The music industry has been troubled by the disruptions caused by the internet. After the glory days of selling many vinyl’s and discs the music industry didn’t know what to do when the industry shifted from physical distribution to digital. When sites like megaupload gave users the ability to share their mp3’s, other users took advantage of it. These users typically shared more of the music that they had so they could gain access to more music on these platforms. These actions over time created a snowball of sharing which ate away profits from the music industry. Then Apple came out with itunes and ipod’s. This may have stemmed the bleeding for a while but the sharing sites and being able to access songs for free still didn’t go away. Although, revenues weren’t as great as they were originally. Now, we have Spotify, Tidal and a variety of other streaming platforms which allow the user to sign up and pay a monthly fee and access content to their heart’s delight. Yet, alas, this still hasn’t truly fixed the problem of how do artists capture the sorts of revenues that they were able to, in the past?
“We believe that music is one of the few mediums that can literally transform life. It can provide solace and comfort to those hurting or in need, joy and excitement to an experience or event, and even has the ability to transcend time and space with the emotional nostalgia that hearing a favorite song can trigger in one’s mind. It’s powerful and magic and we think it’s worthy of our efforts to provide its creators with the ability to be fairly and transparently compensated for their work and talent.”
– Co-founders Steve Stewart and Robert Menendez
This is where VEZT comes in.
Vezt lets artists choose portions of their songs to offer for sale to fans, friends, rights-buyers and brands, through an app-based platform that employs blockchain technology to track and collect royalty income. Fractional song monetization for artists through Initial Song Offerings (ISO™). Social media sharing of both artist and rights-buyers activity and playlists. Their royalty tracking and collection in 137 countries around the world allows fans, rights-buyers and brands to buy rights across a wide variety of songs and playlists.
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Vezt lets artists choose which portions of their songs to offer for sale to fans, friends, rights-buyers and brands in a monetization process called an Initial Song Offering™ (ISO). On the back-end, Vezt provides tracking and royalty collection on all ownership interests through its blockchain-based smart contract technology. Earnings are received quickly and transparently.
Wait. What’s an ISO ?
Here’s a breakdown of how an Initial Song Offering works.
- The artist selects a song and chooses the ISO date. They choose how much of their rights to raise (ex. $10,000 for 10% of their songwriter rights), and the reversion term (3 years, 5 years, 10 year, or in perpetuity).
- Rights-buyers on the Vezt platform ( fans, music professionals and brands), buy the rights during the ISO. The artist receives the funds immediately.
- The song rights information is encoded on the Vezt blockchain and royalties are collected from both Performing Rights Organizations (“PROs”) in 137 countries around the world. They will also utilize stem.is to keep track of royalites, STEM.is, a service which aggregates digital performance royalties from streaming services such as Spotify, iTunes, YouTube, Pandora, etc. Vezt registers the rights with PROs and digital platforms, and pays them through to artists and rights-buyers.
Q3 2017 – Finalize integration of the blockchain
Q4 2017 – Onboard 3 artists on to the platform.
Q1 2018 – Beta Launch, add selected artists and rights buyers, product testing and improvements
Q2 2018 – Release the platform to all artists and rights buyers
Vezt Inc. is a Delaware state domiciled C corporation, headquartered in Los Angeles, CA. We incorporated in early 2017, and have received pre-seed funding from venture capital ﬁrms and individual rights-buyers, including Binary Capital and Global Trust Group. We have opened ofﬁces in Los Angeles, CA and Atlanta, GA.
Vezt was cofounded by Steve Stewart and Robert Menendez (see their bios under “About Us”). We have assembled a talented team of engineering and design teams with deep backgrounds in blockchain, UX/UI, and design. In addition, we have tapped a number of successful and highly experienced advisors for their expertise and input. All are working in concert to build the most robust and successful platform possible.
- Start date: November 4 at 0400 UTC
- ERC20 Token (Ethereum-based)
- Maximum hard cap of $15MM USD
- Tokens are issued and transferable by buyers, after completion of the TGE and token audit
- Escrow in an Ethereum multisig 3/4 wallet
- Token name: Vezt
- Token symbol: VZT
- 100% of each TGE purchaser’s VZT tokens can used on the platform to purchase song IP, after the launch of the platform
Funds will be used to further software development (including back-end API and blockchain development and integration, node development and integration), international expansion, marketing/business development, legal /accounting, operational expenses and customer service costs
- Token allocation (estimated): 50% sold in Private & Public Token Generating Event, 35% held by Vezt Inc. for platform development, 10% reserved for partnerships, marketing & PR, etc., 5% for Advisors & Consultants
See more info here