DigitalAMN Finalizes Onboarding of Music Royalty Sharing App, Vezt Inc.
NEW YORK, July 28, 2020 (GLOBE NEWSWIRE) -- Digital Asset Monetary Network, Inc. or “DigitalAMN” (OTCMKTS: DATI), a Public Accelerator-Incubator (“PAI”), announced today, that management has finalized its agreement with Vezt Inc. (“Vezt”), completing the onboarding of the first intellectual property rights ecosystem (where fans can participate in the royalties of their favorite songs), as a client-company.
“There are over 300 million users streaming more than 60 million songs, and now, fans all over the world can share in the royalties of their favorite music,” stated Ajene Watson, CEO of DigitalAMN. “I believe, we’d possibly be doing our shareholders a great disservice, by not participating to the fullest extent possible, in the continued growth and development of this amazing opportunity.”
“Equally important, and why this project matters to us; it’s ‘on-brand’ for DigitalAMN. By helping Vezt present its unique platform to everyday people, we can continue working toward improving the financial literacy of the 99%, by introducing yet another way for people to possibly add additional revenue opportunities, through the fractional ownership of royalties in specific published music -- essentially going into business for themselves as ‘mini publishers’. When you consider how much money publishers make from the $50B+ global music market, this is a real opportunity for everyday people to become more than just consumers.”
Founded in 2017 as a blockchain-based marketplace, Vezt’s estimated value is quickly approaching $20M. There are over 300+ song offerings on the platform, almost 200k app downloads, more than 25k transactions and approximately $1M in sales. Vezt has raised over $5M and has been supported by investment groups such as Pangea Blockchain Fund, BDMI, Tan Tan Ventures and Gaw Capital. (Learn More).
Available in both the Apple and Android app stores, Vezt has featured royalties in songs recorded by Beyoncé, Maroon 5, Lil’ Wayne, The Weeknd, Dr. Dre, Mac Miller, Jessie J, Sugarland, Ariana Grande, Panic At The Disco!, Nipsey Hussle, Maluma, Missy Elliot, Migos, Jay-Z, Mary J. Blige, and hundreds more.
Management intends to leverage the PAI ecosystem to assist Vezt with its continued business development, visibility, and capital formation. Management believes that assisting Vezt with their next stage of growth -- which includes an upcoming marketing push -- will support their ability to sell the $10M+ in song royalties from the music catalogs secured from one of the world’s most prominent music groups while scaling their business operations.
Vezt was DigitalAMN’s first Angels+ program participant. Consideration of this engagement was announced in the February 7th, 2020 Coffee Talk [now finalized]. DATI’s management believes this engagement has positively impacted the size and potential value of DATI’s equity portfolio.
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