Is there a band or artist out there that you really believe in and want to help further their career? Well now fans can do just that with new start-up company Songbook, which allows fans to invest in an artists music in return for a share of the profits.
Sounds too good to be true? what’s the catch? well there really isn’t one. The brainchild behind the initiative is Chris Read who found through previous lines of work that many independent artists didn’t have the finances or resources to get their music noticed, often turning to crowd-funding as a way to try and generate cash flow and interest in their next project.
“Existing crowdfunding, for me, feels a little charitable / desperate,” Read explained “plus the hassle of posting out physical rewards is a hardship artists don’t want or need…Songbook could help these guys, I also think music fans want something more from music today. Hitting play on your phone isn’t enough, but being a ‘real player’ in the music industry – investing to promoting to earning royalties, to me – is.”
So how does it actually work? what is the split? Read explains that there are deals ranging from 10 to 30% with a duration of 3-25 years e.g. if an artist is looking to raise £3000 for 30% of the recording rights for 10 years. An investment of £100 from 30 people would mean they would earn 1% royalty income from recording rights for 10 years.
This could be a real game-changer to the industry and Songbook are certainly a company to keep an eye on.