Finally, a unique online auction allows music lovers to enter the industry by purchasing the rights to their favorite songs. With SongVest, users bid to purchase songs as gifts for the person who has anything, or for an indulgence of their own.
SongVest's proceedings are totally legal, so buyers really do have partial rights and ownership to the songs that they love. All transactions are overseen by legal financial experts, and are purchased through the songwriters directly.
When fans purchase this ultimate form of music memorabilia, they receive a percentage of the songwriters royalties (pre-determined based on what the song writer's willing to part with), so every time the writer profits from the song being played, fans can too. Songwriters do however retain full copyright rights, so they can still dictate when and where the song can be used; the purchaser plays no role in this part.
Not surprisingly, buying into a song doesn't come cheap, especially since it's the songwriters who set the terms of the auction. Not only do they determine the percentage of the rights that are up for grabs and the duration of the auction, they also set their fee. The sky's the limit, so interested parties may have to sacrifice their first born to inherit their music rights. A recent auction that closed for the famous Monkees theme song was set at a minimum of $18,000 USD; though they do not reveal the total of the winning bid. However, it could be a potentially profitable investment at $1,018 per unit, per year.
Purchasers not only get song rights and royalties, they also receive a personalized plaque so all their friends will know that they have ownership rights to the song, an RIAA certified gold or platinum album awards, and handwritten lyrics from the songwriter.
SongVest's selection isn't extensive, which is to be expected, because I can't see songwriters lining up to let others share in their profits. However, they do focus on bringing in big names and well-known tunes. In the past they have featured songs made famous by Cher, Ringo Star, Ozzy Osborne and Carrie Underwood. Right now, as a holiday feature, they exclusively offer songs from the Monkees soundtracks.
SongVest is a unique business that gives would-be investors the opportunity to turn a profit, and gain bragging rights for being a part of an innovative and fun concept.