It’s been an exciting and eventful year here at Royalty Exchange. We’ve been pretty heads down working on a lot of really exciting things. But we’d like to pause for a moment to provide an update on some recent changes and what it means for the future.
Most notably, last October, a group of private investors acquired Royalty Exchange from the original founders. This group includes our new leadership team, helmed by CEO Matthew Smith, and President & CFO Jeff Schneider, based in Denver, CO.
Additional investors and advisors include artist manager and concert promoter Bill Silva of Bill Silva Entertainment, as well as a group of alternative investment experts.
The goal when acquiring Royalty Exchange was to transform it from a brokerage facilitating private auctions and transactions, to an open and transparent marketplace for royalty investing. Our rationale is that open markets attract more investors, generate more transactions, and provide much-needed transparency to pricing and valuations. The result is a fairer system for both rightsholders and investors, and a more valuable marketplace for all.
The number of auctions conducted on the Royalty Exchange platform has skyrocketed this year as a result. Since February, Royalty Exchange has facilitated 50 auctions, averaging 70 bidders each, with combined proceeds of over $3 million.
That's a great start, but it’s only the beginning. We have a number of new features and products on deck that will offer both rightsholders and investors even more options and opportunities.
As we move forward, our mission will continue to remain focused on connecting rightsholders and investors in new and beneficial ways.