Popular digital music store eMusic has just rolled out eMU, a token that allows artists to earn more money from royalties.
According to an announcement shared by eMusic yesterday, the company has decided to launch its own token with the aim of creating a sustainable music ecosystem.
The token, dubbed eMU, is a payment method designed to allow artists on the platform to earn more money from royalties.
eMusic president Tamir Koch said streaming is not working well for artists:
"Streaming has dramatically increased revenues and adoption, but the model has proven itself to be fundamentally flawed. 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."
For this reason, the company has decided to launch its own token to help artists. An eMusic spokesperson said:
"Blockchain enables us to decentralize music distribution so that we can unlock more revenue for artists, and provides unparalleled transparency over music consumption."
In addition, the eMU token does not only provide more profits to artists, but also enhances the overall experience in the platform by offering fans the possibility of receiving rewards. The system will encourage user participation, and users will be rewarded for sharing music or reviews.
Artists currently receive 50% of the revenue they generate.
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