JAY-Z‘s Roc Nation has partnered with South Korean fintech company Musicow to offer American fans the chance to invest in music royalties.
According to Billboard, the partnership is being described as “the first Music Equity Service Provider in the United States.”
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Fans will be able to invest in music royalties through the new service, allowing them to earn revenue from their favorite artists. Rights owners can trade royalty shares, while creators can sell fractional shares of tracks.
In a statement, Roc Nation’s vice chairman Jay Brown said: “The music industry is evolving into a shared ecosystem where fans and creators can earn together. Our mission is not only to support and empower artists by providing the tools and services they need to build a better music ecosystem but also to give everyone access to the financial opportunities the music industry offers.”
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Musicow CEO Woo Rhee added: “[This partnership is an] incredible opportunity to drive innovation and redefine the future of our industry. I’m confident that together, we have the vision, expertise, and enthusiasm to create transformative progress and unlock limitless potential.”
Though not live just yet, the official launch is projected by March.
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Roc Nation contains both a record label and a management firm. So it wasn’t a shock when Fat Joe made the move to the company’s management division in 2017 – and he recently revealed it was all thanks to a deal the CEO more than tripled for him before he even signed.
Joey Crack appeared on Shannon Sharpe’s Club Shay Shay podcast in October, where he was asked what made him decide to join JAY-Z’s imprint.
“There’s a woman named Desiree Perez,” he explained. “So she called me into the office — I had already made peace with JAY-Z, he was already on the ‘All the Way Up (Remix).’
“And she sat me down and said, ‘Yo, I think you should be a Roc Nation artist and we should manage you.’ And to them, in this game of chess, Fat Joe is a real big piece to grab on their team. She said, ‘I know you doing a deal right now.’ And the deal was for $1 million — I thought I negotiated a great deal. I was negotiating a deal with somebody.”
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Joe continued: “She said, ‘What if I told you I’d call that guy right now and they’ll give you $3.5 million for that same deal you negotiated for $1 million?’ I said, ‘Let me see!’ She dialed the number, called the dude. She said, ‘Yo, you doing a [$1 million] deal with Fat Joe? It’s $3.5 million now. We manage him.’
“He said, ‘Sure, I’ll send the check tomorrow, Des.’ Hung up the phone. That was it for me. N-gga, I come from nothing. When I seen that type of power, I was like, ‘Oh I need that!’ And we been happily ever after.”
