Since the early 1900s, when music recording began, there has been a struggle on the cut of royalties between artists, right buyers and record labels. A great example of this is in 1981 when Tom Petty went head-to-head with MCA again in 1981 when the label pushed to sell his next album, “Hard Promises,” for $9.98 a piece which was full dollar more than the norm back then. Petty refused to release the record, stating that he wanted to keep costs down for his fans. He eventually won the battle but what a huge waste of time and energy. I am told till this day some artists still fall victim to a smaller cut of the royalties for their own work. Isn’t there a better way to make this all an easier process for both artist and right buyers?
Introducing Vezt Music App!
Vezt Music app is a new platform that gives artists and rights holders control over their new or existing songs. Vezt Music app allows them to easily capitalize on their work by choosing portions of their songs to offer for sale to fans, friends, rights-buyers and brands. The Vezt Music app platform employs blockchain technology to track and collect royalty income transparently.
How does Vezt work?
- 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 (including fans, music professionals and brands) 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 around the world, as well as STEM, which aggregates digital performance royalties from Spotify, iTunes, YouTube, Pandora, etc.
- Vezt transfers those earnings back to the artists and rights-buyers.
Using Vezt creates a new marketplace, with no limits on new and established music artists will create. Their goal is a fully-functional MVP by the end of Q4 2017. For more information about Vezt click here.
Though not launched to the public yet the Vezt Music App was used in the Style Artist Lounge during Art Basel, Miami. The Style Lounge attendees included recording artists, DJ’s, celebrity entourages and fans; a perfect group to introduce the Vezt Music App.
The Vezt Music app took over Style Lounge’s opening night, hosting Dre, of Cool & Dre’s private birthday celebration. Notable persons in attendance included Fat Joe, Derrick Adams, Hank Willis Thomas, Shawn “Pecas” Costner and more.
Vezt was a huge success during the Style Artist Lounge during Art Basel, Miami event and a great venue to introduce this new platform.
Below is the official recap written by Carley Schumann and Style Fashion Week on the Style Artist Lounge during Art Basel including a recap of Vezt at the event.
Throughout the four day event series, which took place at the newly renovated MiaBea House, attendees could view exclusive art installations by some of Miami’s top upcoming artists including: Adam Thompson, abibi.k, Robert Young, Mike Habs, Stephen Gamson, UncuttArt, JohnBorn and Marlyn Sasson in addition to work from Los Angeles-based Moncho1929, Laurent Proneur, Mr. Clever Art, Suzanne Currie, NulSMS and others. The Style Artist Lounge was additionally home to a brunch in support of the Rush Arts Foundation, hosted by Merrill Lynch—Angela Simmons, amongst others were noted in the influential crowd. Notorious Pink Rosè could be found in the glasses of artists, designers, socialites and guests throughout the weekend.
Vezt Music App filled the Style Artist Lounge with incredible recording artists, DJ’s, celebrity entourages and fans. The music app took over Style Artist Lounge’s opening night, hosting Dre, of Cool & Dre’s private birthday celebration. Notable persons in attendance included Fat Joe, Derrick Adams, Hank Willis Thomas, Shawn “Pecas” Costner and more. Throughout the weekend, performances by DJ’s Mark Ronson, Clark Kent, Tony Touch and Rich Medina drew a high-profile crowd.
The Style Artist Lounge was also home to incredible debut fashion presentations by Char Loves Swimwear, Poseidon Society and Andre Emery. Chelsea Pereira’s Poseidon Society is the first jewelry collection for you and your dog. All of the jewelry is crafted with fine metals, diamonds and Swarovski crystals. The launch brought out an star-studded crowd, Tyson Bedford amongst others were noted in attendance. Celebrity designer, Andre Emery debuted his Scarface-themed collection on Saturday night. The presentation was styled by international model, Slick Woods. The Style Artist Lounge Art Basel events saw an incredible turn out of musicians, designers, artists and entrepreneurs. Stay tuned for upcoming events at www.stylefashionweek.com and learn more about Vezt here: vezt.co.
Source: Style Fashion Week, Vezt, Wikipedia
Photo Credit: Eva-Maria Guggenberger | EMG Photography