The music industry is going through a lot of changes from the way we consume music to distribution and ownership. Now fans can now have a chance to own a part of their favorite artist’s songs. A new innovation in digital currency will offer fans a chance to buy a portion of their favorite tracks.
The Los Angeles-based company Vezt, who just completed their “ISO”- initial song offering last month gave 100 non-residents of the United States to own a portion of a Drake song with a 10 percent cap. The co-founder of the company, Steve Stewart said that it’s an immediate money generator and gives users a chance to invest some money and own pieces of their beloved songs. The first track to be offered was Drake’s “Jodeci (Freestyle( that features J. Cole and was released in 2013.
“We think that everybody who participates in the creation of music should be compensated and this is a direct way to monetize intellectual property for the creators,” stated Stewart.
The Toronto Star