Vezt is the world's first blockchain-based music market which allows anyone to buy a portion of any song from any artist.
LOS ANGELES (PRWEB) October 31, 2017
Taking a next step forward toward the democratization of music, Vezt Inc. announced today that it had acquired a portion of the rights to songs recorded by artists including Kanye West, Drake, John Legend, and others. The songs will be listed on the platform in its public launch, currently projected for Q1 2018.
Vezt acquired a portion of the rights to songs including:
- “Devil In a New Dress” as recorded by Kanye West
- “Jodeci Freestyle” as recorded by Drake
- “Who Do We Think We Are” as recorded by John Legend
More acquired songs will be announced shortly on the company’s Twitter channel @veztinc.
Vezt is onboarding songs as part of the initial development of the app. The company anticipates new and existing artists and their teams will choose to leverage their own music rights directly once the app launches.
“Vezt lets music fans share ownership with artists in their favorite songs in a true democratization of music,” commented Vezt CEO Steve Stewart. “Vezt offers a true marketplace for songs and gives artists the opportunity to make a living and continue doing what they love most.”
Vezt gives artists and rights holders control over their new or existing songs and allows them to easily capitalize on their work by choosing portions of their songs to offer for sale to fans, rights-buyers, investors and brands.
Here’s a brief explanation of how it works:
- Artists and rights holders choose how much they’d like to raise from a part or fraction of their song, the reversion term, and set a date for the Initial Song Offering (ISO™).
- Rights-buyers on Vezt buy song rights during the ISO™, and the artists receive funds credited to their account immediately.
- The song rights information is encoded on Vezt’s blockchain.
- Song royalties are then collected from Performing Rights Organizations (“PROs”) in 137 countries as well as STEM.is, which aggregates digital performance royalties from Spotify, iTunes, YouTube, etc.
- Vezt then transfers those earnings back to the rights-buyers.
“We employ blockchain technology to track and collect royalty income transparently,” added CFO Robert Menendez. “By doing so, we’re creating a new marketplace for artists and their fans while also helping a vital legacy industry evolve.”
Links and more information can be found at the company’s website at https://vezt.co.
About Vezt Inc.
Vezt lets music fans share ownership with artists in their favorite songs. Founded in 2016, the company is headquartered in Los Angeles, California and has received funding from Binary Capital and principals of Global Trust Group. See the website http://www.vezt.co and Twitter profile @veztinc for more information.
Public Relations - Joel L Hadley
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Note to Editors
Co-Founders Steve Stewart and Robert Menendez are available for immediate interviews.