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According to an article from Billboard.com, Queensryche is giving fans a chance to share in profits that the band generates through such avenues as merchandise and record sales.
The article states that for a minimum investment of $50,000, fans who pass an independent accreditation process can purchase an equity ownership stake from a private consolidated holding company that entitles them to “a fixed percentage” of future revenue, according to attorney Marc LoPresti of LoPresti Law Group, who helped Queensryche establish the LLC.
“This is an opportunity for fans to actually own an equity stake in the band,” says LoPresti. “There is nothing that they do as a unit as Queensryche that the fans that invest will not be a part of.”
LoPresti notes that the band is “only raising a certain amount of money”: a total of $2 million. He explains that while there have been “indications of interest” from potential investors, “we are hoping that we will engage more people instead of less, because for the guys, it’s about the music and it’s about the fans.” A prospectus will be available to potential investors to help evaluate whether they want to participate.
An internal board of directors comprising drummer Scott Rockenfield, bassist Eddie Jackson and guitarist Michael Wilton and band counsel Thomas Osinski will oversee the corporation. They are currently seeking an independent auditor to join the board; LoPresti expects one will be named soon.
The corporate opportunity will officially be announced at the beginning of November. At the same time, Queensryche will also be launching a separate PledgeMusic campaign that will focus on raising funds for recording the band’s next CD. However, money generated from fan buy-ins of the Queensryche corporation is a means of raising capital to give the group “the flexibility to do a lot of things,” says Rockenfield. He adds that the band has “a lot of big-picture stuff going on” that it hopes to do, such as “touring and being able to present ourselves in bigger ways.”
