Milestone (AIM: MSG), the AIM and Social Stock Exchange quoted provider of digital media and technology solutions, announces that its technology partner, Nexstar, has signed a Joint Venture agreement (the "JV") with Self Made Limited ("Self Made"). Self Made is a recently incorporated company with a focus on music publishing. The objective of the JV 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 JV 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 JV 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.
Deborah White, CEO of Milestone 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 commented: "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."
Nexstar Music gives artists and independent labels all the tools they need to publish, distribute, and sell their music and promote their video's online whilst retaining 100% of their rights. The platform distributes into 193 countries, to over 120 online music stores, internet radio stations and streaming services such as iTunes, Apple Music, Amazon Music, Spotify, Tidal, iMusica and Deezer through the artist's tailored website built by Nexstar. The website can also provide access to many ancillary services such as the promotion and ticket sales for live events, merchandise, link to and embedded with social media, and provide analytics based on metrics such as downloads, streams, sales, and social media activity.
Publishing and distributing music using Nexstar's blockchain technology allows the artist to track where the music has been distributed globally in real time to ensure that royalties are paid quickly and securely, with the music protected against replication and illegal streaming through the cryptology associated with the technology. The blockchain can provide a solution for slow payment of royalties and security, which has been a significant problem for artists with legacy technology in the music industry.
Nexstar is among just a few innovators globally who have developed and continue to develop solutions utilising secure and sophisticated blockchain technology for applications both within and outside of the financial sector.
Blockchain is better known as the underlying technology of Bitcoin. It operates as a transparent ledger which records a permanent audit trail for transactions locking each transaction block to its predecessor and subsequent one in the chain, ensuring the content of the block is validated and secure.
For further information see http://moneyoip.com
For further information:
Milestone Group PLC
Tel: 020 7929 7826
Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray/Sandy Jamieson
Tel: 020 7213 0880
Hybridan LLP, Broker
Claire Louise Noyce
Tel: 020 3764 2341
Walbrook PR Limited, PR
Gary Middleton / Paul Cornelius
Tel: 020 7933 8780