera hashgraph network. With JAM, musicians can automatically receive micropayments for every second of music transmitted. “

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