Royalty Exchange, which connects songwriters and musicians with private investors interested in royalty income, has closed a $6.4 million convertible note to fund its growth. It also added three members to its board of advisors.
The company intended to raise $3 million, but due to demand, it increased the offering. These funds will go toward hiring additional staff and investing in new technology. The company is hiring for business development, marketing, and artist/label relations roles. It is also developing new financial solutions for both buyers and sellers alike.
Additionally, Royalty Exchange has added three to is Board of Advisors, including Carnival Music co-founder and songwriter Travis Hill, SOCAN COO Jeff King, and Bill Silva of Bill Silva Presents and Bill Silva Management.
Royalty Exchange’s platform lets rightsholders sell a part of their royalty stream in an online auction. Meanwhile, artists keep full control of their copyrights and continue to earn royalties on what 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.”
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