Songwriter Dennis Radcliffe was part of the team behind one of legendary soul singer Barry White’s greatest hits… “You’re The First, The Last, My Everything.”
He also had a house payment and other business ventures to pay for. While the yearly royalties he was earning from his songwriter's share of the track was certainly meaningful, Radcliffe needed a shorter-term lump sum solution.
Another musician involved in recording the song was interested in buying the assets from him. But Radcliffe wanted more flexibility in what he sold, and also the ability to shop it around to multiple buyers to tease out the best price.
Then he found Royalty Exchange, where both needs were met. For starters, he was able to sell only 25% of his songwriters share in the song, rather than his entire stake. That means he could raise a lump sum sufficient for his immediate needs, while still enjoying the annual revenues his remaining royalties earned
As for buyers, an aggressive starting price of $35,000 drew over 30 bidders, who battled over it until the final closing price reached $73,000… twice as much as he was hoping for.
“It certainly gets a better price with a large number of bidders,” he said. “The (starting) price was sufficient enough. Just that price might have been worth it to sell. But it went at an amount that was better than sufficient.”
Such an iconic song has value far beyond just the royalties it earns. Radcliffe’s hope is that another recording artist will cover the track, breathing new life into it and generate even more in annual royalties.
Do you have a stake in a track that continues to generate royalties, but could be worth much more?
