Digital music retailer eMusic has opened the sale of its eMusic Token (eMU) to the public today (November 26).
Funds from the eMU Token sale will be used for development of the eMusic Blockchain project, a music distribution and payments platform.
eMusic launched in 1998 as one of the first digital music stores.
eMusic relaunched in May 2017 as a subscription-based music download store after being acquired by TriPlay Inc.
As soon as eMU Tokens are available, they can be used to purchase music from the eMusic retail store and access token features and benefits like exclusive content, special discounts and live events.
Artists can use eMU Tokens to incentivize fans to purchase music and merchandise or reward loyalty and promotion.
Artists can also crowdfund the music making process can also be crowdfunded by using EMU tokens.
eMusic will require potential buyers to pass a Know Your Customer (KYC) check and verify residency before purchasing any eMU Tokens. Currently, the tokens are not being offered or sold to US residents.
“eMusic’s goal is to develop a sustainable music ecosystem that benefits artists, fans and the platforms that serve them, and we believe the eMU Token will drive this new economy.”
Tamir Koch, eMusic
Tamir Koch, CEO of eMusic said: “As a proven digital music service provider, eMusic understands the problems in today’s music industry and has the fundamental experience to provide innovative solutions that create new opportunities and real economic value for fans, artists and music services.
“Our blockchain project will allow artists to retain ownership of their music, while also drastically reducing overhead costs required in distributing music and getting royalties for purchases and plays, which means artists will be able to receive faster payments with a better split of profits.
“eMusic’s goal is to develop a sustainable music ecosystem that benefits artists, fans and the platforms that serve them, and we believe the eMU Token will drive this new economy.
“The eMU Token provides fans access to a catalog of over 26 million of the best independent music tracks at the best prices, while providing more revenue for the artists on the platform.”Music Business Worldwide