MusicLife: $5m raised for blockchain-based "music exchange ecosystem"
Singapore-based startup MusicLife just announed it raised a $5m Series A funding round led by Metropolis VC.
The company is, indeed, building a “blockchain music exchange ecosystem” with an increasingly-familiar business model: enabling fans to buy equity in songs and earn dividends from that ownership. As Musically explains, the twist is the promise that users can “mine cryptocurrency by listening to songs on musical wearables”.
“On MusicLife, music holders (artists or record companies) can license their copyrighted music to the platform where it will be free to listen to until it hits 50,000 plays. Once a song reaches this threshold, an AI-powered mechanism will set a price for it based off frequency of plays and create a MusicToken”, explains the startup. “MusicTokens represent the property rights of songs and are split into multiple shares. Music holders will own 95 percent of shares and MusicLife will own five percent of shares. Fans will have the opportunity to purchase up to 45 percent of existing shares from music holders”.