Built by Family in Music, Mgnta is powered by blockchain technology, and allows new songwriters to create an identifier that helps ensure their songs are recognised and that the songwriters are rewarded.
Kevin Bacon, chief innovation officer of Family in Music, said: “With Family in Music I’m able to consolidate all my experience in one place and Mgnta is something we are both proud of and are certain is desperately needed. Whilst technology saved the music industry it has never been kind to songwriters and our mission is to address that gap.”
Tim Delaney, MD, Family in Music, said: “There has been much debate about streaming generally and the low levels of remuneration for songwriters. But what about those getting nothing at all? Family in Music doesn’t take for granted that if someone is writing great songs they know how to get rewarded for that song. It’s an age-old problem and we have the thoroughly modern solution using technology to aid the writer rather than harm them.”