Fractional Ownership means that many people can own a share of something and enjoy the benefits of that ownership. A simple example is a time share apartment where many people own a slice of the property. In the music business David Bowie did it first with his “Bowie Bonds” where he pre-sold the right to future income from his work to a few billionaires in New York. We have taken that idea and for the first time ever allow you, the fan, to now have a share of your favourite artist’s future royalties.
An Artist /Songwriter can launch a “Song Offer” for anyone to own a share in the future royalties from one or more songs. It’s a simple as that. Just like you can buy a share in a company on the Stock Market well this is the same thing but for Artists. Our platform organises everything so you can be assured that the Artist / Songwriter owns the copyright in the song and is allowed to sell a share and that you will get any share of royalties that come in over the next decade.
Well as we said you want to be assured that you get your royalties over the next ten years and this is where the blockchain comes in. The blockchain can do two amazing things. Firstly, it establishes compositional provenance…erm…it proves that the song (composition) belongs to the writer/s and that this ownership can be recorded forever on blockchain. So even if our company went bust any record of ownership / shares is recorded forever on blockchain – so it is like a form of insurance – and no one can change that without agreement by all the involved parties.
The second great thing about blockchain is called “smart contracts”. These clever algorithms work continuously to ensure that whatever has been agreed between two or more parties is carried out. It’s called “If This Then That”. So in our situation “If Artist A agrees to share 40% of their future royalties in return for $$$ from fans then, when $$$$ come in, 40% must be paid to the fans first” and this is all controlled and confirmed by the blockchain network and no one can break that agreement.
Before an Artist launches an offer for a share in a song they must first have registered the song with us. We will ask the writer to prove that they own all the rights (and that any samples are cleared) and that they have the right to offer the song share. These details (song title, ownership, songwriter credits) are all saved on the blockchain. We will then administer any income that is generated and received and ensure that everyone is paid according to their share.
We charge a small fee for the Artist to make a song offer and then charge an administration charge of 7.5% (the lowest music administration charge by any major music organisation) to handle the ongoing royalty receipts and payments.
Ah well you need to subscribe to find out.…no only kidding. Our membership model means that you the fan will get exclusives directly from the artist. Pre release tracks, unreleased tracks only for you, merch discounts, exclusive invites in fact whatever the Artist thinks they can do to reward you for your support. We are also constantly doing deals with great companies to bring you exclusives and discounts so check out the membership package, it’s there is you want it.
Just login to your account and see how well (or badly) your song choices have done. Remember you are supporting Artists in the music industry, it’s risky, it’s fun, it’s your belief in the song versus some other fan who thinks their song share will do better. So remember when you buy a song share you are doing it because you love the song, you think the artist is great or you just want to have a bit of fun backing the next potential Adele or Ed Sheeran – remember Ed and Adele were unknown nobodies once and if you had backed them a few years ago well you’d be sitting on your yacht by now!
An “Artist” is someone who writes a song, who owns the copyright in the song and who may or may not perform the song. This site is all about backing a great song and if that song is written and performed by the same person or written by one person and performed by another it doesn’t matter. It’s all about the songs. Many great songs are sung by different Artists (the more the merrier) so if you back the next “Yesterday” the most covered song in the world then you will have your own yacht AND helicopter!!
Copyright (not copywrite) is the exclusive and assignable legal right, given to the originator for a fixed number of years, to print, publish, perform, film, or record literary, artistic, or musical material.
Well firstly DO NOT spend $$$ on some sites out there who are ripping writers off. Ignore them and save time and money with our sister site www.blockitdown.com and register your songs for free. Yip! Zip! Free! Once you have timestamped and fixed a recording of your work then it is “copyright” and you are protected. Simple!
Royalties are paid to composers and publishers and record labels for, public performances of their music on radio or TV, online like Spotify or Youtube, at live gigs, and even your local barber shop when it plays a song pays a royalty.
Sure. Why not. Music is part of the ambience of his parlour which attracts his customers so of course why shouldn’t he pay the songwriter who helps create that vibe. Same for clothes stores, café’s, hotels in fact any establishment that plays music to the public has to pay for it. That’s the law!
This is getting serious now! In the UK it is our friends at PRS and in the USA to get his licence to play music the barber would pay ASCAP or BMI and in Canada SOCAN who all collect on behalf of the copyright owners.
A music synchronization license, or "sync" for short, is a music license granted by the holder of the copyright of a particular composition, allowing the licensee to synchronize ("sync") music with some kind of visual media output (film, television shows, advertisements, video games, accompanying website music, movie trailers, etc.). The company using the track pays the copyright owner / administrator.
This is called a Mechanical Licence and it is a licence paid by record companies to the copyright owner when a song is released for sale. These royalties are collected by collection agencies like the Mechanical Copyright Protection Society in the UK and they then distribute thesw royalties to the copyright owners or copyright administrators. We are registered with MCPS and are able to receive these royalties from sales worldwide.
Spotify don’t deal with individuals only record companies and publishers. It’s a complicated business just look at this diagram to see how mad it is. We will make this so much easier for Artists and their fans to receive royalties.
There are so many ways a song makes money for the copyright owner and when it is played live it generates a “performance” royalty. Concert venue owners pay royalties to the Performance Rights Organisations like ASCAP and PRS who in turn pay the copyright owners / administrators. So ultimately the songwriter gets paid every time their song is played on tour, festivals, local gigs, DJ sets and hey even Buskers have to pay a performance royalty.
Every song is different, and some are more successful than others clearly. But every stream generates a micro payment, and there are billions of streams every day and every play on radio or TV will generate a payment too and they obviously pay a lot more. But no matter where the songs are played all of these royalties are collected by the Performance Rights Organisations and Collection Agencies. These agencies pay the copyright owners / administrators up to four times a year. However, unlike other copyright administrators (Publishers) who then take another six months to pay the money to the songwriter we will pay the songwriter (and you the fan) immediately. Yes immediately. We will credit your account with your share of the royalties the instant we get it and you are free to withdraw that money instantly too – or buy more song shares!
This is where our “smart contracts” built on blockchain come in. Until now it was impossible to do what we are doing. The technology just didn’t exist. But now with Blockchain making any agreement immutable (permanent) and verifiable and smart contacts ensuring that what was agreed stays agreed you, the fan, and the artist do not need to trust each other, or us for that matter, because blockchain will ensure that any smart contract has to be honoured. Any royalties received have to be shared and no one, not the artist nor their record company, not even us can mess with that. I’ll say it again - What was agreed stays agreed. For a bigger insight into blockchain and smart contracts and the power of what they can do and how they will change the world just google it or check out this video. I promise you once you get into blockchain you will never look back.