EMusic Introduces Token for the Benefits of Musicians

EMusic has introduced a token that will help musicians get more revenue for their songs.

EMusic, a leading online store for music has launched the eMU token for musicians to earn more royalties.

EMusic made this known on May 26 when they pledged their allegiance to improve the music industry. Music lovers visiting EMusic can pay for the songs they like using the token.

EMusic’s head, Tamir Koch, was bothered that musicians have not benefited well from streaming. He said:

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

 He further expressed his concerns that musicians were getting less than what they deserved for their hard work: “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.”

Musicians can track the royalties they get

With the eMU token, everyone on the EMusic platform can monitor how funds are distributed. Someone from eMusic said:

“Blockchain enables us to decentralize music distribution so that we can unlock more revenue for artists, and provides unparalleled transparency over music consumption. The beauty of the eMU token is that it goes far beyond facilitating transactions; it also makes it possible for us to offer a number of direct-to-fan features such as instant rewards, merchandise, crowdfunding and so much more.”

The tokens are for listening to songs and platform users who discuss about the songs they have listened to will also get paid.

The eMU can also be used to support artists’ upcoming events. There is hope that soon, eMU will be available on third party platforms.

Artists looking forward to earning eMU tokens from their songs will have to agree with a 50-50 split in revenue their songs generate. This may sound unfair but EMusic is saying this is one of the best offers one can get in the industry. A representative of eMusic said:

 “Major music services are paying for the music based on revenue share, while payouts to artists are based on a per use model. This means that if you are listening to an artist on Spotify and you are paying $9.99 for the month, Spotify pays out seventy-five percent, but the artists see only a small portion of that. In the middle, you have intermediaries such as collection agencies paying out on a per-play basis to artists.”

EMusic started business in 1998. The firm is worth $65.7 million and has staff strength of 278.

Will cryptocurrencies reduce middlemen in the music industry?

There are people who are of the opinion that cryptocurrencies will cut the number of middlemen in the music industry. One of them is Eric Doyle, a consultant in Public Relations, who once said:

“With the ability to bypass much of the profit-taking, musicians and listeners alike are beginning to turn their attention to the ways DLT can change the industry. For example, Tune.fm is a music streaming platform that uses a cryptocurrency (the JAM token) powered by the DLT network Hedera Hashgraph. JAM enables musicians to automatically receive micropayments for every second of music streamed.”

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