A brand new platform referred to as JKBX (Jukebox) is in growth that plans to supply “followers, retail buyers and music lovers” the chance to spend money on music royalties.
Unveiled as the brand new enterprise from music trade veteran Scott Cohen, JKBX claims that its platform will “remodel the music trade” by providing shares in music royalties of hit songs and common artists on its platform.
Cohen, who launched the Orchard in 1997 with accomplice Richard Gottehrer, was beforehand Chief Innovation Officer at Warner Music Group. He stepped down from the position on the main on the finish of September.
Amongst his newest enterprise’s new hires are executives from Spotify, Robinhood, NTWRK, and COMCAST, together with Whitney Gayle Benta (Chief Music Officer), Spotify’s former International Head of Artist and Expertise Relations.
JKBX goals to securitize and fractionalize royalty streams and permit them to be traded by retail buyers.
The corporate says that it at the moment has over $1.7 billion in music rights completely secured and anticipates launching by the tip of 2023 with over $4 billion of rights.
Forward of the launch later this 12 months, JKBX has introduced that it’s working with digital market maker GTS Securities LLC.
The businesses have signed a Memorandum of Understanding that creates a strategic partnership between the 2 corporations, and brings collectively the music trade experience of JKBX and the monetary markets, buying and selling and expertise experience of GTS.
GTS claims to be one of many largest designated market makers on the New York Inventory Trade and to have seen “success as a number one market participant in buying and selling world equities, futures, fastened revenue and ETFs”.
“GTS excels in making markets for each main monetary asset class and offering enhanced liquidity by way of subtle, real-time pricing.”
Ari Rubenstein, GTS Securities LLC
Ari Rubenstein, co-founder and CEO of GTS Securities LLC, mentioned: “GTS excels in making markets for each main monetary asset class and offering enhanced liquidity by way of subtle, real-time pricing.
“This similar experience may be utilized to music royalties, which symbolize the subsequent thrilling tradeable asset class. JKBX, with its music royalties platform and in depth catalog rights, is a perfect accomplice for us.”
“This progressive strategy enhances present world music enterprise income streams and provides a multi-billion-dollar alternative on high. We sit up for working with GTS and revolutionizing the possession of royalties.”
Scott Cohen, JKBX
Scott Cohen, CEO of JKBX, added: “A handful of personal fairness corporations, multinational firms and main labels management essentially the most invaluable music rights on the earth.
“JKBX’s platform will permit these entities and different vital rights holders to unlock the true worth of those belongings by providing them to retail buyers to purchase and promote in a regulated market.
“This progressive strategy enhances present world music enterprise income streams and provides a multi-billion-dollar alternative on high. We sit up for working with GTS and revolutionizing the possession of royalties.”
Music Enterprise Worldwide
