The music industry has introduced their new currency, Songcoin. Remember the the Coinye West idea? Yes I think that’s where they got the idea from, no I’m kidding; The Songcoin is real. Songcoin is ran by Pimovi, the company has previously launched Seeqpod and Mimvi. Pimovi is a subsidiary of Chancellor Group, Inc., which launched their new technology as of last year. The co-founder and CTO Kasian Franks explained the idea of Songcoin, here’s what he said:
“It will be to lower transaction and international wire fees within the music business, and to bake in pecuniary features that make sense for the music industry such as the ability to offer special promotions, leave tips for artists, and, eventually, buy concert tickets and more.”
Moreover, It’s just another option to pay for your music. You can check out the Q&A with Franks here. Thank you SPIN and Billboard for the update.