We all have favorite songs that either lift us up or calm us down. There are those that even turn us into rock stars in the privacy of our cars when the windows are rolled up. Some manage to remind us of specific times in our past, like the 80's for us generation Xers. Others become "our songs" that convey our relationship with our significant other. Have you wondered if that song could actually belong to you? Thanks to start-up SongVest Inc, you now can.
The ingenious company has created a platform for live and online auctions of songwriters' rights that lets consumers buy as much as 100 percent of the rights to a given song-along with the associated royalty streams.
Through auctions, the company is able to connect songwriters with fans while transforming the music industry. They've developed a new patent pending venue for the trading of artists' intellectual and commercial property-their song rights and associated royalty streams.
Ownership allows you to get a one-of-a-kind Gold or Platinum personalized plaque that includes handwritten and signed lyrics along with a paycheck every time the song writer gets paid. Since transactions are reviewed and managed by legal and financial experts to make sure they're thoroughly legal and future royalty payments are sent promptly, buyers are able to play their song all the way to the bank.
The innovative SongVest platform presents the chance to own a share of the writer's portion of their favorite songs, including Ringo Starr, Bon Jovi, and Faith Hill, to name a few. The full listing can be found on SongVest's site. By auctioning off a portion of the writer's share, the artists are allowing fans a unique chance to be a part of their royalty and memorabilia. Auctions are an effective way for the company to trade artists' song rights and associated royalty. The song writers are able to control the terms of the auction, to include the percentage of each song they'd like to auction, up to 100%. Nothing is sold for less than they want and since the writers are only selling a share of their songs, they still maintain copyright and control over usage.
SongVest has partnered with digital distributor ReverbNation to cross-promote each others' selected services and allow ReverbNation's 250,000 artist member base to use SongVest actions to generate additional revenue from their catalogs. SongVest auctions off a portion of the writer's share of songs, which gives artists a new stream of revenue.
Sources: SongVest , Zeropaid , Hypebot , Reverbnation
(UPDATE: Songvest.com no longer seems to be available.)