Djooky, a music and fintech startup, has launched a new platform for fans to invest in music rights.
DjookyX is, at this very moment of reporting, is being built on the growing interest of asset class in music. Offering a means for music creators and rights-holders to finance their projects. And also allowing fans to purchase rights and benefit from future royalties.
According to Djooky’s release, the music rights investment platform would come directly from fans and the status of a primary marketplace. Visited mainly by music creators and record labels with identified assets in the format of a song and/or recording. Whoever creates the lyrics or scores get paid at auction format. Perhaps, at even at keeping ownership of copyrighted work.
Users a.k.a fans can invest in the artist’s cost, covering activities such as recording sessions, marketing campaigns, and producing music videos.
The bidding follows a Dutch auction process, with the final price paid by successful bidders.
Once it is purchased, the rights to the musical work will be clearly shown in an online wallet for each user.
All transactions are held in escrow by independent payment solution provider Mangopay, for financial accounting purposes protecting it from fraud. Providing just the right reason for global investors to open their eyes towards the music industry. An industry that continues to beg for much-needed modern approaches to tackling music business reformation in a digital age.
This idea comes with plans to launch new music professions including Dominik Jesz from Germany, Yuni Marimba from South Korea, Blad P2A from the Solomon Islands, and Loulia Esteves from France.
Djooky Music Awards’ first winner Gina Brooklyn from the USA is next.
Djooky is also set to launch a secondary marketplace early next year. This will offer a platform for fans to trade music rights purchased on the primary marketplace, further driving engagement within artists’ fanbases. Both marketplaces are run by Germany-based Djooky and have received approval from the country’s Federal Financial Supervisory Authority (BaFin).
With its core team operating across Los Angeles, Berlin, London, and Kyiv, and including multi-platinum US producer Brian Malouf (Madonna, Michael Jackson), Djooky also runs the Djooky Music Awards – a global online song contest, which launched in July 2020. This has since attracted nominations from over 140 countries, as well as voting registrations from 150,000 music fans.
Artist at DjookyX include Guill Daniel, NicoHunnidz_SA, Dominikjesz, Loulia.Esteves, Yunimarimba, Khaleesi, and more.
Stefan Eghbalian, Djooky co-founder and head of corporate strategy, added: “By fostering a more diverse and inclusive community within the music industry, the DjookyX marketplace facilitates an interactive space where music lovers can be directly involved in creating the next big hit.”
What is DjookyX? Click here.