My friend Katie texted me a picture of this article in the April version of Current Magazine!
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Drew Leahy might get stuck in traffic, but it’s clear that he’s a man who never stops moving. We caught up with the Brighton native and co-founder of the exciting new Ann Arbor-based internet startup MyBandStock.com, and he was enthusiastic and more than eager to trumpet his new venture and its future. Leahy and his partners want nothing less than to be at the forefront of what the music business is becoming. It’s no secret that the old business models that governed how music was produced and sold are fading into the past, and its been far from clear what will come next. MyBandStock.com is an entirely new way for artists to connect with their truest fans, and Leahy believes it to be nothing less than revolutionary.
But what is MyBandStock? It’s hard to sum up in a few words, though Leahy has found a way to try. “It’s MySpace meets frequent-flyer miles for the music industry,” he said. That doesn’t say it all, but it captures the idea — the concept of MyBandStock is to combine the social networking aspect of enormously popular sites like Facebook with the idea of fans being personally invested in their favorite artists. That is where the “stock” part of the name comes in. By registering with the site, logging in frequently, and being active, as well as by purchasing merchandise and content, fans will earn “shares” which will give them influence and access to exclusive content by the artists they are interested in. “You’re not buying actual stock,” Leahy said. “You’re not making money. But you’re being rewarded for being a part of that community.”
Leahy sees this as an evolution of and an improvement on the old notion of a “fan club.” Traditionally, fan clubs were a way for artists to connect with their fans, but Leahy argues that they didn’t accurately reflect the true audience for a musical artist’s work. “Inevitably, there’s only a handful of people who want to be in a fan club,” he said. “Because they’re that crazy.” But MyBandStock lowers the threshold of direct involvement for a generation of music fans for whom social-networking tools are second nature. “We’ve created a system to gain access,” he said. “There’s nothing else like it right now. By being active ‘investors’ in an artist, members will not only have access to things like exclusive performances and inside views of the recording process, but may get a chance to influence their favorite artists in return.” Eventually, top investors will be able to meet with the leadership of the site, and with the artists as well.
“I really want artists to feel like this is the best way they can engage their fans and give them what they want,” Leahy said. “The artists are our clients.” From a business standpoint, it benefits musicians to have an accurate reflection of who their real audience is. But it’s clear that Leahy is also motivated by a love of music itself, in all its forms. “I experience something really cool with my favorite artists,” he said. An economist might say that Leahy is trying to create an “efficient market,” and he agrees — “Efficient and beautiful.”
Ann Arbor’s MyBandStock Corporation is located at 210 S. Division, Suite 420. For more information, visit www.MyBandStock.com
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