Milestone, the AIM and Social Stock Exchange quoted provider of digital media and technology solutions, has announced that its technology partner, Nexstar, has signed a Joint Venture agreement with Self Made Limited. Self Made is a recently incorporated company with a focus on music publishing. The objective of the joint venture is to combine leading music artists with Nexstar’s music publishing and analytics platform which utilises blockchain technology to monetise and manage an artist’s intellectual property.
Nexstar will own 51% of the issued share capital of the joint venture with Self Made controlling the remainder. Self Made will supply artists for the publishing platform and Nexstar will provide its IP and knowledge within publishing and artist’s IP management utilising its blockchain technology to encrypt and distribute songs in a secure and trackable way.
The joint venture will be a 50:50 revenue share with revenue being generated from an initial set-up fee from the artist and an ongoing royalty payment of between 15% and 25% per each music transaction generated by users downloading or streaming tracks.
Nexstar is already publishing artists using blockchain, with the first artist being Ben Davies www.bendavismusic.com . This technology is now being made available as part of this new Joint Venture with Self Made.
CEO of Milestone, Deborah White commented: “Blockchain technology is a game changer for the music industry, which in 2014 saw digital music revenues surpass physical sales for the first time. Our Nexstar JV has developed the technology for use in the music industry, the joint venture with Self Made and their proven music industry experience will help further the Company’s development in this sector.”
Ellie Fitzgerald, Business Development for Self Made, remarked: “Self Made is a brand new platform that allows artists to self-release their music globally using Nexstar’s ground breaking technology all within a supported promotional structure. The Self Made founders have extensive contacts and a plethora of experience and key skills within the music industry including artist management, branding and artiste development.”