Fans can invest in their favorite songs on Web

By DAVID MENCONI

From platinum records to backstage passes, Steve Matthews is an avid collector of rock-music artifacts. He has enough to stock a good-size Hard Rock Cafe, he reckons.

But the latest addition to his collection goes beyond secondhand souvenir: He now owns 0.7 percent of “[I’m Not Your] Stepping Stone,” the classic 1960s-vintage single by the Monkees.

Matthews bought a share of “Stepping Stone” through SongVest, a musical brokerage firm that auctions off shares of songs. It’s the newest wrinkle in the music-memorabilia business.

Matthews discovered it when he happened onto the company’s Web site, SongVest.com.

“I saw it and said, ‘Now that’s pretty cool,’” says Matthews, a water-treatment-plant operator who lives in Clinton, N.C. “I grew up watching reruns of ‘The Monkees’ as a young lad, and I liked the show and certain songs. I really liked that one. If you’re like me, somebody who is into memorabilia, owning part of the song is great.”

Technically, SongVest doesn’t sell the songs it auctions off. What people buy is the right to a portion of a song’s revenue stream, while each song’s copyright owners retain ownership and control of its use. But the revenue stream rights that SongVest customers buy last for as long as the copyright does (and can even be willed to heirs).

Matthews came across SongVest when the company was auctioning the rights to four Monkees songs. His 0.7 percent share of “Stepping Stone,” which reached No. 20 on the singles chart in 1967, cost $1,060.

President-founder Sean Peace calls SongVest’s concept “memorabilia with a paycheck,” and there are royalty checks involved – though they’re pretty small.

Based on recent revenues for sales and airplay royalties for “Stepping Stone,” Matthews stands to make about $29 a year for his 0.7 percent share.

At that rate, it will take more than 36 years for Matthews to recoup his investment.