Frequently Asked Questions

Music rights are intellectual property rights that protect the creative work of songwriters, composers, artists, and producers. They generate income, called royalties, each time a musical work is used commercially: streamed, broadcast on radio or television, played in public spaces, used in films, ads, or video games. On Bolero, you can invest in two categories of music rights: publishing rights (protecting lyrics and composition) and master rights (protecting the sound recording).

Bolero is an investment platform that lets individuals and companies subscribe to bonds backed by existing music catalogs. Each bond carries the right to a share of the royalties generated by the commercial exploitation of the works, paid out as coupons. Bolero's ambition is to open music rights investment beyond the professional circle, and to give creators a source of funding that leaves them in control of their work.

Any artist, producer, composer, label, or publisher who owns music rights, whether master and/or publishing, either in their own name or through a company, can apply to list assets on Bolero.

Yes. You can use a banking card to buy Song Shares and Catalog Shares on the primary market. For secondary market purchases, you first need to top up your Bolero cash wallet or crypto wallet using a banking card, then use those funds to transact.

To list a bond for sale on the secondary market, you simply need to hold at least one share of it. No fee is charged when you list: the register-keeping commission of 2.5% is only due when the sale actually completes, and it is payable by the seller.

Song Shares and Catalog Shares make the holder an economic partner, a beneficiary of the income generated by a song or a group of songs. They do not confer voting rights, creative control, or ownership of the underlying music rights.

Bolero requires all users to complete identity verification (KYC for individuals, KYB for companies) in order to comply with applicable anti-money laundering (AML) and financial regulations, including requirements from the Autorité des Marchés Financiers (AMF). Completing your verification is necessary to access the primary and secondary markets and to receive royalty payments. This verification is also required to activate your cash wallet and virtual IBAN, powered by Mangopay.

Bolero acts as issuer or as agent for bond issuances offered to the public and backed by music rights. Each issuance involves the filing of a Document d'Information Synthétique with the Autorité des Marchés Financiers. The cash wallet, the virtual IBAN, and payment operations are provided by Mangopay, an Electronic Money Institution authorised in the European Union and supervised by the Commission de Surveillance du Secteur Financier in Luxembourg, for which Bolero acts as a registered agent. For any regulatory question, write to us at support@boleromusic.com.

No. Purchases of Song Shares and Catalog Shares are final. Once an investment is made, no right of withdrawal applies, in accordance with applicable European regulations on financial instruments. Funds deposited into your cash wallet or crypto wallet but not yet invested can be withdrawn at any time. By completing a purchase on Bolero, you acknowledge and accept these conditions as set out in our Terms of Service.

Earnings from your Bolero assets, whether royalties or capital gains, are taxable under the laws of your country of tax residence. To review your activity in detail, generate your annual statement from your account settings, under Documents. If you are a French tax resident, the answer “How do I declare my Bolero income in France?” sets out the steps. Tax treatment depends on your personal situation and varies by jurisdiction, so we recommend consulting a tax advisor or an accountant. This information is provided for general information only and does not constitute tax advice.

Any member of the platform can visit another member's profile. Your username lets you use a pseudonym, however, and will never reveal your identity. Financial information, such as the amount invested and the amount received, is not displayed.

Yes. You can follow other users and receive notifications about their activity on the platform.

You subscribe to a bond, called a Catalog Share or a Song Share, backed by the future revenue of a catalog or a single work. In return, you receive a proportional share of the royalties actually collected, paid out as coupons at regular intervals. You do not become the owner of the music rights: you hold a claim on the revenue they produce. Your bonds can be held to maturity, or resold to other investors on the secondary market.

Publishing rights protect the underlying composition of a musical work, including the lyrics and the musical score. They are created by songwriters and composers, and are typically owned by the publisher and/or the songwriter. Publishing rights generate royalties each time the composition is used commercially.

The transactions Bolero offers to artists, producers, and songwriters carry terms that are unique in the market, making it easier to unbundle their catalogs, preserve their creative control, and retain an interest in the future performance of their works.

Yes. You can connect an external crypto wallet to Bolero to make purchases on the primary and secondary markets. The wallet must be connected to the Base network and funded with EURC (and a small amount of ETH to cover network fees). You can also fund your wallet directly from your Bolero wallet settings.

You can list an asset for sale from the Market page or from the asset's detail page. Select the asset you wish to sell, enter the number of shares and your desired unit price, then confirm. Your listing will appear on the Board and be visible to all users on the platform.

