PHOTO
A woman wears VR glasses while the projection mapping is cast on a table and walls during its media preview at "TREE BY NAKED, yoyogi park" restaurant in Tokyo, Japan, July 19, 2018. This restaurant incorporates virtual reality, projection mapping, and music to enhance diners' enjoyment of their food. Image used for illustrative purpose.
JERUSALEM - U.S.-Israeli digital music store eMusic said on Tuesday it plans to raise $70 million to build a blockchain-based music distribution and royalty management platform to ensure artists and service providers get a fair share of revenues.
It will conduct in September a public presale for its eMusic utility digital-token that will be used in the platform.
The company said it has sold nearly 1 billion downloads from a song catalog of more than 26 million tracks over 20 years.
The blockchain platform will allow artists to publish and distribute music and manage rights and royalties. Once a song is uploaded and then played or sold, the revenue is split between the service provider and rights holder, eMusic said.
(Reporting by Steven Scheer) ((steven.scheer@thomsonreuters.com; +972 2 632 2210; Reuters Messaging: steven.scheer.thomsonreuters.com@reuters.net; Twitter: @StevenMScheer))
