TEL AVIV, Israel–(BUSINESS WIRE)–Music
Messenger is a technology company specializing in music streaming,
messaging, API infrastructures, and now blockchain.
Music Messenger has been working on developing a blockchain-based
alternative to Spotify. What Music Messenger proposes is that users will
pay for Music Messenger Tokens (MMT) or earn them by listening to ads.
Their wallet will then pay out a fraction of a cent per song to stream
from decentralized storage across the network, with artists receiving 90
percent — compared to roughly 50 percent on the leading streaming apps.
The rest goes to compensating whomever is hosting or streaming that
audio track or file.
Based in Israel, Music Messenger has raised $25 million since its
formation in 2014 in two successful rounds of financing. Investors
include music icons such as Avicii,
Guetta, Gee Roberson (the former Chairman of Geffen Records, manager
of T.I., Nicki Minaj), Dave Holmes (manager of rock band Coldplay),
Wayne Barrow (the former manager of Notorious
B.I.G.), Mark Pitts (President of Urban at RCA Records) amongst
other luminaries from the music industry. In 2015, businessman and owner
of Chelsea Football Club Roman
Abramovich invested $15 million in the start-up. The technology
developed by Music Messenger has a deep infrastructure and API
integration value, applicable to multiple industries, especially if
Music Messenger plans to launch its open-sourced product in beta in
early 2019. Yet, it’s already found some powerful investors that see
Spotify as vulnerable to the cryptocurrency revolution.
Investor and board member, O.D. Kobo, has stated, “It’s been a long and
difficult journey, we’re excited for the integration process, learning
new things and the release.”
‘O.D.’ Kobo is an accomplished internet entrepreneur and businessman
with over $250 million in technology related exits over the last two
O.D. Kobo is co-founder and partner at PIR
Equities, an employee owned private equity group. Established in
2007 and led by former GoldmanSachs executive Joseph Aaron Horowitz, PIR
Equities manages a varied portfolio including interests in property,
securities, technology and ownership in operating businesses with over
$650 million in assets.