LOS ANGELES, July 18, 2014 (GLOBE NEWSWIRE) -- Kamil Grzych, Founder and President of NASTRAQ, the music and video stock market announced today that NASTRAQ was just funded taking NASTRAQ from its beta release to production.
Though Grzych didn't disclose the exact amount raised due to confidentiality restrictions, Joseph Griffith of Interscope Records said that his estimation is well over two million ($2M) dollars. The estimate is based on new patents filed, proprietary application development, significant technical talent acquired, and international and national marketing campaigns that have been launched. NASTRAQ has also expanded their service to over one hundred (100) countries.
Sam Senev, Chairman of Global Private Funding, Inc. who represents the investors said that the strategy to allow music labels and unsigned artists alike to sell their music without any upfront costs competes with iTunes and Google Play just on price point. Unlike iTunes and Google Play, the artists get paid right away on NASTRAQ and the highest price track is much higher. The fact that fans can access music starting for free and the popularity would drive the pricing is a phenomenal model that drives traffic, rewards the fans and sells more tracks. Unlike YouTube where it's just about views, NASTRAQ is about demand. "We look for opportunities that are disruptive and there's nothing more disruptive than NASTRAQ for the entertainment industry," said Senev.
Kevin Amerson, head of development reporting to the COO of Evite.com said, "The key is to be there when an idea is about to explode. As the person who approves all technology integration at Evite, I would rather have a voice in the direction than be just a cheerleader. I was asked to be the Chief Technology Officer of NASTRAQ so that the technology can be validated. NASTRAQ is the true platform of the future."
"NASTRAQ model is very simple. You post your music and videos and get paid instantly as fans pay to download your content. The more popular your content, the more the fans will pay. As your content popularity drops, so does the price which attracts more down loads and dives the price back up. It's the true principles of economics; demand driving price. Artists who have representation can distribute their music and videos through NASTRAQ and as easily and readily can those who are looking to be discovered. We have several record labels who are uploading their entire artist database and all their songs. Digital rights management, distribution, demand based pricing, price based demand and a label all in one; NASTRAQ," said Grzych.
c/o Global Private Funding, Inc.|
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Source: NASTRAQ LLC