NAPA VALLEY, Calif.–(BUSINESS WIRE)–April 18, 2017
Blockchain, Bitcoin, and token solutions company Tokenly announced today that it will launch its initial trial of Blockchain-based music service token.FM in early May and open a Series A round. token.FM is a direct-to-fan platform, the first to leverage Blockchain technology to address existing media challenges and empower the future of media distribution and fan relationships. Artists control their pricing, distribution, and revenue splits for streaming and sales, with more than 20 times the earning potential of today’s “major” streaming platforms. Fans can support artists directly, receiving true album ownership (i.e. the ability to collect, buy, lend, and resell) and exclusive access to artist chats or experiences, ticket or merchandise pre-sales, and more.
“token.FM is all about deepening the relationship between artists and fans while restoring the sense of music ownership that has been largely missing from the digital music experience,” said Adam B. Levine, CEO of Tokenly. “Now, artists can fully control the distribution of their music and see exactly who their most devoted fans are, rewarding them with exclusive perks. Meanwhile, fans enjoy full ownership of the music they purchase and a closer relationship with their favorite artists and fellow music lovers. In the end, it’s all thanks to the power of the Blockchain, which we are thrilled to take beyond the stage of conception and concretely apply to direct-to-fan music sales for the very first time.”
Using token.FM, artists can tokenize any number of songs into a digital package and set exactly the terms they want for that release, including pricing and quantity for limited/exclusive releases. They can also attach perks such as access to private chats, merch discounts, VIP experiences, and more. Fans who purchase an album via token.FM receive both true ownership of that album and its associated perks. Blockchain technology allows each sale to be identified directly allowing the music itself to serve as the key for access to exclusive opportunities with the artists they love. Media creators are reimbursed directly and transparently for all sales.
Singer/songwriter Tatiana Moroz is the first artist to utilize the token.FM platform, with her full catalog available as both MP3 downloads and “tokenized” albums. Those who purchase a tokenized album receive unlimited streaming rights to that album on token.FM as well as access to an exclusive chat room. Moroz also created a “Super Tatiana Fan” token that provides access to her full catalog, enabling her to set up album pre-sales or a backer subscription model. This Superfan token can provide access to a growing and changing library of media and perks over time. Those who do not wish to buy the album can stream its songs using token.FM’s jukebox-style credits. Songs can be streamed for free, 2.5 credits (about 2.5 cents), or another price set by the artist. Artists keep 80% of revenues from media streaming and sales, and nearly 98% from merchandise.
Illustration Photo: concert (Public Domain from Pixabay.com)