World-first music rights marketplace for emerging artists DjookyX completes first auction
Initial sale completed by German producer and songwriter Dominik Jesz
Platform launched in December 2021
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DjookyX, the world’s first marketplace for trading rights in new and unreleased music, has completed its first auction.
Dominik Jesz, an up-and-coming 22-year-old pop and EDM artist from Germany, is the first artist to complete an initial sale of the rights in his track “Let Me Know” to fans via DjookyX, which launched in December 2021. The auction raised a total of €12,400 by selling 20% of the rights to claim payment arising from use of the song, allowing Dominik to promote the song internationally whilst retaining control of the rights for his track.
Dominik gained recognition in his native country, Germany and across Europe with his melodic pop and EDM productions. His self-released debut single, “Younger”, was well received and proceeded to climb to the top of German electronic charts in 2020. Since then, Dominik’s music has featured on top international FM radio stations and TV channels, including MTV. Dominik has created a global presence and a devoted fan base by collaborating with renowned singers, producers and DJ's from a variety of countries.
Dominik commented: “I am super excited about the outcome of my first DjookyX auction and very happy and grateful for all the support I received from my fans and investors who believe in me and my music. I love the idea behind the Djooky concept because it offers artists like me an opportunity to stay independent and keep my freedom as an artist, while offering the opportunity to get access to a world class music expert network. I will use the funds raised on DjookyX to promote my song globally and I am already working on my next track, which I could definitely imagine putting up for auction on DjookyX again.”
Djooky is a global fintech startup seeking to democratise the music industry and capitalise on the growing interest in accessible alternative asset classes. DjookyX, the global music rights marketplace, allows artists and rights holders to auction rights in their music to fans, who can then take part in prospective royalties.
Brian Malouf, multi-platinum producer and mixer and Djooky’s Co-founder commented: “It is truly amazing to see our team’s vision of decentralising the global music industry through DjookyX finally come to life. Dominik’s successful auction sends an important message to the global community of songwriters and artists: the future in which every talented musician anywhere in the world has the chance to obtain funding and get a shot at global success has arrived and is here to stay.”
Djooky CEO and Co-founder Andrey Dakhovskyy added: "DjookyX is the new reality – the brave new world of the global music industry. In just a few clicks, our marketplace connects the world's best undiscovered artists – directly, without any intermediaries – with a global community of music lovers and investors. We are confident that Dominik's inaugural successful initial sale will encourage talented artists worldwide to join our movement to disrupt, decentralise and democratise the global music industry."
DjookyX’s secondary market is set to launch later this year to allow fans and investors to buy and sell rights purchased on the primary marketplace. Djooky was founded in 2020 by a team of experienced music industry professionals who saw scope for massive disruption in the way that the global music industry is financed.
Djooky Inc. is a music and fintech startup with an ambition to democratise and decentralise the recordings business. It aims to create fairer opportunities for musicians who are struggling to break through established power structures, a situation that has been exacerbated by the pandemic. Djooky Inc. officially launched in April 2020, and Djooky GmbH in June 2020, with the team working on the concept since 2018.
Djooky’s core team operates from Los Angeles, Berlin, London, and Kyiv, Ukraine, with a presence in New York, Sydney, Lagos, Cologne, São Paulo and Bangkok via the platform’s PR partners. Co-founded by Brian Malouf, the multi-platinum US producer who has worked with the likes of Madonna and Michael Jackson, the Djooky team also includes Grammy-nominated artist and music director Patrice Rushen, UK Ivor Novello winning songwriter Sacha Skarbek, producer/music executive and songwriter Justin Gray (Mariah Carey, John Legend and Avril Lavigne), and ex-Universal executive and record producer Andrey Dakhovskyy, Djooky co-founder and CEO.
Source Name PR
January 17, 2022 9:02am ET by Name PR