DjookyX, the 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, enabling Jesz to promote the song internationally whilst retaining control of the rights for his track.
Dominik Jesz has gained recognition in his native country, Germany and across Europe with his melodic pop and EDM productions.
Jesz 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, alongside the rise in big money deals. 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.
We are confident that Dominik's successful sale will encourage talented artists worldwide to join our movement to disrupt, decentralise and democratise the global music industry
Brian Malouf, multi-platinum producer and mixer and Djooky’s Co-founder, said: “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.
For more stories like this, and to keep up to date with all our market leading news, features and analysis, sign up to receive our daily Morning Briefing newsletter