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The World's First Music Exchange, MusicLife, Announces $5 Million Investment

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The World's First Music Exchange, MusicLife, Announces $5 Million Investment

PR Newswire

LOS ANGELES, Aug. 27, 2018 /PRNewswire/ -- MusicLife announced today that it has closed a $5 million Series A investment, led by Metropolis VC. MusicLife will use the funds to continue building the world's first music exchange.

MusicLife is a blockchain music exchange ecosystem that allows fans own "stocks" of songs and purchase music. Every shareholder can earn dividends directly from their song shares. MusicLife is also pioneering a model that lets users mine cryptocurrency by listening to songs on musical wearables. Since launching this June, over 600,000 people have signed up on the MusicLife exchange, which has over 30 million users in its ecosystem.

"We're thrilled to be working with Metropolis VC to achieve our vision of decentralizing the music industry," said Dr. Kaiming Liu, the founder and chairman of MusicLife. "The music industry is currently dominated by giants, burdened by copyright restrictions, and lacking fairness and transparency for artists. MusicLife will funnel more profit to artists while giving fans the opportunity to become song owners."

On MusicLife, music holders (artists or record companies) can license their copyrighted music to the platform where it will be free to listen to until it hits 50,000 plays. Once a song reaches this threshold, an AI-powered mechanism will set a price for it based off frequency of plays and create a MusicToken. MusicTokens represent the property rights of songs and are split into multiple shares. Music holders will own 95 percent of shares and MusicLife will own five percent of shares. Fans will have the opportunity to purchase up to 45 percent of existing shares from music holders.

While paying for music, fans can get song shares in the equivalent amount of the song's listening price, which will remain at a low rate of around one dollar. In addition to paying to listen to songs, users can purchase and exchange shares of songs with MitCoin (MITC) on the music exchange directly. As songs increase in popularity, MusicToken shareholders earn MITC dividends.

"MusicLife is an amazing platform that has the potential to completely change the economy of music," said BMAN Lee, the founding partner of Metropolis VC. "MusicLife's team has an impressive track record in the music and blockchain spaces and we feel privileged to join them on their journey to improve every aspect of the music industry."

MusicLife also allows other softwares to embed their music libraries for free via an SDK. Software linked to MusicLife will share in the profits generated by users purchasing music. The first software embedded is the app echo Music which provides innovative music services and has 30 million users worldwide.

"This will be a great music library solution for us, it's free and will help us to earn profit. MusicLife lets us focus on application services without worrying about copyright issues," said Junyi Liu, the founder of echo Music.

MusicLife has also developed a model which lets users mine cryptocurrency by simply listening to song on connected musical hardware. Musical wearables can connect to MusicLife through an SDK which allows the hardware to collect listening data and establishes MusicLife's song prices. In exchange for their listening data, users who opt in will earn MITC directly, effectively mining cryptocurrency by listening to music. The audio glasses, MusicLens™ will be the first piece of hardware to connect to MusicLife's ecosystem.

MusicLens™ are trendy glasses that use bone-conduction technology to play music without headphones. MusicLens™ glasses also have sensors which can verify that a human is listening to a song, allowing MusicLife to accurately set song prices in their ecosystem. MusicLens™ will be in mass production in late 2018.

About MusicLife
MusicLife is operated by the Singapore-based non-profit organisation, MusicLife Foundation, and the Japanese company, MusicLife Co. Itd. MusicLife is a blockchain-based music ecosystem that is comprised of a software SDK, a hardware embedded system, and a Music Exchange trading program. MusicLife seeks to help the current music industry and break the deadlock between copyright infringement and piracy and truly benefit every aspect of the music industry. To learn more about MusicLife, visit http://www.musiclife.io/

About Metropolis VC
As one of the first Asian blockchain investment firms, Metropolis is dedicated to pushing the frontier of the widespread blockchain innovation forward. Metropolis is not only experienced in traditional finance and Internet industry, but also has the most extensive experience in the emergent blockchain technology. The Metropolis team has strong relationships with the most promising entrepreneurs and top investors in Asia and is bringing industry-specific value-add resources to its portfolio companies to create star projects in the space, such as IOST, DATA and HYDRO, etc.

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SOURCE MusicLife

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