Digital entertainment company Chimes Media today announced the completion of a private investment in the form of token purchases from Blockchain Industries (BCII), an investor in second generation ICOs.
Blockchain Industries’ investment will help Chimes develop a comprehensive, decentralized and incentive-based music dataset for fans, musicians and industry professionals.
Blockchain Industries’ token purchase investment in Chimes involves both a utility token (CHI) and equity token (CME), which make up its proposed bifurcated ICO. This unique offering would be held by a fully reporting company that is proposed to be registered with the U.S. Securities and Exchange Commission.
“This investment brings us the best of both worlds,” BCII CEO Patrick Moynihan said. “Through our equity investment, Blockchain Industries will benefit from Chimes Media’s long-term success in providing better user experiences in an industry that needs new revenue streams as well as avenues of engagement for the next wave of music fans.
“Our partnership is further supported by our purchase of Chimes’ utility token for its music marketplace. This is a template for innovative businesses who are at the forefront of their industries to raise capital and leverage the new efficiencies of blockchain” said Moynihan.
Chimes’ forthcoming blockchain-based music marketplace will allow the industry entry into new services, including micro-licensing, crowdsourced music projects and sponsored creation of music. Its marketplace will also give public and industry access to artists, incentive-based rewards for data updates and a common currency for a trustless and cross-border payment system.
“Several entertainment search categories have been consolidated by databases, such as film searches by Amazon’s IMDb and Wikipedia, but not the music search category,” said Joe Mohen, CEO and founder of Chimes Media.
“As the first mover, Chimes is able to capitalize on this rare opportunity to create a massive audience and global marketplace, providing entirely new revenue streams for the music industry. All the while, ensuring crypto backer and investor interest in an environment with little regulatory oversight.”
With its proposed ICO planned for launch in the second quarter of this year, Chimes will become the nexus for artists’ interactions with fans, communications between industry professionals and a key launch point for consumer music e-commerce purchases and music-related advertising.