LOS ANGELES (CelebrityAccess) – MusicLife announced today (Aug. 27) that it has closed a $5 million Series A investment, led by Metropolis VC.
Since launching back in June, over 600,000 people have signed up to use MusicLife’s blockchain exchange, which essentially allows fans to own “stocks” of songs and purchase music. The idea is that every shareholder can earn dividends directly from their song shares. The company now boasts some 30 million users.
Commenting on the recent investment, Dr. Kaiming Liu, founder and chairman of MusicLife, said: “We’re thrilled to be working with Metropolis VC to achieve our vision of decentralizing the music industry. The music industry is currently dominated by giants, burdened by copyright restrictions, and lacking fairness and transparency for artists. MusicLife will funnel more profit to artists while giving fans the opportunity to become song owners.”
“MusicLife is an amazing platform that has the potential to completely change the economy of music,” added BMAN Lee, founding partner of Metropolis VC. “MusicLife’s team has an impressive track record in the music and blockchain spaces and we feel privileged to join them on their journey to improve every aspect of the music industry.”
MusicLife has also developed a model which lets users mine cryptocurrency by simply listening to a song on connected musical hardware. Musical wearables can connect to MusicLife through an SDK which allows the hardware to collect listening data and establishes MusicLife’s song prices. In exchange for their listening data, users who opt-in will earn MitCoin (MITC) directly, effectively mining cryptocurrency by listening to music.
To learn more about MusicLife, visit: http://www.musiclife.io/