We are proud to have made our first on-chain royalty distribution on November 14, 2019. Through this process, we distributed royalties for 20 songs directly to those who own the corresponding music copyright tokens. Distribution records can be viewed from the Funds tab under your Records page.
We began the journey of building Machi X a year ago November to create new value for the music industry by building a marketplace for music copyright tokens. Through this marketplace, artists can discover the market value of their assets while fans and collectors can finally own pieces of their favorite songs. In addition to the marketplace we’ve created, we’re also solving many of the challenges inherent in music copyright ownership - registration, custody transfer, and royalty distribution at scale.
One year since launch, we’ve successfully digitized over 57 songs performed by notable golden melody award winners, including A-Mei, Wang Leehom, Jolin Tsai, Stanley Huang, and Nicky Lee. Also, we have completed the first on-chain music royalty distribution. This first distribution covered royalty payments for the period from launch of the tokens through June 30, 2019.
Hitting these milestones would not have been possible without the belief of our team at Machi X as well as the tremendous support from our community. Thank you for being there with us on each and every part of our journey for this first year. We’re just getting started and we look forward to many more milestones ahead.
*Note - Royalty distribution for Yin Lang and Circus Monkey for March through June 2019 have not yet been distributed, as the publishers handling these songs have not yet settled payment for this timeframe. We will distribute these royalties as soon as we receive them.