eMusic has become the first major music service to launch a digital token (eMU), to help build a sustainable music ecosystem for artists, fans, and music services. 

A digital music pioneer, New York-based eMusic was founded in 1998 and is famous for launching the world’s first online store for MP3 downloads. Now it has launched the eMU decentralised digital currency, to make payments to artists more efficient and transparent. 

According to the company, the blockchain-based system will remove the need for intermediaries, allowing music artists to keep more of the royalties they earn for purchases, and provide real-time visibility into how their music is being consumed and by whom. 

Discussing the token President of eMusic, Tamir Koch, said:

“Streaming has dramatically increased revenues and adoption, but the model has proven itself to be fundamentally flawed. 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”.

eMU tokens can now be purchased on digital asset exchange Bibox, at a base price of $0.39 per token. Users are guaranteed that each token will always buy at least one song from the eMusic store. 

Commenting on the listing Managing Director at Bibox, Guojie Liu, said:

“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.”

Fans will also be able to earn instant rewards from their favourite artists for engagement, such as sharing music and reviews, and even help crowdfund artists’ tours. 

The eMU token and blockchain platform are also intended to help artists to build sustainable careers, allowing them to independently upload their own content to the eMusic store and elsewhere. 

AYO.NEWS says:

Several companies are harnessing blockchain to enable more transparency and efficiency for music rights management and royalty collection. 

In January we reported London-based Ditto Music had announced the launch of Bluebox – a blockchain-based recording solution, while last year Bitfury Surround partnered with music rights management company SoundVault, to improve creative opportunities with blockchain and AI. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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