The music industry needs to have its own network, a new generation of artists and a digital ecosystem, according to EthioMedia CEO Peter DeFranco.
The network, which will include a variety of music platforms and platforms from Spotify, Rdio and Tidal, is intended to be a conduit for music creators to monetize their work through ad buys, licensing and subscription.
The new service, which is expected to be unveiled in the coming weeks, will provide an additional layer of revenue for Ethio, which plans to sell content across its various platforms.
In an interview with the Wall Street Journal, DeFranckos said the company has built a brand and platform that allows it to sell music in the traditional way.
It also allows artists to monetise their music through streaming services, as well as by creating their own music, and also by sharing the music with others.
“We have a platform for all of that, where you can listen to a song and see where the artists and artists-in-waiting are at that point,” he said.
“It allows us to have our own ecosystem, where we can put all the artists together.”
It is not the first time DeFrancos has brought the idea of a music network to the table.
In April, he and his team began to discuss ways to create a new digital ecosystem that would connect artists with the music they make.
“If you want to create an ecosystem of the music that’s going to be in the future, it needs to be based on content,” DeFrancios said.
“You need to have an ecosystem where artists and people-in the future are connected.”
EthioMedia is not alone in this effort.
The music streaming service Beats Music has already been creating its own music network, with a goal of being a platform to sell songs across its platforms.
It launched a service in November, which lets fans buy albums for $1, listen to music via Spotify and buy music via Tidal.