As expected, B2B digital-music firm 7digital has appointed eMusic boss Tamir Koch to its board of directors, alongside entrepreneur David Lazarus. The move comes as the company tries to raise funding to stave off the threat of administration at the end of July.
Koch will be the non-executive chair of 7digital’s board, and has reiterated his ambitions to make the company a player in the blockchain-music ecosystem. “The company provides the perfect platform with which to partner and build the blockchain technology that we at eMusic have been working on over the past year. I envision blockchain as the way to align metadata within the industry, organise direct royalty payments, and create all-new economic models between fans and artists. I aim for 7digital to be at the forefront of those developments,” said Koch in a statement.
“Adding this new asset under the 7digital distribution services will give access to the Direct-to-Fan market, which is the fastest growing market in the industry, and enable monetisation of transactions on the blockchain. I further see 7digital’s business-to-business customer base as having access to the broadest range of catalogue, including exclusive content from artists who would wish to upload directly to the platform and use blockchain for rights and royalties.”
It’s ambitious, given the wider industry’s current scepticism around blockchain. That said, Koch and his colleagues’ immediate priority will be to secure the £6.5m funding that 7digital needs to stay out of administration.