Bolero's Music team works day to day with rights holders across the music industry: songwriters, producers, publishers, and artists. Before a catalog of songs can be considered and made available for investment, Bolero must validate three criteria: the average age of the songs since release, financial thresholds (revenue history and diversification of revenue sources), and the potential for future exploitation.

No. Bolero verifies the validity of the music rights (master and/or publishing) attached to each asset, but does not guarantee the value of the asset over time. The value of Song Shares and Catalog Shares may fluctuate and you may receive less than you invested. Please refer to our Terms of Service and to the risk section of each asset's issuance document.

In the event of Bolero's dissolution, the company would seek to ensure the continuity of your investment through one or more of the following mechanisms: (i) repurchase of the underlying rights by the original creator or issuer; (ii) resale of the underlying rights on the private market; (iii) activation of the cession de créance (assignment of receivables) security attached to each asset, which, upon notification to third-party debtors (performing rights organisations, co-publishers, etc.), transfers the right to collect royalties directly to bondholders. Full details of these protective mechanisms are set out in the contractual documentation available at each asset's issuance.

Your Bolero bonds are recorded in a wallet attached to your account and do not constitute an account opened abroad. Your euro cash wallet is a named account based on your identity verification (KYC/KYB), backed by a virtual French IBAN issued by Mangopay, an Electronic Money Institution supervised in Luxembourg. The reporting obligations attached to this type of account vary according to your country of tax residence and your personal situation. We recommend consulting a tax advisor. This information is provided for general information only and does not constitute tax advice.

If you do not complete your KYC/KYB verification, your access to the primary and secondary markets will be suspended. You will still be able to view your portfolio and holdings, but you will not be able to buy or sell assets or receive royalty payments until verification is completed. We strongly recommend completing verification to maintain full access to your account.

Only you can see the total value of your portfolio and the royalties you have earned. This information is private and not visible to other users.

A new referral program is being prepared. We will share more details when it launches.

Master recording rights protect a specific sound recording, the version of a song as performed and recorded by artists and musicians. It is an economic right protecting the recording itself, as distinct from the underlying composition. Master rights are typically owned by the record label or the producer.

A Song Share is a bond backed by a single musical work. It gives its holder the right to receive a proportional share of the royalties actually collected on the commercial exploitation of that work, under publishing rights (lyrics and composition), master rights (the recording), or both. The bond is represented by a token recorded on a blockchain, which allows ownership to be fractionalised and transfers to be traced. The issuer is shown on each asset's page.

Your orders stay listed on the market until you cancel them or another user accepts them.

Yes. Subscriptions can be settled in EURC, a euro-backed stablecoin issued by Circle, on the Base network.

The annual yield shown on your portfolio compares the royalties you have received with the amounts you have invested, on an annualised basis. It reflects your past activity and is not a projection. It moves with every distribution and every new subscription. Past performance is not indicative of future performance. Investing carries a risk of capital loss.

Investing in bonds backed by music rights involves risks that you should assess before subscribing.

• Revenue variability: royalties depend on the commercial exploitation of the catalog, which varies with listening habits, licensing agreements, and market conditions.
• Risk of capital loss: neither the capital nor the return is guaranteed, and you may recover less than your initial investment.
• Liquidity risk: the secondary market guarantees neither a buyer, nor a timeframe, nor a price.
• Long horizon: these bonds are designed to be held for several years.
• Concentration risk: a bond backed by a single work depends entirely on that track's career.
• Issuer risk: your claim is carried by the issuer of the asset, which is not always Bolero.
• Operational risk: an interruption of the platform could affect the collection and distribution of royalties.

This information does not constitute investment advice.

You can delete your Bolero account from your account settings. Please note that if you delete your account, all account data and activity history will be permanently lost, and any assets you hold will not be recoverable by Bolero. We recommend selling or transferring your assets before requesting deletion.

You can learn more about our approach to creator partnerships on our For Creators page. To get in touch with our Music team directly, please fill in the following form.

Bolero Music SAS is a French company (SIREN: 894 173 962). Bolero does not automatically report your data to the French tax authorities: you are responsible for declaring your income yourself.

This article is intended for French tax residents, individuals investing directly (excluding SCIs, holding companies, and securities accounts). If your situation differs, please consult a tax advisor.

1. Download your annual statement

Log in to your Bolero account, go to the "Relevé" or "Statements" section, and download the EUR statement (PDF) covering the period from 1 January to 31 December of the tax year concerned (for example: 1 January to 31 December 2025 for the return filed in 2026).

