Digital music service eMusic has launched a digital token (eMU), creating a music ecosystem to the benefit of artists, fans, and music services.
The eMU is the first of many features that will bring life to eMusic’s vision of a fair and sustainable music ecosystem. B
ased on blockchain technology, the eMU is a secure, decentralized digital currency that makes payments to artists more efficient and transparent. It allows music artists to keep more of the royalties they earn for purchases and plays as well as real-time visibility into how their music is being consumed and by whom.
“Streaming has dramatically increased revenues and adoption, but the model has proven itself to be fundamentally flawed”, said Tamir Koch, President of eMusic. “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”.
From today, music fans can purchase eMU tokens on digital asset exchange Bibox, enabling them to buy their favorite songs and interact with their favorite artists directly on the eMusic service. Available at a base price of $0.39 per token, users are guaranteed that each token will always buy at least one song on the eMusic store.
Commenting on the listing, Guojie Liu, Managing Director at Bibox, 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.”