DENVER, CO (CelebrityAccess) — Royalty Exchange, a digital marketplace for royalties, has secured $6.4 million in funding, as well as added three new industry veterans to its board of advisors.
The company had been seeking to raise $3 million, but said it increased its offering due to demand.
If you're unfamiliar with the company's business model, they aim to provide a platform for rightsholders to sell a part of their royalty stream in an online auction. Artists are allowed to keep full control of their copyrights in the transactions and can still collect royalties on the rights they don't sell.
We've experienced significant growth over the last year. But we've only scratched the surface," said Royalty Exchange CEO Matthew Smith. "Imagine if you had only two options to grow your business… either sell out completely or grow from internal cash flows only. That's the choice many artists face today. Royalty Exchange adds a whole new option for rightsholders, and we do it by bringing competition and transparency."
As well, the company has added several key industry figures to its board of advisors, including touring veteran Bill Silva of Bill Silva Presents and Bill Silva Management; Carnival Music co-founder and songwriter Travis Hill; and Jeff King, COO of the Society of Composers, Authors and Music Publishers of Canada (SOCAN).