American EDM-pop duo The Chainsmokers are backing a brand new blockchain-based ticketing platform.
Platform permits artists to manage the secondary ticketing market
Alongside their supervisor Adam Alpert, the 2019 Grammy Award winners invested in YellowHeart, a decentralized ticketing platform designed to facilitate clear ticketing gross sales by artists, music trade publication Music Business Worldwide reviews on Oct. 21.
Founded by music govt Josh Katz, the YellowHeart platform makes use of a public blockchain to allow artists and venues to straight management the ticketing course of, together with gross sales on secondary markets.
YellowHeart goals to get rid of scalpers
Specifically, the platform intends to chop out the music trade middlemen referred to as scalpers, who purchase massive quantities of tickets to resell them at the next value. Scheduled for launch in 2020, YellowHeart will reportedly enable artists to set most resale costs, guarantee tickets are distributed to actual clients as an alternative of scalpers, in addition to earn a share of tickets resold on YellowHeart’s secondary market.
Alpert, who can also be CEO at American file label Disruptor Records, burdened that the issue of scalpers has been well-known within the trade for years.
In September, South Korean conglomerate CJ Corp’s IT arm, CJ OliveNetworks, introduced the launch of a brand new blockchain-based digital copyright system for recording and monitoring music in broadcast content material. Previously, international media big Warner Music Group invested in blockchain startup Dapper Labs to collaborate on its blockchain community Flow, on which Warner is reportedly planning to create a brand new digital asset.