“Amber Ojeda has aligned herself with Sellaband, which connects performers to investors interested in their music,” says Sharon Holleran of A&R Management. “It’s a free service the artist signs up for, where believers buy stock in the music they love. The believers then become like a street team, one who has a vested interest in promoting the artist because they all continue to make money off that artist’s success.”
Sellaband.com posts music samples by participating artists for potential “believers” to review. Purchasing a single “part” (i.e., stock) in an artist costs $10, with no quantity limit. Purchasers get a limited-edition CD by that artist, plus a percentage of income from downloaded music files. Sellaband sells tracks at 50 cents per download through Amazon, with stockholders receiving a percentage based on the size of their investment.
Once an artist has sold 5000 “parts” at $10 each ($50,000), Sellaband provides the performer with a range of recording, mixing, and production services at no charge.
“The company is owned by former music executives from the big labels,” says Holleran. “They’re doing a lot of advertising to bring in more potential believers.”
Amber Ojeda joined Sellaband on February 24. As of this past Monday she had sold 116 shares of her music. She appears April 9 at Anthology.
– Jay Allen Sanford