Place/Date: New York, New York - July 11th, 2017 at 9:58 am UTC · 5 min read
Contact: Meghan Merriman, Source: Musiconomi
Musiconomi, the blockchain-based music ecosystem introduces a new approach in music economy that works for all participants (artists, users, industry experts). Today they have announced a public crowdsale for its token Musiconomi (MCI), commencing July 28, 2017 at 11 am EDT and concluding August 28, 2017 with a minimum threshold of $6 million USD and a maximum cap of $18 million USD. The MCI token will grant users the access to different features and tools within the platform. Musiconomi is the second startup to pass through Cofound.it’s crowdsale incubation program and will leverage its Priority Pass mechanism as a part of the sale.
Musiconomi Chief Organizer Elio-David Di Iorio said: “Musiconomi is a blockchain-based platform, which in addition to being a world-class streaming service, encourages musicians, fans and industry experts to share, collaborate, and participate by offering immediate payment.”
“The legacy music industry is hampered by the number of intermediaries taking significant portions of revenue and leaving artists with just a small fraction as well as little visibility into the process and no way of verifying that they were justly compensated. Given the global scale and annual revenue of the music market, many artists can be discouraged by how little reward they personally receive. Musiconomi, which makes all transactions visible via the blockchain, offers unprecedented transparency to the industry and removes intermediaries, rewarding artists and experts more fairly for their work,” he added.
“Unlike traditional music streaming services like Spotify, Google Music, and Pandora, Musiconomi is built to include non-musicians to participate directly in the music economy. Musiconomi’s initial focus will also be on independent musicians and micro-labels, which are currently not well-served by the traditional music industry. By empowering anyone, located anywhere in the world to participate, Musiconomi will disrupt the growing $15.7 billion music industry.” Di Iorio said.
In addition to enabling musicians to release their work, create simplified licenses, and get paid directly and immediately for each play, Musiconomi also incentivizes users to share tracks socially by rewarding them with Musicoin currency. Each artist is in complete control of determining the reward for their albums and tracks, letting them choose between higher revenue or more promotion at the granularity of an individual track.
Entrepreneurial music enthusiasts, such as marketers and audio technicians, are also able to use the platform to provide and be compensated for their expertise. MCI token holders will gain access to the Musiconomi platform’s plethora of features including playlists, radio streaming, virtual merchandise and ticket storefronts.
Musiconomi is an expansion of the platform built by the Musicoin Project which has already successfully launched a cryptocurrency and beta Musicoin platform with more than 4,200 users. Musiconomi will run on the established Musicoin blockchain and use smart contracts to automate the collection and disbursement of payments to musicians each time a song is played.
Musiconomi’s Board of Advisors includes leaders in blockchain technology space and the music industry such as Addison Cameron-Huff, a Blockchain Law Advisor specializing in technology law for Internet-based software companies in bitcoin and blockchain; Cybersecurity, AML and Compliance Specialist Erin Taylor, who specializes in Human Resource Management; Business Development and Legal Advisor Jeff Dennis, who brings experience in counselling fast-growth companies on strategy and finance; Copyright and Licensing Specialist Eden Dhaliwal, a leading entrepreneur and blockchain strategist; Business Partnership Development Lead Anthony Di Iorio, a thought leader in the decentralized technology industry who serves as CEO and Founder of Jaxx and Decentral, and was a Co-Founder of Ethereum; Music industry expert Mike Turner, also a founding member of rock band Our Lady Peace (OLP), who have sold more than 5 million records worldwide; and International Music Consultant Tristan Keyte, an expert in music production management and entertainment.
Musiconomi Chief Organizer Elio-David Di Iorio said: “Our experience of building the Musicoin platform gave us a strong sense of how empowering and transformative blockchain technology can be. We have seen a tremendous appetite for the solution that Musiconomi represents, and we have also seen that the potentials are truly infinite. Bringing the financial resources to our strong team of founders, advisors and partners, and with the support of a talented, diverse and passionate community of artists and music enthusiasts, we are confident we can deliver on facilitating a new music economy that works for everyone.”
A total of 100,000,000 MCI tokens can be distributed in the crowdsale, and funds raised will be used to drive the development, expansion, and adoption of the platform. 70% will be going to development, 21% to marketing and PR, and 9% to administrative, legal, and overhead over the first 24 months.
Supporters can participate in the Musiconomi crowdsale with Ethereum (ETH).
The Musiconomi project is to build a creative environment that enables musicians to exercise control over their content rights and revenue streams by empowering a community of artists, listeners and entrepreneurial music enthusiasts anywhere in the world to create and exchange value in a transparent and timely manner.
Using the latest in blockchain technology, the Musiconomi model will allow musicians to incentivize listeners to promote and share music, while retaining control of their revenue, thereby creating new music economy that inspires growth and rewards all users efficiently and appropriately.