7digital Group PLC eMusic Live to offer NFTs (6510A)
June 03 2021 - 1:00AM
UK Regulatory
TIDM7DIG
RNS Number : 6510A
7digital Group PLC
03 June 2021
3 June 2021
7digital Group plc
("7digital" or "the Company")
7digital's Joint Venture, eMusic Live, Becomes First Music
Livestream Platform to Offer NFTs
Exclusive content to be provided alongside upcoming livestream
performance by The Aces
7digital (AIM: 7DIG), the global leader in B2B end-to-end
digital music solutions, is pleased to announce that its eMusic
Live joint venture will become the first music livestream platform
to offer artist NFTs (non-fungible tokens) alongside ticketed
events running on the platform.
The Aces , performing from Los Angeles' legendary Conway
Recording Studios as part of LA Pride on 15 June 2021, will become
the first band to offer NFTs on the platform. Three hundred (300)
tickets sold for the event will come with a free limited series
NFT. Additionally, the livestream will make use of the range of
other commercial and engagement tools available through eMusic
Live.
NFTs are digital collectibles that are created and sold using
the security of blockchain, a publicly accessible ledger which
tracks and records transactions. NFTs can be music, artwork,
tickets or other assets that are created, licensed and
authenticated by the artists. NFTs on the eMusic Live platform will
be available on the Ethereum sidechain Polygon (formerly Matic),
which will support the NFTs with minimal energy consumption making
it environmentally friendly.
Typically, fans participate in auctions for NFTs and the highest
bidders receive the content in a secure transaction. In these
exchanges, artists can auction off content and keep all of the
money raised as the transaction is conducted directly between the
artists and their fans. Fans are able to get a unique piece of
content (which can be authenticated through the security of
blockchain) and the artist is able to receive all of the net
proceeds of the sale post eMusic Live commission.
Paul Langworthy, CEO of 7digital, said: "We are pleased to see
that eMusic Live, our joint venture with eMusic, continues to
innovate and use cutting edge technology to support artists in
directly engaging with their fans. We were already giving artists
the only end-to-end monetisation platform offering engagement,
sponsorship, merchandising and direct chat experiences. By adding
NFTs - an industry first - we are leading the way in the evolution
of digital merchandising: allowing fans to own genuine content and
substantially increase artists' monetisation ability. We are happy
to have The Aces as the first band to bring NFTs to market on our
platform and we expect this new offer to attract other artists and
bands who wish to do the same."
Enquiries
7digital c/o 020 7618 9100
Paul Langworthy
Arden Partners (Nominated Adviser
and Broker)
Richard Johnson 020 7614 5900
Luther Pendragon (Financial PR) 020 7618 9100
Harry Chathli, Joe Quinlan 7digitalIR@luther.co.uk
About 7digital
7digital is the global leader in B2B end-to-end digital music
solutions, providing a scalable cloud-based platform that enables
companies and brands to connect to its global music catalogue and
rights management system to launch and manage unique and engaging
music experiences. Operating worldwide in over 80 markets and
integrated with more than 300,000 labels and publishers, 7digital's
platform automates the complex and time-consuming processes of
music management, making it easier to access and use music in
streaming services, social media, home fitness, gaming, retail and
more. With best-in-class infrastructure, deep industry expertise
and intelligence tools, 7digital empowers their clients to
innovate, grow and serve tomorrow's music consumer. For more
information, visit http://www.7digital.com/ .
About eMusic Live
In 2020, 7digital and eMusic launched their joint venture,
eMusic Live, which has fast become the most advanced commercial
livestream platform, offering end-to-end monetisation, engagement
opportunities, and sponsorship experiences for artists, artist
managers and venues around the world. Additionally, eMusic Live
provides tremendous value for brands for whom music plays a key
role in their engagement strategy or business model.
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