Site will give music fans the chance to own a percentage of the writer’s share of songs made famous by Aerosmith, Ringo Starr, Cher, Ozzy Osbourne, Bon Jovi, Carrie Underwood, Faith Hill, the Monkees and others.
In one of the oddest developments to probably ever occur in the music world, a new auction site called SongVest has sprung up that allows music fans to bid on and purchase a percentage of the writer’s royalty share of their favorite songs.
The first auction, which takes place from October 4th through October 18th, gives fans the opportunity to participate in the artists’ careers through what’s being dubbed the world’s only “memorabilia with a paycheck.” The writers still retain control of usage because they’re only selling shares of their songs and not the copyright.
“Songwriters have the power to determine the terms of each auction, including what percentage—up to 100%—of each song they’d like to auction; the Reserve Price that guarantees nothing will sell for less than what they want; and the auction length,” reads the site.
However, what makes it interesting is that the bought percentage equates to a share of the song royalties due each time it’s used. Buyers make money every time the songwriter does.
Those who purchase their share of song royalties will receive a personalized plaque denoting their new status as song co-owner, along with a “one-of-a-kind,” RIAA-certified gold or platinum album award, handwritten lyrics, and other collectible items.
“By auctioning off a portion of the writer’s share, these and other artists are giving fans an unprecedented chance to participate in the careers of rock n’ roll royalty through the world’s only ‘memorabilia with a paycheck,’” ic continues.
In the first auction buyers will have a chance to own a percentage of songs made famous by Aerosmith, Ringo Starr, Cher, Ozzy Osbourne, Bon Jovi, Carrie Underwood, Faith Hill, The Monkees, and more.
A quick look at the auction page lists the following specific songs:
“Friends in Low Places”
Written by Earl “Bud” Lee and Dewayne Blackwell
Recorded by Garth Brooks
First appeared on “No Fences”
“(Theme From) The Monkees”
Written by Tommy Boyce and Bobby Hart
Recorded by The Monkees, Ray Stevens, Davy Jones, The Benzedrine Monks of Santa Demo, The Manhattan Strings, Furious George, Hit Crew, and Studio 99
First appeared on “The Monkees”
I don’t know that the titles listed so far will really spawn a flood of interest, but the concept is intriguing and could make for an interesting conversation piece if you were able to find one you really liked, especially in file-sharing circles.
Now if only you could buy a share of the copyright.
jared@zeropaid.com
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Later you will see… Capital Elektra and Joe Blow VS Kathrine Thompson for Copyright violation on the Kazaa network.
Its a smart way to generate revenue. Something tells me this is also a way to increase public interest in copyright sadly I don’t see it working the way they are hoping it works I could be wrong tho. Maybe it will be the new Time Share.
@Shawners
Or Krell crackin skulls around here for people downloading an Aerosmith track he bought into. ;P