The Royalty Exchange, a two-year-old Raleigh-based startup that auctions rights to song royalties through online auctions, is getting 2014 off to a rocking start with 3 Doors Down.
“Featuring 3 Doors Down, in addition to all the exciting momentum we are experiencing, is a terrific example of the growing demand from both buyers and sellers of music royalties,” said Sean Peace, Royalty Exchange’s CEO. “Our sales continue to grow in terms of artist profiles, auction value and bidder registrations, and we are developing innovative investment options that will expand the marketplace even further.”
Royalty Exchange calls the 3 Doors Down auction of selected songs its “most eagerly anticipated sale to date.”
The Mississippi-based band of five is working with the privately held company to offer rights to such hits as the Grammy-nominated “Kryptonite.” 3 Doors Down had sold more than 16 million albums worldwide since 1995.
In 2112, Royalty exchange says it sold royalty rights for more than $1 million on line.
The 3 Doors Down auction begins Jan. 28 and closes Feb. 11.
Offerings include public performance, “sync,” mechanical and other royalties.
Royalty Exchange raised more than $2 million from investors last July and expanded its operations to Nashville in October.