Riteband Sound Investments
|Funding from Vinnova||SEK 300 000|
|Project duration||March 2017 - June 2017|
|Call||Innovativa startups fas 1 Våren 2017|
Purpose and goal
Riteband´s business idea is to value music copyrights by creating a secondary market for the trading of shares of future revenue from music that will expose the underlying financial assets. Thanks to the support from Vinnova, a prototype has been developed that demonstrates an opportunity for songwriters and music publishers to be pre-financed by fans and other institutional investors. The financial risk is shifted from creators to investors who can make money when they find the hit before the market does.
Expected results and effects
The overall objective of the project was to build a prototype of a secondary market for music rights. By spreading ownership in the music industry and opening up for anyone to gain access to the value creation of the music industry, broad incentives are created to positively influence the economic development of the music industry and curb the illegal exploitation of intellectual property rights. The demonstrations of the Riteband-app at music fairs resulted in great feedback on the business idea and will hopefully also lead to new funding, partners, talent attraction and recruitment.
Planned approach and implementation
The design and implementation of the project in the four so-called work packages structured the work in a very good way. It became clear which goals were a little too ambitious for the budget and the timeframe, and the structure also clarified what resources and competences proved difficult to find to engage in the project.