Wiz Khalifa’s ‘See You Again’ was a monster hit on streaming services, including unseating ‘Gangnam Style’ as the most-viewed YouTube video – at least until ‘Despacito’ turned up.
Now the track has become one of the most high-profile songs to appear on Royalty Exchange, where a share of its digital-performance royalties is being auctioned off by one of its backing singers.
“Up for auction is 100% of the seller’s interest in domestic sound recording performance royalties, and 30% of the international royalties,” explains the listing on the site. “The vast majority of royalties come from digital streaming on platforms like Spotify, Pandora, Google Play, and Sirius XM Radio.”
The listing explains that the backing singer made $11.7k from performance royalties for the track in the last 12 months. With a starting price for their share of $30k, bidding is up to $34k – although that’s just five bids so far – with three days left.
Music Ally recently interviewed Royalty Exchange CEO Matt Smith about the business.
“We have raised close to $6.5m of capital for artists – mostly songwriters – since we launched a little over a year ago,” he told us. “We did $1.7m in Q1 this year at auctions – and that’s up 64% from what we did in Q4 on 2016.”