Band Says It Just Ebayed Off Naming Rights For $250K
If this auction is legit, it's either stroke of marketing genius or a VC's worst nightmare, you decide. You have to wonder, considering that all of the bids ranging from $25K to $250K were placed over the course of two days from identity protected bidders. Authenticity aside, the press release and ebay posting does raise some interesting points about the way bands try to fund their pursuits.
An investing website, which according to its site just raised $5 million in December, has used 5% of the funding to snap up the naming rights to a Seattle band on eBay. BuyStock.net won the naming rights to what will now be called “Buystock.net Band." The band which has one recording credit to date, says it will use the funds to record their first album, which will be released to fans for free. According to the records of the auction, there were 15 bids.
“I think it's a fantastic idea and a clever way for the band to fund their passion. We're thrilled to be a part of it,” said BuyStock.net CEO Tim Jakobs. “I look forward to a long relationship.”
The band's sole recording to date, “For You", is available for free download at BuyStock.net and streaming at YouNameOurBand.com.
On the eBay auction page, the brand writes:
"We're a new band that needs cash to record our first album. It's as simple as that. We've written a lot of songs and we want to record them in a quality studio and to do that takes cash.
We were talking about what we were going to call ourselves and our bass player Kevin suggested we sell our name to a sponsor. Initially we didn't take the idea seriously but later realized it was brilliant. Sports stadiums do it, why not a band? "
So if they won't charge for songs, how does Buystock.net Band plan to make money?
"Live shows. Charging for songs equals shackles on songs. We want our music to be free, so that it can spread to as many people as possible. The more people that listen and like, the more people who will come see us play live. Recorded music is no longer a product. Recorded music is marketing. It is the advertising to get people aware of you, interested in you, and hopefully a fan of you. That ultimately wants to experience you."
