We reported earlier this year, somewhat sceptically, on digital-music service eMusic’s plans for a blockchain-powered relaunch. Now the company has given more details about how much money it’s planning to raise to fund its pivot to a ‘decentralised music distribution and royalty management system’.
eMusic says that it’s shooting for $70m in its token sale, which will kick off with a public pre-sale in September, followed by a token generation event (TGE, if you’re keeping track of these acronyms) straight after.
Cue rhetoric: “Today’s supply chain is full of blockers, middlemen and inefficiencies that create barriers for artists’ music to get from the studio to fans’ headphones. eMusic is going to fix this problem using an all-new blockchain platform that provides a more streamlined, transparent and autonomous structure benefiting all parties,” said CEO Tamir Koch.
The eMusic Utility Token (EMU for short – British readers of a certain age will do well to dispel visions of children’s TV star Rod Hull’s feathery antics at this point) is built on the Ethereum blockchain, and will be accepted as a form of payment for music on eMusic’s downloads store, but also “provided as reward for loyalty and referral, and used to access features like unlimited cloud storage and exclusive content”.