Springfield businessman launches music stock exchange

A Springfield businessman with ties to Tennessee and Washington, D.C., has launched an online trading platform for buying and selling shares in the music securities market.

Chase Tweel, a former tax attorney in Washington, D.C., who also previously worked as a retirement research analyst with Pension Consultants Inc. in downtown Springfield, released his TweelX platform Sept. 23, according to a news release.

The Nashville-based platform joins music publishing with online trading - moves made possible by recent federal securities law changes. TweelX purchases songs through digital publishing and co-publishing arrangements with labels and other publishers. Then, through its patent-pending online platform, it allows investors to purchase stock in songs, for which they can receive royalty distributions on a quarterly basis or sell their shares.

“Our music stock platform offers publishers, labels and independent artists a powerful capital-raising solution that simultaneously promotes artist content and increases exposure,” CEO Tweel said in the release.

Artists on TweelX include country music singer-songwriter Billy Montana and southern rock band Mama's Love, as well as other artists in a variety of genres.

Selling stock in music, which previously was restricted, is made possible as part of the federal Jumpstart Our Business Startups Act, according to the release.

Currently a Springfield resident, Tweel said he is working to set up office space in the Queen City.[[In-content Ad]]