This week Royalty Exchange announced a couple excellent improvements to their eXchange. You can read the details of the changes here, but I'll also give a quick overview and share my view of the changes.
Scheduled New Listings
Previously there was no way of knowing when new listings would show up on the eXchange daily - as they were posted randomly throughout the day. So unless you had no life and just hung out on their page smashing refresh, or you enabled alerts in your browser, you'd often miss out on new offerings. I know this has personally caused me to miss out on purchasing catalogs that I would have gobbled up if I was there when they first posted.
Moving forward they will post new listings at 1:00 PM EST/10:00 AM PST. So for those of us with lives outside of purchasing music royalties now we know to go to their site at the scheduled time to see new listings daily (assuming there are new listings for that day).
I'm a massive fan of this change! Currently when I'm in the market to make a new investment I tend to hit their website up many times during the day. There's a time tax associated with that that I'd prefer to not pay. This change has saved me that time tax and I appreciate it.
Changes to Counteroffers
I previously posted about counteroffers and how much of a fan I am of them! Well Royalty Exchange just made them a bit better. I'm going to just copy from their blog post about it a bit to explain the changes:
Counteroffers will expire 24 hours after creation
Making a counteroffer will withdraw the last offer you made
Making a counteroffer will not reject the offer/counteroffer to which it is countering
Put simply, you'll have the ability to accept any offer you make a counter to, provided there is still time remaining on that offer.
Big fan of this change! I'll illustrate where not having this in place cost me previously. I was selling a catalog and was going back and forth with an investor on a price for it. We were getting really close, however, the investor rejected my final counter offer. I would have love to be able to sell it to them at the price they proposed that I was countering, but as soon as I countered the system auto rejected their previous offer. So no deal was made.
With this change I would be able to go to their last offer and accept it. This should make for more counter offers and more deals being closed. Well done Royalty Exchange, well done.
Royalty Exchange continues to listen to investors and make the changes they want to see. They have actually reached out to me previously to gather suggestions I have for how to make their platform better, so I know first hand they listen to their community.
I personally think they should take a look at what some of their competitors are doing as well (specifically SongVest and ANote), as there's some really fantastic stuff happening in this industry. I truly believe we are still at the dawn of this new era of royalty investments and look forward to seeing what the future brings.
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As always this blog is meant for entertainment. I'm not a financial advisor in any way, shape or form. Anything I suggest here will need your own due diligence.