Testament hopes to make $50,000 by selling shares of their song 'Native Blood'Tuesday, December 2, 2014 11:28 AM PT
I have no problem with bands making money, but this seems to be pushing it. Diluting Queensryche's recent "own a piece of the band" endeavor even further, metal veterans Testament are giving fans a chance to own shares of their 2012 song "Native Blood" via the New York Rock Exchange.
Here's their pitch:
"When you buy a share, you'll become a co-owner of 'Native Blood' along with Chuck, Eric, and the band. Not only does this give you the ultimate in bragging rights, you'll also get exclusive shareholder rewards not available to anybody else.
"Unlike vinyl, CD's and MP3s, only a limited number of shares will ever be released. There's no better way to own a piece of Testament's history, and be a part of their future."
There are four levels of share ownership: Silver Share ($25), Share+Poster ($50), Gold Share ($100), and Digital Share ($15). While the first three are indeed limited, to 1000, 300, and 100 owners, respectively, the Digital option does not appear to be limited, so we're not sure exactly how that jives with the band's claim that "only a limited number of shares will ever be released."
More importantly, a share really has no intrisic value (i.e. you have no financial stake in the recording whatsoever). You get a certificate and a few other perks, including early access to the band's next album, and a limited edition print of the song's handwritten lyrics.
If the band were to sell every available share, they'd earn $50,000, and that doesn't include the digital shares.
Whatever. If you're still game, you can "invest" here.
I will be reporting testament to the SEC. Dead serious.
nobody can illegally download this song since I partially own it. that's how it works, right?
It's so funny how out of touch old musicians are with the youth
Old Testament sucks, who wants a stake in new Testament lol
It's pretty clear this is not an investment--it's a way to own something cool. Your own little piece of music history...
This is fcking surreal. Really? How do you justify doing this?
Who wants to own a share of the load I just blew all over my stomach?