Encore Markets is a regulated market where fans buy SEC-regulated shares in song catalogs and artists raise from their audience instead of taking label advances. Starting with music. Built for everything culture produces.
Budget built from written vendor and legal quotes, not guesses. Two year runway to a live regulated market.
Standard post money SAFE. Terms discussed on a call.
Founder full time. Milestone stepped founder salary.
First artist deals signed. Reg D pilot live with accredited investors. Legal setup complete.
First Reg CF offerings live to retail. Revenue switches on: origination fees on every raise.
Reg A+ qualification in motion. Secondary trading through partner ATS. Seed raise from traction.
SPV per catalog. Reg CF to start, Reg A+ to scale. Licensed broker dealer of record and partner ATS for secondary trading. The Masterworks architecture applied to music.
Broker dealer services and compliance via Dalmore. Investor onboarding, KYC, escrow and payments via North Capital TransactAPI. Secondary trading on PPEX ATS. All quoted in writing.
The platform, valuation engine, growth stack and this data room were built by one founder using AI. The cost structure of this company does not look like 2021.
Masterworks 2024 revenue with 190k customers, securitizing fine art. Music has larger fanbases and daily emotional engagement.
Jukebox (formerly JKBX) sells shares in 60,000+ major-label songs, top down. Royal ran on crypto rails. Nobody has done bottom up, artist first, fully regulated.
Event contracts hit a $22B valuation on retail demand for new asset classes. Culture is the asset class retail already understands.
Origination fees on every artist raise, ongoing platform and administration fees on assets under management, and secondary trading fees through the partner ATS. Revenue begins with the first Reg CF offering, targeted months 12 to 15.
A label advance trades ownership and creative control for capital. A fan raise prices the catalog transparently, keeps the artist in control, and turns their most engaged listeners into owners with aligned incentives. Our calculator at encoremarkets.us/value shows an artist the math in 30 seconds.
Reg D pilot with accredited investors first, then Reg CF offerings up to $5M per issuer, then Reg A+ up to $75M with freely tradable shares. Securities counsel is engaged and the setup, review and retainer costs are quoted and in the budget.
Every line in the budget traces to a written quote: broker dealer, technology rails, escrow, KYC, securities counsel. AI leverage keeps headcount low. The raise covers two years and every milestone through revenue.
Any cash flowing asset created by culture: song catalogs, film and TV participations, likeness rights, touring revenue. Music is the wedge because the data is public and the fanbases are rabid. Read the thesis here.
Josh Harris. Two time founder, previously led growth at Alphathena. Chicago based, moves fast, answers email same day.