NEW YORK--(BUSINESS WIRE)--Digital music pioneer eMusic, the company that launched the first online store for MP3 downloads, today becomes the first major music service to launch a digital token (eMU), creating a unique opportunity to build a sustainable 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. Based 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.
By transacting in eMU, without intermediaries taking a cut or slowing down the process, fans know that the proceeds go directly to support the music they love. They will also be able to earn instant rewards from their favorite artists for normal fan behaviour, such as sharing music and reviews, and even crowdfund their favorite artist’s next tour. In the longer-term, the eMU token and blockchain platform will provide a revolutionary distribution alternative for artists. It will enable them to independently upload their own content to the eMusic store and elsewhere, giving them the control to build sustainable careers.
Bibox is one of the world’s leading sites for buying and trading digital tokens, with an average daily trading volume of more than US$500 million. The eMU tokens listed on Bibox can be purchased and traded in exchange for USDT. The eMU token is an ERC-20 standard token and is only available for purchase and use by non-US residents.
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.”
eMusic is the original digital music pioneer, serving over 50 million music fans since its creation in 1998. It has helped fans discover new music, artists and labels, and has sold nearly one billion downloads from a catalog of over 26 million tracks. Acquired by TriPlay Inc, the company relaunched as a full-featured digital music service in 2017 and is building a decentralized platform that runs on the eMU token to remove inefficiencies in music distribution and deliver fair pay for artists. The company is based in New York with offices in London. For more information, visit: https://www.emusic.com/
Bibox is the first A.I.-enhanced encrypted digital asset exchange. It has become one of the most popular platforms for cryptocurrency traders, blockchain heavyweights and its users since its launch in November 2017. The exchange operates in Europe, America, and Asia with a steady top-10 ranking and an average daily trading volume of more than US$500 million. Bibox's founding team is formed by top-tier Chinese blockchain giants. The team includes early bitcoin enthusiasts, adopters of blockchain, established serial entrepreneurs, professional securities traders, VCs, high-tech angel investors and one of the best AI experts in the industry.
eMusic tokens are not intended by eMusic to be an “investment opportunity” of any kind and should not be perceived as one by purchaser. They are not intended to be treated as a “security” in any jurisdiction and, by purchasing tokens, you acknowledge this position. Instead, eMusic tokens are simply software - computer code that you will store in electronic format and which will allow token purchasers to interact with and to take advantage of the many features that will be part of our new platform. eMusic tokens are part of our product - one which we are very proud of. By purchasing eMusic tokens, you will become part of our community and will be able to interact with others around the world who we hope will be using our platform. Additional important legal information and disclaimers can be found https://token.emusic.com/