July 31, 2018 / 11:44 AM / 20 days ago

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below