eMusic seeks to raise $70 million for blockchain music platform

JERUSALEM (Reuters) - U.S.-Israeli digital music store eMusic said on Tuesday it plans to raise $70 million to build a blockchain-based music distribution and royalty management platform to ensure artists and service providers get a fair share of revenues.

It will conduct in September a public presale for its eMusic utility digital-token that will be used in the platform.

The company said it has sold nearly 1 billion downloads from a song catalog of more than 26 million tracks over 20 years.

The blockchain platform will allow artists to publish and distribute music and manage rights and royalties. Once a song is uploaded and then played or sold, the revenue is split between the service provider and rights holder, eMusic said.

Reporting by Steven Scheer