Aerosmith Songwriters Selling Rights
Nathan Towne — September 12, 2008 — Pop Culture
Collectors and music fans, take note: songwriters can now sell the rights to their songs through SongVest, a new online music auction provider.
SongVest is auctioning some pretty big names in October, including Aerosmith, Carrie Underwood and Cher and takes a 25% to 40% commission on each sale. If SongVest turns out a success, expect more similar businesses to begin cropping up.
This is a brand new way to think about the music industry.
Implications - The music industry has changed dramatically within the last decade and its evolution shows no sign of slowing. that fact that auctioning off the rights to music could be such a lucrative alludes to the fact that although many are hard-pressed for cash, there are still consumers that crave rare luxury goods at any cost.
SongVest is auctioning some pretty big names in October, including Aerosmith, Carrie Underwood and Cher and takes a 25% to 40% commission on each sale. If SongVest turns out a success, expect more similar businesses to begin cropping up.
This is a brand new way to think about the music industry.
Implications - The music industry has changed dramatically within the last decade and its evolution shows no sign of slowing. that fact that auctioning off the rights to music could be such a lucrative alludes to the fact that although many are hard-pressed for cash, there are still consumers that crave rare luxury goods at any cost.
Trend Themes
1. Online Music Auctions - The emergence of platforms like SongVest that allow songwriters to sell the rights to their songs through online auctions presents a disruptive innovation opportunity for the music industry.
2. Rights Selling - The increasing trend of songwriters selling the rights to their songs opens up new possibilities for the music industry, potentially leading to innovative business models and collaborations.
3. Luxury Music Collectibles - The demand for rare luxury music goods, as evidenced by the success of music rights auctions, creates an opportunity for the development of niche businesses catering to collectors and fans.
Industry Implications
1. Music Industry - The music industry itself can explore disruptive innovation opportunities by leveraging online music auctions and exploring new ways to monetize and distribute music rights.
2. Online Auction Platforms - The success of SongVest suggests an emerging industry of online auction platforms specifically catering to the buying and selling of music rights.
3. Music Collectibles Market - The rise of luxury music collectibles presents an opportunity for businesses to enter the market and cater to the demand for rare and unique music merchandise.
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