Startup to Launch Blockchain-Based Investment Platform for Music Royalties
Luxembourg-based startup ANote Music will launch a blockchain-based platform that enables its users to fund in music royalties on July 28. In a declaration on June 4, CEO and co-founder at ANote Music Marzio Schena said in a statement that the platform intends to “bridge the gap between the music industry and capital markets.”
The platform reportedly supports artists, publishers, record labels, and songwriters become financially independent by enabling them to access funding by royalty sales. After funding, users gain a share of rights and can trade them with others on the platform at prices determined by supply and demand. Schena said in a statement, “Our goal is to unlock the hidden value in music for both investors and artists by creating a stock-exchange platform for music investments. We are excited to be the pioneer of alternative investments while revolutionizing traditional systems within the music industry.”
ANote Music chief technology officer Grégoire Mathonet said in a statement that the firm determined to utilize blockchain technology for the platform to assure transparency and traceability for its users. He said, “All these records are saved on a private Ethereum network, regularly backported to the main Ethereum network, which is the mechanism of plasma chains.”
Irma Records to sell royalties on-chain
As per the declaration, Anote Music inked a deal with Italian label Irma Records to start 200,000 euros in shares on the platform. Mathonet said in a statement, “With Irma Records, we bring a mature and solid investable asset to the early users of ANote Music. At the same time, it provides a good benchmark of the kind of music catalogues our audience can expect to find and invest in on the ANote Music Platform, once we have officially launched.”
Irma Records was established in Bologna, Italy, in 1988. Mathonet added that now the firm has offices in Japan and the United States. He also appreciated Irma Records’ track record:
“Irma Records has had consistent, and protected royalty flows with a remarkably stable profile of royalty payments, with a standard deviation of just 3.8% over the past five years. It has been generating an average income of over €230,000 annually from music royalties between 2014 and 2019.” Currently, the digital music store eMusic launched its token, which it claims will help musicians earn more through their activities.
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