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Collectors and music fans, take note: Songwriters can now sell the rights to their songs through SongVest, a new online music auction provider. SongVest is auctioning some pretty big names in October, including Aerosmith, Carrie Underwood and Cher. If SongVest turns out a success, expect more similar businesses to begin cropping up.  The site shakes up the traditional model of how song rights are sold. Traditionally, song rights are sold in bundles that en masse can be a nice little investment vehicle for someone. But SongVest’s founders are betting that there are enough diehard music fans out there willing to drop some real money to purchase their favorite artists’ songs. These people will buy these songs because they love Garth Brooks – not because they’re necessarily in it for the investment.
The site collects a 25% to 40% commission on every transaction.
The entrepreneurs say they have proof that they’re on to something: A test auction conducted last year garnered $25,000 for 25% interests in two songs by the ’80s Christian-metal band Stryper.
(blogs.wsj)References: SongVest, blogs.wsj Filed In: |
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