Most homeowners are familiar with Zillow, a site which allows you to easily find out the value of your or someone else's home. Thanks to a new app from Royalty Exchange, artists can now do this same thing, but with their song royalties.
Guest post by Bobby Owsinski of Music 3.0
If you own a home you most likely know about Zillow, a website that makes it easy to find out how much your house, and others in the neighborhood, is worth on the current open market. It’s great if you’re buying or selling a home, or just for fun to play a “What if” game or two. Now there’s something similar available for song royalties as well. Royalty Exchange has just launched its “Know Your Worth” app that collects many streams of information and makes your royalties easy to understand in a way that hasn’t been done before.
According to the company, “The app analyses songwriters’ public performance statements from their PRO, and automatically produces a personalized report with details that until now were unavailable from a single source.
- A dollar range estimate of the catalog’s fair market value
- A full accounting of the lifetime and last 12 months earnings for the catalog provided
- A list of the catalog’s top-earning songs
- The catalog’s top sources of revenue by format (radio, streaming, TV/Film, etc.)
- Year-over-year trending data for all earnings, top songs, and top formats
Finally, it provides the first-ever analysis of what each songwriter earns in public performance royalties on specific streaming services through a metric we call the “Latte Index”—or the number of streams on each service needed to buy a Starbucks Latte.”
While the app provides a good look at a catalog’s worth, it’s not all-encompassing, as it just looks at statements from ASCAP and BMI. If you have a foreign presence or are signed to SESAC, then you won’t know the full picture of the song or catalog’s worth. That said, Know Your Worth is a quick and easy way to at least get a feel for its value.
If you’re an aspiring songwriter, this app probably won’t mean much to you, but if you’ve had some success and you’re wondering about the value of your song catalog, the Know Your Worth app is a quick way to find out.
There’s more info in the video below.