Wednesday, July 20, 2016
FINANCE COMPANY ROOTED IN THE MUSIC INDUSTRY PAVING THE WAY WITH THE RETURN OF “BOWIE BONDS”
Sound Royalties Dishing out Money to Musicians, Producers, and Songwriters While Allowing them To Retain Ownership of Their Creativity
In today’s music industry it’s getting harder and harder for musicians, writers, producers, and creative individuals to not only make a living financially, but to retain the rights to the final products they toil frivolously to create. But in an ever-growing and ever-changing music market, New York based company Sound Royalties is helping the creators get the cash they need so they can continue doing what they do best with the return of a creation made famous by one of the most iconic figures in music.
In 1997 the boundary-pushing artist David Bowie and his banker David Pullman orchestrated a bond issuance of $55million in $1,000 denominated-bonds on future earnings of Bowie's music. It was a way for Bowie to buy full ownership back of his older recordings. Now known as "Bowie Bonds", the issuance was extremely innovative and paved the way for future artists. The bonds were eventually bought up by a division of Prudential. In 2007, as planned, the bonds liquidated and the rights of the music were returned to Bowie.
Fast forward to today, the age of streaming music. Full out album sales are paltry and the music industry, artists, managers, producers, rely on royalties from music streaming sites to get paid. However, those paychecks can be delayed for months.
Rihanna's latest album Anti set a record in the music industry gaining number one on the Billboard 200 with 54,000 equivalent units moved. But how many of these units were actual sales? Only 17,000 copies.. making it the lowest sales figure connected to a number one album.
Today, a new form of Bowie Bonds has emerged, and Sound Royalties is paving the road. Sound Royalties is a new breed of company that offers advances on royalties to musicians, producers, song writers and the like. Sound Royalties is able to give the music industry up-front funding based on future earnings of their music. A service that is much needed in the industry.
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