Vezt, a cryptocurrency music company is the latest entrant seeking to securitize music ownership and has announced its Initial Song Offering program that will allow investors to take a stake in a song and its future royalties.
"We're very excited to welcome music fans to take part in this fun and innovative new form of music ownership," says Vezt CEO Steve Stewart. "This isn't like streaming or downloading a single track. These fans will actually own a piece of the song and be entitled to royalties that the song generates over the next 3 years."
The first song to be treated to such an ISO will be Drake's "Jodeci (Freestyle)." On November 16th, prospective investors will be able to use Vezt's cryptocurrency (you apparently can't use cash) to buy a portion of 10% of the rights to the Drake's hit. Song royalties are then collected from Performing Rights Organizations, as well as STEM.is, which aggregates digital performance royalties from services such as Spotify, iTunes, YouTube, and Pandora with the investor collecting a pro-rated share of the proceeds based on their initial investment.
via CelebrityAccess
