A brand new platform known as JKBX (Jukebox) is in improvement that plans to supply “followers, retail traders and music lovers” the chance to spend money on music royalties.

Unveiled as the brand new enterprise from music business veteran Scott Cohen, JKBX claims that its platform will “rework the music business” by providing shares in music royalties of hit songs and common artists on its platform.

Cohen, who launched the Orchard in 1997 with companion Richard Gottehrer, was beforehand Chief Innovation Officer at Warner Music Group. He stepped down from the position on the main on the finish of September.

Amongst his newest enterprise’s new hires are executives from Spotify, Robinhood, NTWRK, and COMCAST, together with Whitney Gayle Benta (Chief Music Officer), Spotify’s former World Head of Artist and Expertise Relations.

JKBX goals to securitize and fractionalize royalty streams and permit them to be traded by retail traders.

The corporate says that it at the moment has over $1.7 billion in music rights completely secured and anticipates launching by the tip of 2023 with over $4 billion of rights.

Forward of the launch later this 12 months, JKBX has introduced that it’s working with digital market maker GTS Securities LLC.

The businesses have signed a Memorandum of Understanding that creates a strategic partnership between the 2 companies, and brings collectively the music business experience of JKBX and the monetary markets, buying and selling and expertise experience of GTS.

GTS claims to be one of many largest designated market makers on the New York Inventory Alternate and to have seen “success as a number one market participant in buying and selling world equities, futures, mounted revenue and ETFs”.

“GTS excels in making markets for each main monetary asset class and offering enhanced liquidity by way of refined, real-time pricing.”

Ari Rubenstein, GTS Securities LLC

Ari Rubenstein, co-founder and CEO of GTS Securities LLC, stated: “GTS excels in making markets for each main monetary asset class and offering enhanced liquidity by way of refined, real-time pricing.

“This identical experience will be utilized to music royalties, which symbolize the subsequent thrilling tradeable asset class. JKBX, with its music royalties platform and intensive catalog rights, is a perfect companion for us.”

“This progressive strategy enhances present world music enterprise income streams and provides a multi-billion-dollar alternative on high. We stay up for working with GTS and revolutionizing the possession of royalties.”

Scott Cohen, JKBX

Scott Cohen, CEO of JKBX, added: “A handful of personal fairness companies, multinational companies and main labels management essentially the most useful music rights on this planet.

“JKBX’s platform will enable these entities and different vital rights holders to unlock the true worth of those belongings by providing them to retail traders to purchase and promote in a regulated market.

“This progressive strategy enhances present world music enterprise income streams and provides a multi-billion-dollar alternative on high. We stay up for working with GTS and revolutionizing the possession of royalties.”

 Music Enterprise Worldwide