Exchange Overview

The Exchange is Coda's marketplace where you can buy and sell different Rights that are linked to various creative works. It allows you to directly support artists with their funding goals for their music and other creative works allowing you to earn alongside their future success.

Price Determinants

Shares on Coda are priced by rights holders who are selling their shares publicly. Prices are set by the seller and are generally based on the popularity of an artist, their historical success, market demand, and the terms of the actual rights included in the release. All these factors interact and fluctuate which will influence pricing dynamically.

Distribution Process

Royalties are collected directly by Coda from multiple sources—such as performing rights organisations, distributors, streaming platforms, sales, etc.—and then distributed to shareholders proportionally based on their ownership percentage. Distributions typically occur either monthly, quarterly, or bi-annually or according to the schedule specified in each share's details. All earnings can be viewed and claimed through your personal dashboard.

Royalty Types Explained

Royalty types are defined as the area of rights the royalties are relative to. In music, there are two main areas of rights. The rights to the actual creation of the composition, also known as publishing rights, and the rights to the actual master recording of a song or composition, also known as mechanical. These are broken down into the following areas:

Mechanical Royalties (Composition): Earned when a song's composition is sold or streamed (e.g., on Spotify or via CD).

Public Performance Royalties (Composition): Earned when a song is performed publicly—on the radio, in a bar, or at a concert.

Synchronization Royalties (Composition): Earned when a song is synced with video content (e.g., in movies, ads, or TV shows).

Reproduction Royalties (Sound Recording): Earned from the sale or stream of a specific recorded version of a song.

Public Performance Royalties (Sound Recording): Earned when a recorded track is publicly played—such as on satellite or digital radio.

Synchronization Royalties (Sound Recording): Earned when a specific recording is used in video content (e.g., an ad or film).

Digital Performance Rights: These rights allow the holder to earn royalties when the music is streamed on digital platforms like Spotify, Pandora, or internet radio.

Mechanical Rights: These cover royalties earned when the music is reproduced, such as through downloads or physical formats like CDs or vinyl.

Synchronization (Sync) Rights: These give the right to license the music for use in TV shows, films, video games, advertisements, or other visual media.

Public Performance Rights: These rights generate royalties when the music is played in public spaces—like on the radio, in bars, live venues, or at events.

Physical Book Sales: Royalties earned when printed copies of the book are sold through bookstores, online retailers, or direct distribution.

eBook Sales: Royalties generated from the sale of digital editions of the book, typically through platforms like Kindle, Apple Books, or Google Play.

Audio Book Sales: Royalties earned when audio versions of the book are sold or streamed through platforms like Audible, Spotify, or Apple Podcasts.

Reprint Publishing: Royalties received when the book or excerpts from it are republished in anthologies, magazines, or other formats by third-party publishers.