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Buying a Piece of a Band... Sellaband.com

Boot Camp feature for Monday, March 24, 2008

Circumventing the mainstream recording industry. Bloomberg Boot Camp, a report on today's technology. The Internet has created new ways for bands and singers to find a global audience. Discovering talent is what a Website called Sellaband.com is all about. And it's also an investment vehicle of sorts. Founder Pim Betist...

"Sellaband is an online community where music fans can invest in their favorite artists. So as an artist you can make a profile for free, put three of your best tracks on there, make a bio, put some pictures on there. The music fans can listen to your music and if they really like you, they can invest in you, they can buy parts. Each part costs ten dollars and once five thousand parts have been sold, we have fifty thousand dollars. We then use the full budget to record an album and we sell the abum and all the income from the album is split in three. One third goes to the artist, one third goes to the people who bought the parts, the believers, and one third goes to us."

At our last count....17 artists had made that threshold on Sellaband....and some of them have decided to collaborate with each other. And the genres are varied...

"We have heavy metal, like really heavy, heavy metal, Vegas Dragons, from Australia made the fifty thousand. And Miss Lily Vasquez, who is from Columbia, and she makes Latin music, so it's like Latin rock. We have hip-hop, we have light rock.

(sound) You can listen to many tracks for free...and choose to invest....at sellaband.com. Bloomberg Boot Camp, I'm Fred Fishkin.