TLC is partnering with SongVest to re-record classic versions of its hits, giving fans an opportunity to purchase fractionalized royalties from these songs.
TLC fans now have the opportunity to own a piece of their favorite songs and receive royalty payments from the group’s newly-recorded versions of their hits “No Scrubs,” “Diggin’ on You,” and “Creep.” Fractionalized shares of these three TLC songs will be made available to fans as ‘SongShares’ — SEC-qualified fractionalized shares of music royalty streams that anyone can buy.
As part of the deal, TLC is sharing 50% of the streaming royalties generated from these newly-released versions of their hits. “We’ve always tried to show our fans how much they are appreciated, from including their letters in ‘Fanmail,’ and inviting them to be a part of our last project,” adds TLC. “This partnership with SongVest offers another opportunity to show our gratitude to our amazing fans and to include them in TLC history in a very special way.”
SongVest says the limited run of TLC SongShares will be available through VIP Auctions on Friday, May 26. There will be 450 shares of “Creep – TLC Version,” 200 shares of “Diggin’ On You – TLC Version,” and 1,900 shares of “No Scrubs – TLC Version.”
Bidding for one share of any of the SongShares begins at $100 per share. Fans with successful bids at the end of the VIP Auction period will have the first opportunity to purchase SongShares following SEC qualification.
“We’re excited to work with TLC to engage their audience in a new and innovative way, helping them create invested fans by selling shares of music royalties directly to their audience,” adds SongVest CEO Sean Peace. “Since SongShares owners receive a portion of the royalties paid out from the songs, SongShares are a great way for artists to directly involve their fans and motivate them to share in the success of their career.”