eMusic Launches Digital eMU Token to Let Users Directly Support Artists
eMU Now Listed on Digital Exchange Bibox and Available to Use on eMusic’s Music Services
Digital music pioneer eMusic, the company that launched the first online store for MP3 downloads, becomes the first major music service to launch a digital token (eMU), creating a unique opportunity to build a sustainable music ecosystem to the benefit of artists, fans, and music services.
The eMU is the first of many features that will bring life to eMusic’s vision of a fair and sustainable music ecosystem. Based on blockchain technology, the eMU is a secure, decentralized digital currency that makes payments to artists more efficient and transparent. It allows music artists to keep more of the royalties they earn for purchases and plays as well as real-time visibility into how their music is being consumed and by whom.
“Streaming has dramatically increased revenues and adoption, but the model has proven itself to be fundamentally flawed”, said Tamir Koch, President of eMusic. “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”.
From today, music fans can purchase eMU tokens on digital asset exchange Bibox, enabling them to buy their favorite songs and interact with their favorite artists directly on the eMusic service. Available at a base price of $0.39 per token, users are guaranteed that each token will always buy at least one song on the eMusic store.
By transacting in eMU, without intermediaries taking a cut or slowing down the process, fans know that the proceeds go directly to support the music they love. They will also be able to earn instant rewards from their favorite artists for normal fan behaviour, such as sharing music and reviews, and even crowdfund their favorite artist’s next tour. In the longer-term, the eMU token and blockchain platform will provide a revolutionary distribution alternative for artists. It will enable them to independently upload their own content to the eMusic store and elsewhere, giving them the control to build sustainable careers.
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Bibox is one of the world’s leading sites for buying and trading digital tokens, with an average daily trading volume of more than US$500 million. The eMU tokens listed on Bibox can be purchased and traded in exchange for USDT. The eMU token is an ERC-20 standard token and is only available for purchase and use by non-US residents.
Commenting on the listing, Guojie Liu, Managing Director at Bibox, said: “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.”