Scott Cohen has a new venture
said on Tuesday he is taking a new job as chief executive officer of a fintech platform aimed at selling fractional shares in song catalogs.down from his role as chief innovation officer at WMG in September, said the aim of the new venture is to “fractionalize ownership of music royalties.”Fractional shares are a familiar concept in finance, and brokerages like Robinhood and Fidelity Investments sell them as a way to buy a slice of a share for less than the price of the whole stock.
Introducing fractional shares could change that by making it possible for more smaller investors to participate alongside the deep-pocketed private equity funds and major labels., Cohen said has already secured rights from major artists and catalogs, and his team is now working to build the platform’s technology.
“We have a very aggressive timeline,” said Cohen, declining to provide a specific date when the venture would launch to outside investors.in 1997 and built it into the largest independent distributor on iTunes when the download platform launched in 2003.
While Cohen’s new venture has not yet settled on a name, he described its aspirations and potential as “transformational” for the music industry.Daily newsletters straight to your inbox
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