Progressive metal outfit Queensrÿche have unveiled an unprecedented business strategy, offering fans the opportunity to share in the profits they generate by buying themselves an ownership stake in the band.
Reports Billboard, for a cool minimum investment of $50,000, business savy fans, who first pass an independent accreditation process, can buy a stake in a private company entitling them to “a fixed percentage” of future revenue from things like merchandise and record sales.
“This is an opportunity for fans to actually own an equity stake in the band,” attorney Marc LoPresti, who helped the band establish their company, told the publication. “There is nothing that they do as a unit as Queensrÿche that the fans that invest will not be a part of.”
As fans know, there have been two bands named Queensrÿche for some time now, following the original band’s split in two in 2012. This strategy, reports Billboard, is the brainchild of the Queensrÿche fronted by singer Todd La Torre, not the second band headed by former lead singer Geoff Tate.
The band say they are attempting to raise a total of $2 million and drummer Scott Rockenfield says the money raised will give the group “the flexibility to do a lot of things.” He added that the band has, “a lot of big-picture stuff going on” such as “touring and being able to present ourselves in bigger ways.”
An internal board of directors comprising of Rockenfield, bassist Eddie Jackson and guitarist Michael Wilton plus the band’s lawyer Thomas Osinski will oversee Queensrÿche’s corporation.
Queensrÿche say they will announce further details along with a prospectus for potential investors later this month. They will also be launching a separate PledgeMusic campaign to raise money for their next album which would follow up 2013’s self-titled release.