Why buy shares/invest in music?
Fans can become part of the action by investing in the music with our state of the art platform where shares of songs are bought and sold by the fans. If you invest in a song at the right time, and the value of that song increases, you earn real money from your SongStax investments. You can discover the next hit song or the next star. Now you can be part of the artist’s success by supporting them and sharing in the profits.
How do I create a SongStax Account?
Click on the Register link on top right of the home page and fill in account information. Check for a confirmation email from SongStax. Check Spam if you do not see an email, especially if you use gmail.
How do I add money to my account?
Once you have an account, login and click on Settings. Click on Add Funds button.
How do I buy shares in a song?
Click on Music tab to view available songs. You can sort by Artist or Genre. You can also sort by RISING STAX, EDITOR’S PICKS, NEW RELEASES and OPEN MARKET. Click on a song to hear a preview. If decide to buy shares, the Song will appear in MyStax and play in full.
What is MyStax?
MyStax is where you can see all the songs you have bought shares in. You can see how much you paid for your shares and how much they have changed in value. This is also where you can sell back any eligible shares to SongStax.
What is MyStax Value?
MyStax Value is the calculated value of all your shares at current market price.
What is the Download Option and how is it different from investing in song shares?
Clicking on the Download button allows you to purchase a song file to download on your own device. This option does not include investment in song shares. Investment shares can be purchased using the Invest/sell button. You can download a song and invest in song shares by using the appropriate button. They are two different methods of enjoying the music you discover on SongStax. You will receive an email after you confirm your decision to purchase a download. Check your Spam button if you do not see an email from SongStax. The email will give you a link to download the song file.
How do I sell back shares to SongStax?
Go to MyStax, select a song you wish to sell shares back to SongStax and click on the Invest/sell button.
What does a Full Stax mean?
Full Stax means all available shares for a particle song have been bought. Shares can no longer be purchased from SongStax, but may be available on the Open Market if owners of the shares wish to sell to other investors.
What is Open Market
SongStax Open Market is where people can sell or buy shares of songs with other user/investors. Once all the shares of a song have been sold, investors can sell shares to anyone who is registered as an investor on SongStax. The seller sets their own price per share. Open Market song shares ARE NOT INCLUDED in MyStax Value. Open Market song shares are no longer available from SongStax, but can be purchased from SongStax investors directly.
How do I sell shares in the Open Market?
Once a song is at Full Stax (all shares have been sold), if you own any shares you will be notified. At that time the song will appear in SongStax with an Open Market sticker. In MyStax, click on the song and then indicate how many shares you wish to sell and at what price.
What is an Open Market transaction fee?
A small fee is charged by SongStax to facilitate the ability to buy and sell shares on the SongStax open market. SongStax retains a 3% transaction fee, and 70% of that goes to the artist.
How do I withdraw funds from my SongStax account?
In MyStax click on Settings, then click on the withdraw funds button. You can only withdraw up to the amount indicated. In order to withdraw funds you must fill out the Stripe Connect form. You only need to do this once. This allows you to withdraw the funds from Songstax.com without incurring a transaction fee from Stripe or your credit card. Use your email account if you do not have a personal website on the Stripe connect form. Stripe is very similar to PayPal and is used by thousands of online businesses around the world. For more info on Stripe go to www.stripe.com.
How does SongStax benefit the artist?
Artists spend more time on creating music and less time finding an audience. SongStax is a place where artists and their on-line fans can both make money and stay connected.
SongStax is where users can discover and invest in digital music. If an artist’s song is featured on SongStax.com, SongStax will sell digital shares of the song that users can invest in, promote and earn the artist money. Artists receive 70% of all profits made from their songs on SongStax. Artists earn money on songs they use to put out for free. Artists stay connected to more fans while they help the artist get discovered by other music lovers. The more they buy and share and profit, the more money artists make!
Do artists retain rights to their songs?
Yes, artists still own their copyrighted songs. Independent artists retain ownership, but limit the amount of streaming rights through SongStax. Shares are offered on a song by song basis, so the artist decides which song or songs they want to offer on SongStax. There is no other commitment for current or future creations.
How do I join SongStax?
Click on Register to create an account, under type select Artist. Fill out rest of form, and then click Register at bottom of form.
Check for a confirmation email from SongStax. Check Spam if you do not see an email, especially if you use gmail.
After registering log-in click on Profile, upload Picture, type in Name and Biography.
How do I upload my songs?
Log-in to SongStax, click on Profile. Click on add Album add Title, Description and upload cover art.
Click on Add Song; add Title, Description, select Album and Genre. Upload Song and Picture.
How do I get paid for my song’s shares bought by SongStax investors?
As investors buy shares of your song you will be able to track your earnings in Settings. The Outstanding Earnings to Date balance reflects 70% of the price of each song share bought by a SongStax investor. When the sell back date of a share expires, the earnings are considered payable and SongStax will include that sale on the next quarter’s commissions earned payment. Payments to the artist will be deducted from the Outstanding Earnings to Date amount.
Artist’s songs that are on SongStax Open Market will earn the Artist 70% of the transaction fee SongStax charges investors when they sell shares on the Open Market. SongStax charges a 3% transaction fee on all Open Market transactions, 70% of which goes to the Artist and this amount is also reflected in the Outstanding Earnings to Date amount. All commissions earned from Open Market transactions will be paid on the next quarter’s commission earned payment.
Artists are required to open a Stripe Connect account to be paid. This allows SongStax to electronically pay and track payments to the Artist. A Stripe Connect account will not incur transaction fees, so the Artist will be credited to their Stripe account the total amount earned. Stripe is very similar to PayPal and is used by thousands of online businesses around the world. For more info on Stripe go to www.stripe.com.