Prog-metal act Queensrÿche are giving fans a chance to buy into the band and take a percentage cut of profits that the group generates through merchandising, record sales, and other avenues. Billboard reports that for a minimum investment of $50,000, a fan can purchase an equity ownership stake in a Queensrÿche LLC. “There is nothing that they do as a unit as Queensrÿche that the fans that invest will not be a part of,” attorney Marc LoPresti, who helped the band set up the holding company, told Billboard.
The band is using this method to raise a maximum of $2 million dollars, and each potential investor will be screened and approved by a board of directors that consists of band members Scott Rockenfield, Eddie Jackson, and Michael Wilton, and legal counsel Thomas Osinski. The money raised will give the band “the flexibility to do a lot of things,” according to Rockenfield, including helping out with “big-picture stuff” like “touring and being able to present ourselves in bigger ways.”
Queensrÿche will announce more details — and share a prospectus package to help potential investors decide whether they want to participate — later this month. They will also be launching a PledgeMusic campaign separate from the LLC to raise money to record the band’s next record.