Blockchain-Crypto Start-Up UREEQA And Music Industry Innovator Kobalt Music Enter Agreement To Power UREEQA’s New Music Publishing Administration Services
Agreement enables creators to better manage and monetize their intellectual property, getting paid more quickly and fairly
Partnership bundles UREEQA’s IP protection services and NFT marketplace with Kobalt’s innovative KTech platform
UREEQA, a blockchain-crypto company that protects, manages and monetizes creative work, announced that it has reached an agreement with recognized music innovator, Kobalt Music, to utilize Kobalt’s one-of-a-kind intellectual property rights and content management platform to power UREEQA’s new music publishing administration(MPA) services that help creators better monetize their proprietary work.
With this agreement, creators can control their intellectual property (IP) like never before, allowing them to easily hash their copyrights directly to UREEQA’s blockchain-based platform at no charge, creating an immutable and immediate public record that can be leveraged on the non-fungible token (NFT) marketplace.
Through a new initiative, select music publishing administration clients can secure limited investment from UREEQA in exchange for a portion of their royalties. Songwriters/composers can receive their compensation in the form of cash or UREEQA tokens (Symbol: URQA). Should they opt to receive tokens as compensation, creators will be eligible to participate in UREEQA’s staking pools, which offer significant returns on investment. This could enable a creator to significantly grow their earnings – potentially by double-digit margins over just a few months – an opportunity unavailable from the traditional players in the industry. UREEQA intends to allocate a portion of any secured royalties to its newly formed “Emerging Creator Fund”, the proceeds of which will be used to bolster overall URQA token-holder value.
Commenting on the announcement, UREEQA Chief Executive Officer Kirk Fergusson said, “The primary focus at UREEQA is helping creators take control of how their work is managed and monetized. We want to ensure all artists – regardless of their chosen discipline or their role in the industry value chain – get paid their fair share and get paid faster. Kobalt has shared this mission for years, which is why our new arrangement is so powerful.”
Fergusson continued, “By leveraging our shared strengths, UREEQA and Kobalt will make the music industry more equitable and more rewarding for creators, giving artists, songwriters and composers the freedom, control and options to build their careers. We look forward to building out this new service in the months ahead.”
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Founded in 2000, Kobalt Music provides record label services to artists, receiving a share of revenues, while artists retain ownership of their master rights. Kobalt’s music services, combined with its innovative technology, offer a viable alternative to the traditional industry model. Kobalt is trusted by some of the world’s most well-recognized artists and represents more than 40% of Billboard’s top-100 songs and albums in the U.S.
Esteemed music industry veteran, Scot McCracken, has been selected to lead UREEQA’s new MPA division. With more than 25 years of experience in the music industry, McCracken has managed and worked with countless leading producers and musicians, including Black Eyed Peas, 98 Degrees and Fugees.
“UREEQA’s mission is very interesting to me – and powerful – because protecting artists has been something I’ve strived to do throughout my entire career,” said McCracken. “Now, with the establishment of the company’s new MPA division, we can deliver even more value and protection to songwriters and composers around the world – every day.”
“Songwriters and musicians have never had access to as many channels and platforms as they do today, yet they’re making less and less all the time,” said music and entertainment legend Harvey Mason Jr., who sits on UREEQA’s Board of Advisors. “Unfortunately, fraud and piracy are quite rampant right now – and the emergence of NFTs presents yet another vector for artists to be leery about,” he added. “My hope is that blockchain solutions like those offered by UREEQA can stem the tide and ultimately help artists protect their creations and earn the money to which they’re entitled.”
“UREEQA has managed to bridge the gap between music and blockchain technology,” said trending Canadian singer/songwriter and UREEQA collaborator, Maggie Szabo, whose hit single – “My Oh My” – is currently in heavy rotation on radio stations throughout Canada. “Through their new platform, I stake the copyright for the music I write, which protects me against piracy in the future. As an indie artist and songwriter, protecting my rights has always been very important to me and I love encouraging other artists to make sure they are handling their business properly.”