700 Songs “IPO” in a Day as Music Financial Exchange Sonomo Opens to Public
12.7.2023 11:00:00 EEST | Business Wire | Press release
Music investment platform Sonomo (sonomo.com) announces its opening to the public. The platform is democratizing access to music investing, a $1 trillion asset class previously dominated by industry insiders and speciality funds.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230711288235/en/
Sonomo's investor dashboard (Graphic: Business Wire)
Since its public opening, the Amsterdam-based company has witnessed an extraordinary response from investors worldwide. In a single day, the platform hosted an astonishing 700 song "Initial Public Offerings" (IPOs), solidifying its position as the world's largest public exchange for music as an asset-class.
Through Sonomo, investors are able to trade “fractionalized shares'' in thousands of songs and ETF-like “Baskets”. The platform prides itself in catering to a wide range of genres and artists. Investors can access both new, more speculative songs, and timeless classics by artists such as Gloria Gaynor, Barbara Mason, and Edwin Starr.
Sonomo collects royalties from over a hundred streaming platforms. Such royalties are then distributed to shareholders on a monthly basis. Sonomo empowers investors to correctly price assets by providing real-time data feeds relating to how songs are performing on streaming platforms (daily streaming analytics, historic earnings and so on). External market-makers operate on the platform, injecting liquidity into assets.
“This marks a significant shift in alternative investing. You’re now able to trade song shares in real-time on a 1% brokerage fee and collect monthly ‘royalty dividends’ - a fraction of the cost and time of private equity alternatives.”, “Investors are seeking income-generating assets that perform in an inflationary environment. At the same time, artists are opting for independently financed careers at an unprecedented rate. We want to facilitate that transition for both.” Faris Zaher, CEO of Sonomo.
ENDS
About Sonomo
Sonomo is a financial exchange on a mission to democratize music financing. The platform’s automated securitization pipeline can turn any song into an investable asset. For more information about Sonomo, please visit sonomo.com.
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Contact information
Faris Zaher
press@sonomo.com
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