Fans invest in Music
How it works for MusiciansThe chance for a professional studio album financed by fans and a worldwide distribution? Robert Kunze explains how the whole thing works for musicians.
What is the benefit for musicians letting fans finance their next album?
The benefit is, on the one hand, the fact that they get sufficient funds to produce their next professional album. Virtually, the fans act as a label: They finance the music production and in return they participate in the music sales revenues. Additionally, they can substantielly heat up the music sales which will be coordinated by ForMyBand. Just imagine thousands of supporters pushing your album sales because they will profit in your success as well.
How can I take part as a musician? And do I have to pay anything?
Each service is free for musicians and also non-binding at first. Artists just need to register on our web page and then create a band profile. Here they can define how much money they need for their next album production. Every amount between 1,000 and 100,000 € is possible. If a musician doesn´t know exactly how much he/she needs, ForMyBand will give help. Finally, the musicians need to promote their artist profile to find enough fans who support them.
What if an artist creates a profile and collects some money, but finally decides to move to a record label. Is the artist bounded to you?
Not in the beginning. Bands or solo artists can withdraw any time and without problems from the ForMyBand program. We want to offer musicians a chance to grow and do not want to limit them without need. But as soon as the artist has collected a complete budget things become a little bit more serious because we will offer a kind of record deal.
A record deal? I was thinking that you sell downloads?
That´s right! Actually, we should call it a download deal. After we have financed the band´s album production, they will transfer the digital distribution rights of this new album to ForMyBand. Using these rights, we will sell the new album downloads worldwide and exclusively for the band. The resulting sales revenues will be shared between artist and the supporters, who financed this album production. Moreover, the artist is allowed to independently press and sell CDs of these recordings. Either on own initiative, in cooperation with another label or using ForMyBand as a label.
How much do the participating bands earn? We’ve e often heard that musicians only get a little part of the music sales paid out?
We have been musicians, too, and know that a band should be entitled to earn an adequate part of the revenues. Here, the bands can determine by themselves how much money they would like to earn. This can be up to 40% of the income what is quite above the average. However, ForMyBand only earns 10% of the sales revenues. These are extremely fair conditions. By the way, the money will be paid onto the artist´s virtual account, being available for immediate debit.