{"id":41108,"date":"2023-10-20T15:11:43","date_gmt":"2023-10-20T15:11:43","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/sydney-startup-zimrii-music-develops-blockchain-powered-music-platform-with-150000-in-seed-funding-startupsmart\/"},"modified":"2023-10-20T15:11:43","modified_gmt":"2023-10-20T15:11:43","slug":"sydney-startup-zimrii-music-develops-blockchain-powered-music-platform-with-150000-in-seed-funding-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/sydney-startup-zimrii-music-develops-blockchain-powered-music-platform-with-150000-in-seed-funding-startupsmart\/","title":{"rendered":"Sydney startup Zimrii Music develops blockchain-powered music platform with $150,000 in seed funding – StartupSmart"},"content":{"rendered":"
\"\"<\/div>\n

Armed with $150,000 in seed funding from private UK investors, a Sydney startup is using blockchain technology to empower music artists through a platform expected to hit the market this August.<\/p>\n

Zimrii Music co-founder and chief executive officer Mohammed Jalloh has been playing in the world of tech and startups for years, with his latest venture bringing him to the intersection of bleeding-edge technology and artists.<\/p>\n

\u201cI have many friends in music. To see them trying to establish their music career and also sustain [it] is an interesting problem,\u201d\u00a0Jalloh tells StartupSmart.<\/em><\/p>\n

Jalloh says the biggest\u00a0challenges for emerging artists are usually exposure to fans and funding, but he believes he has found a unique way to tackle these issues.<\/p>\n

\u201cI saw how music and blockchain could be married together to solve some of these problems,\u201d he says.<\/p>\n

Using the ledger system of blockchain, Jalloh says Zimrii Music will enable artists to clearly record and manage ownership of copyright to earn and distribute royalties in a more fair and transparent way.<\/p>\n

With large record companies around the world dominating music copyright and royalties, Jalloh says the \u201cmusic value chain\u201d as it is now gives artists the least amount of value for their work.<\/p>\n

Using blockchain code to develop smart contracts will also enable artists to deploy receipt of sales straight away and split royalties effectively with producers and any other agreed parties, he says.<\/p>\n

\u201cEvery time your music is sold, the contract executes and everyone receives funds immediately,\u201d he says.<\/p>\n

With such features, Jalloh hopes Zimrii Music will enable artists to build more loyal followings by sharing profits with fans, who will be able to invest in their favourite bands and musicians and earn royalties on new tracks.<\/p>\n

\u201cIt\u2019s really around how artists attract new fans and reward old fans,\u201d he says.<\/p>\n

\u201cThrough the use of blockchain, you can sign rights of music to your fans.<\/p>\n

\u201cIf an artist wants to raise funds to produce music, they can do that through a crowdfunding-type process but then as a reward \u2026 as an artist, I can say to a fan I\u2019ll reward you rights to that music [and that] fan gets financial benefits.\u201d<\/p>\n

\"People<\/p>\n

Raising capital pre-revenue<\/h3>\n

Jalloh and his team, including co-founder Paolo Gava, are planning to use their seed funding to release a beta version of the platform for artists and fans to start using it in about five months.<\/p>\n

While he strongly believes that startups shouldn\u2019t raise capital too early, Jalloh says funding will help Zimrii Music hit the market faster.<\/p>\n

\u201cYou shouldn\u2019t dive into funds straight away,\u201d he says.<\/p>\n

With $150,000 being a relatively small amount of seed funding, Jalloh believes it\u2019ll also help validate the concept.<\/p>\n

\u201cThe capital actually came to us so to speak,\u201d he says.<\/p>\n

\u201cI got a phone call from an investor potentially after seeing other work that I\u2019ve done.\u201d<\/p>\n

Jalloh says it didn’t take long to close a deal after pitching Zimrii Music\u2019s blockchain idea and sending through a business pack in December 2016. The business pack included the planned approach to market, the problem the startup is attempting to solve with early target market research, and \u201cfeedback from real artists\u201d.<\/p>\n

\u201cOver the course of five conversations we came to that seed funding decision,\u201d he says.<\/p>\n

\u201cIt allows us to actually really crack on to development, get out to users and get some marketing under our development.<\/p>\n

\u201cHaving that niche target market initially to work with [to] validate the idea is crucial [and] it did help to know people in the music industry who I could go and talk to.<\/p>\n

\u201cIt\u2019s been an interesting journey so far.\u201d<\/p>\n

Follow StartupSmart on<\/em>\u00a0Facebook<\/a>,<\/em>\u00a0Twitter<\/a>,\u00a0LinkedIn<\/a>\u00a0and iTunes<\/a>.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Armed with $150,000 in seed funding from private UK investors, a Sydney startup is using blockchain technology to empower music<\/p>\n","protected":false},"author":2,"featured_media":61046,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,3,4,13,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/41108"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=41108"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/41108\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/61046"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=41108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=41108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=41108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}