NASHVILLE, Tenn., June 29, 2022 (GLOBE NEWSWIRE) -- Labelcoin announces a new app to change reality and put an end to artistic poverty. The company's CEO, Mark Miller, is a former recording artist and founder of Brave Enough Entertainment. Labelcoin's co-founder Chad Petterson, is a former Wall Street investment banker, venture capital investor, and the founder of Nashville's music non-profit Hope-20.
The two had been working together to strategize how to help musicians pull through COVID when Petterson shared an idea he had been mulling - securitizing an artist's career. What if they could find a way to bring years of future earnings to the present? This ignited the imagination of Miller. Instead of focusing on the whole career, they should make songs investable to the average fan and leverage the advances of blockchain technology.
Music SASS pioneer John Platillero was fresh off his successful exit as founder of Eventbooking.com and quickly joined the co-founders' circle, bringing his experience in software development for the top tiers of the music industry and pre-seed capital. Not long after, Ari Herstand, the "Poster child of Indie Music" (Forbes), joined the growing Advisory Board and it hasn't slowed down since.
"For an artist, this changes everything," shared Mark Miller. "No more fan handling to fund every album, no more second jobs, and for the first time - real access for thousands more hard working musicians to make a living wage that provides for their families as they make and perform the soundtracks to our lives."
Labelcoin is a revolutionary song exchange platform that is truly unlike any other and positioned for long-term success. From its genesis, the Labelcoin team has been determined to look after the best interests of everyone involved - artists, fans, investors, and the music industry. The platform allows artists to sell digital streaming royalties (paid by companies like Spotify and Apple Music) to fans, making years of future income now. The fans earn dividends from the song royalties and have the ability to resell their song shares, called Notes, within the Labelcoin app. Labelcoin uses current song catalog sale valuation formulas meshed with available data like follower activity, tour history, and team composition to estimate the value of songs, while showing fans how many average listens a song would take to earn a set APY% return. Innovative features, such as Curated Collections (song mutual funds), enable more investment opportunities while creating revenue streams for curators, such as music bloggers or venues. As for longevity, every song is a registered security with the SEC through their partnership with the Dalmore Group.
Built on Web3 technology, Labelcoin ushers in a new era of the music industry that expands the earning capacity of every song uploaded on the platform. Much like how modern-day digital finance works, this emerging brand stands as the Robinhood of music, opening doors of opportunities and stamping out poverty every step, by allowing artists to have creative control and economic freedom.