eMusic has announced the launch of its eMU digital token.
eMusic is a music and audiobook store founded in New York City in 1988 under the name of GoodNoise Records and later became an online subscription platform for downloading music in MP3 format.
It was one of the first websites in the world to sell MP3 without DRM.
The launch of the eMU token is designed so that users can directly support artists.
The tokens can be purchased on the Bibox digital asset exchange, for now only for non-US users, and can then be used to buy songs and interact directly with artists on the eMusic service.
The basic purchase price is $0.39 per token, and users who buy them are guaranteed that with each token they can always buy at least one song in the online store.
eMU tokens can be purchased and traded for USDT, while the eMU token itself is in ERC20 format.
Transactions made in eMU have no middlemen, so they are direct and immediate, with proceeds from the purchase of the songs being distributed directly to the artists.
The long term goal is to make the eMU token and its future blockchain platform an alternative to traditional distribution services for artists’ tracks, because it will allow them to upload their own content within the eMusic online store, and elsewhere, giving them full control over it.
eMusic has always been a true pioneer of digital online music and considers the eMU token the first of many features that will create a new vision of a fair and sustainable music ecosystem.
This will allow artists to retain a greater share of royalties, have direct visibility on sales and have full control over their productions.
eMusic president Tamir Koch said:
“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. 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”.
Bibox CEO Guojie Liu commented:
“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”.