They’re looking to raise $2 million by selling stakes in a new holding company directly linked to band Queensryche are giving fans a chance to share in profits the band generates through record sales and merchandise deals.
For a minimum of $50,000, investors can buy an ownership stake from a private holding company that will entitle them to a fixed percentage of any revenue generated by the band.
Attorney Marc LoPresti helped the group set up the limited liability company (LLC) and he says this could just be the start of similar projects.
He tells the Seattle Times: “We think it’s a first. If it’s successful, which we expect it to be, we may do it again with other bands.”
LoPresti reckons the stock sale could replace a label’s usual role in financing tours and album recording sessions – and would mean more money for the band and investors as the label wouldn’t be taking such a big slice of the profits.
He continues: “By disintermediating the labels, we’re leaving more money on the table both for the band and people who invest.”
Drummer Scott Rockenfield tells the National Rock Review: “We thought it was a great idea and as far as we know it’s never been done in the music industry.
“It was a way for us to open up what Queensryche is and have people come in that are interested to own a part of what we do.”
The move comes on the back of the band’s PledgeMusic campaign. They’re currently offering fans who pre-order their new album unique items and opportunities, including a range of clothing, instruments and the chance to personally attend the recording sessions in the studio.
The band and former frontman Geoff Tate reached a legal settlement earlier this year that means Tate can no longer use the Queensryche name. Both sides of the acrimonious split said they were relieved to have reached an agreement.
(vai metalhammer)
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