In the last few years, crowdfunding blew up. Is 2015 the year of the music copyright shareholders? A few weeks ago, Queensryche announced fans could purchase a share of the band and now a legendary thrash band is getting in the game.
Testament just announced they are teaming up with the New York Rock Exchange to offer fans a chance to own a "share" of their track "Native Blood."
Shares cost as little as $25 and come with the following perks:
- Limited ownership of the song Native Blood
- Early access to the new Testament album coming in 2015
- Invitation to join Chuck and Eric for an exclusive online shareholder meeting.
- Limited edition print of Chuck's handwritten song lyrics for Native Blood
- Foil embossed Certificate of Ownership to hang on your wall like a gold record
Before you may think this is a get-rich quick scheme, the terms make it clear that chances are you will not make any profit on your investment:
Typically, a Songshare is a combination of goods and services, including, a limited edition Rock Certificate and certain Shareholder Rewards. Examples of Shareholder Rewards include limited edition t-shirts, online shareholder meetings, and One-Time Royalty Checks. Some Songshares also include a small Copyright Interest in the Song.
Although some aspects of the Service may resemble a “stock market” or “trading exchange,” Songshares are not “securities” (for example, investment contracts, stocks, bonds, notes, and certificates of interest) as that term is defined under federal, state, or any other law. Even when Shareholders receive a One-Time Royalty Check as a Shareholder Reward, the payment will not amount to the original purchase price – much less return a profit. Songshares that include a Copyright Interest in the Song specifically exclude any right to collect, receive, or request any income (e.g., royalties, license fees, etc.) derived from the Song’s copyright, including Your Copyright Interest. By using the Service, you acknowledge that you are not purchasing Songshares as a means of investment or with any expectation of profit derived from your purchase.
Then there is an entire section on copyright interest which is confusing but makes it clear you basically have no rights as a copyright owner:
Some Songshares give Registered Shareholders the opportunity to own a small percentage of the musical composition or sound recording copyright (“Your Copyright Interest”) of a Song. To claim this benefit, YOUR SONGSHARE MUST BE REGISTERED. A purchased Songshare does not provide a Copyright Interest until that Songshare is registered.
In order to make this possible, we've entered into agreements to acquire the necessary copyright ownership rights, which we're passing on to Shareholders. Our ownership rights are subject to some very important restrictions and limitations. Which means Your Copyright Interest is too.
- THERE ARE NO EXPLOITATION RIGHTS IN YOUR COPYRIGHT INTEREST. You do not have any right or authority to administer, control, or otherwise exploit the Song's copyright, including Your Copyright Interest.
- THERE ARE NO FINANCIAL RIGHTS IN YOUR COPYRIGHT INTEREST. You do not have any right to collect, receive, or request any income (e.g., royalties, license fees, etc.) derived from the Song's copyright, including Your Copyright Interest.
- THERE ARE NO ENFORCEMENT RIGHTS IN YOUR COPYRIGHT INTEREST. You do not have any right to prosecute, defend, settle, or otherwise compromise any claims, demands, or actions related to the Song's copyright, including Your Copyright Interest.
- YOU CAN STILL BE SUED IF YOU INFRINGE. You can still be sued for infringement if you make unauthorized use of the Song's copyright, including Your Copyright Interest, irrespective of laws, rules, and/or regulations that would otherwise prevent a co-owner from taking legal action against another co-owner for infringement of the jointly owned work.
- TRANSFER OR ASSIGNMENT OF YOUR COPYRIGHT INTEREST IS RESTRICTED. You may only assign Your Copyright Interest by transferring the Songshare registration at www.newyorkrockexchange.com. Any other attempted assignment of Your Copyright Interest is absolutely null and void, and will result in an immediate revocation of Your Copyright Interest.
- YOUR COPYRIGHT INTEREST IS REVOCABLE. The New York Rock Exchange may revoke Your Copyright Interest at any time for any reason, with or without notice. Upon such revocation, Your Copyright Interest will automatically transfer and revert to the New York Rock Exchange by operation of law (i.e., voluntarily and without the necessity of a written instrument). You forever release and hold harmless the New York Rock Exchange, its successors, assigns, attorneys, agents, licensees, past and present officers, directors and any third parties furnished, engaged, or affiliated with the New York Rock Exchange (including participating artists), from any claims arising out of, or related to, the New York Rock Exchange's revocation rights relative to Your Copyright Interest.
So what is this really? It's ultimately just another piece of merch the band is selling, but you can tell your friends anytime they hear "Native Blood" that Hey, I own a piece of that! Also, the added perk of hearing the new Testament album first also has some value.
If that sounds like something that's up your ally, get more info on purchasing here
