2 November 2024
Musicians Can Earn More Royalties With New eMU Token
Emusic is a digital music store that has launched eMU tokens for musicians to earn more royalties.
eMusic made an announcement on 26th May regarding the launch of the eMU token that will help in creating a sustainable music ecosystem. The eMU crypto asset is a payment mode specially designed for artists allowing them to keep more of the royalties they earn.
As per the president of eMusic firm, Tamir Koch, streaming had not worked out well for artists: “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 will help in creating a fairer flow of funds between fans, artists, and music services. One of the eMusic executives said, “Blockchain enables us to decentralize music distribution so that we can unlock more revenue for artists, and provides unparalleled transparency over music consumption. The beauty of the eMU token is that it goes far beyond facilitating transactions; it also makes it possible for us to offer a number of direct-to-fan features such as instant rewards, merchandise, crowdfunding and so much more.”
These tokens will be spent on music and also ensures to be enough for at least one song. Fans who are engaged on the platform will receive rewards as tokens for sharing music and reviews. eMU tokens will also be used for crowdfunding an artist’s activities, such as a tour.
Many in the industry believe that crypto assets or cryptocurrencies have a lot of potential to change the music industry with their ability to cut out the middleman.
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