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 and takes a 25% to 40% commission on each sale. If SongVest turns out a success, expect more similar businesses to begin cropping up.
This is a brand new way to think about the music industry.
Implications - The music industry has changed dramatically within the last decade and its evolution shows no sign of slowing. that fact that auctioning off the rights to music could be such a lucrative alludes to the fact that although many are hard-pressed for cash, there are still consumers that crave rare luxury goods at any cost.
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