15 Nov, 2017, 09:00 ET
Fans and Artists Share Ownership and Royalties in Revolutionary Initial Song Offering™
LOS ANGELES, Nov. 15, 2017 /CNW/ -- The future of music ownership has arrived and we invite you to be a part of history. Beginning on November 16th at 9:00 AM UTC, music fans outside the United States will have an opportunity to own a portion of the rights to the legendary song "Jodeci Freestyle" as recorded by Drake. By participating in the the Initial Song Offering™ (ISO), (the company's innovative new monetization process), music fans will share ownership and future royalties generated by this piece of intellectual property.
"We're very excited to welcome music fans to take part in this fun and innovative new form of music ownership," says Vezt CEO Steve Stewart. "This isn't like streaming or downloading a single track. These fans will actually own a piece of the song and be entitled to royalties that the song generates over the next 3 years."
"Jodeci Freestyle" ISO Details
- Vezt will make available a 10% copyright stake in the song "Jodeci Freestyle."
- The time is limited! The ISO will begin at 9:00 AM UTC on Thursday, November 16th, 2017 and close after 100 purchases.
- The first 100 individuals to purchase Vezt's cryptocurrency (VZT) will receive a prorated portion of the 10% copyright stake Vezt is making available.
- VZT is purchased at the company website (https://vezt.co). Only non-US residents are eligible.
- Full terms can be found at the end of this release.
"The ISO is a revolutionary new process that gives artists and rights holders control over their new or existing songs, and allows them to easily capitalize on their work by choosing portions of these songs to offer for sale," said CFO Robert Menendez. "Vezt is a new marketplace for songs and gives artists the opportunity to create more music."
Overview: How an ISO Works
Artists and rights holders choose how much they'd like to raise from a fraction of their song, set the reversion term, and set a date for the 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.
- 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.is, which aggregates digital performance royalties from Spotify, iTunes, YouTube, Pandora, etc.
- Vezt transfers those earnings back to the rights-buyers, creating a new marketplace, with no limits on new and exciting music artists will create.
Full "Jodeci Freestyle" ISO Terms
- The ISO will begin at 9:00 AM UTC on Thursday, November 16th, 2017 and close after 100 purchases.
- The first 100 individuals to purchase Vezt's cryptocurrency (VZT) during this time period will receive a prorated portion of 10% the song copyrights.
- VZT is purchased at the company website (https://vezt.co) and only non-US residents are eligible.
- The participant must send a screenshot to [email protected] of their digital wallet receipt, and email contact for ID purposes.
- The amount of rights awarded to the participant will be prorated, based on how much VZT cryptocurrency they purchased. The more cryptocurrency purchased, the more song rights the participant will own.
- Rights buyers will be not be able to license the song or obstruct anyone else from licensing the song, as they do not own majority rights.
About Vezt Inc.
Vezt lets music fans share ownership with artists in their favorite songs. Founded in 2016, the company is headquartered in Los Angeles, California and has received funding from Binary Capital and principals of Global Trust Group. See the website www.vezt.co and Twitter profile @veztinc for more information.
SOURCE Vezt Inc.
For further information: Priscilla Vento, 30 Miles North PR, [email protected], www.vezt.co
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