Two types of income on this statement are taxable:

• Royalties received (column "Value")
• Capital gains on share sales (net sale price – weighted average purchase price of the shares sold)

⚠️ Only include transactions dated between 1 January and 31 December of the tax year being declared. Royalties credited in January of the following year are to be declared the year after.

2. Access the right forms

On impots.gouv.fr, in your online return, tick the following boxes in the income list:

✅ Revenus de capitaux mobiliers → opens the form "Revenus des valeurs et capitaux mobiliers", where you will fill in box 2TR

✅ Plus-values et gains divers → an "Annex declarations" screen opens. Tick "Déclaration des plus ou moins-values réalisées en [year N-1] - N° 2074" to access the form containing box 3VG

⚠️ If your capital gain, rounded down to the nearest euro, equals €0, you can validate this screen without ticking anything.

3. Fill in the boxes

Royalties → box 2TR

In the form "Revenus des valeurs et capitaux mobiliers", under the heading "Intérêts et autres produits de placement à revenu fixe". Add up all the "Royalties" lines on your annual statement and enter the total. Round down to the nearest euro (e.g. €5.89 → declare €5).

Capital gains on share sales → box 3VG

In form N° 2074, this is the very first box, labelled "Plus-values avant abattement" in the section "Gains de cession de valeurs mobilières et assimilés".

For each sale, calculate: net sale price (after deduction of Bolero fees applied to the sale) − weighted average cost (WAC) of the shares sold. The WAC is the average of all your purchases of that share, weighted by the quantities bought.

Add up the results and enter the total. Round down to the nearest euro. If the result is less than €1, leave the box blank.

⚠️ If a share was given to you (received as a gift or through the referral programme), its reference purchase price is €0: the entire sale price counts as a capital gain.

4. Should you tick box 2OP (income tax scale option)?

No, in the vast majority of cases. By default, your Bolero income is subject to the Prélèvement Forfaitaire Unique (PFU, or "flat tax"). The rate depends on the year in which the income was received: 30% for income received up to 31 December 2025 (12.8% income tax and 17.2% social levies), and 31.4% for income received from 1 January 2026 onwards (12.8% income tax and 18.6% social levies). The income tax scale option (box 2OP) only becomes advantageous if your marginal tax bracket is below 12.8%, which applies to non-taxable households or those taxed at a very low rate (marginal bracket of 0% or 11%).

This content is provided for informational purposes only and does not constitute tax advice. The applicable tax treatment depends on your personal situation. If in doubt, please consult a tax advisor or the French tax authorities.

Publishing rights generate royalties from: audiovisual licences (films, TV shows, video games, advertisements), public performance (concerts, live events), public broadcasting (radio, television), royalties for public venues (cafés, hotels, restaurants, nightclubs), and synchronisation contracts (placement of lyrics and score in films, TV shows, or commercials).

A Catalog Share is a bond backed by a set of musical works grouped into a catalog. It gives its holder the right to receive a proportional share of the royalties actually collected on the exploitation of those works, under publishing rights, master rights, or both. The scope of the catalog, the number of works, and the issuer are shown on each asset's page.

A register-keeping commission of 2.5% is charged on sales completed on the secondary market. It is payable by the seller.

Open your wallet from the dashboard, then choose Deposit or Withdraw. Euros go through Mangopay: you can fund your cash wallet by transfer to your virtual IBAN, and withdraw to your bank account. EURC goes through Coinbase. Both currencies can be deposited and withdrawn directly from the Wallet interface. Withdrawals to a bank account are processed within three to seven business days, and often faster depending on your bank.

Two structures coexist depending on the asset. Some bonds have a fixed maturity of 15 years. Others follow the lifetime of the underlying music rights, which expire 70 years after the death of the last surviving songwriter. The structure that applies is shown on each asset's page and in its Document d'Information Synthétique. In both cases, the bond also matures if all the rights in the catalog are sold before that term. The secondary market allows you to exit your position without waiting for maturity, with no guarantee of liquidity or of unit price.

Bolero collects and processes your personal data in accordance with the EU General Data Protection Regulation (GDPR). You have the right to access, rectify, and request the deletion of your personal data, as well as rights to portability and objection. For full details on how your data is collected, used, and protected, please consult our Privacy Policy. To exercise your rights, contact us at support@boleromusic.com.

The Watchlist is a personalised list you can build by clicking the star icon on any asset. It allows you to receive notifications about the market activity and commercial performance of each asset you are tracking.

Create your account, complete your identity verification (KYC), then fund your Bolero wallet or pay directly by card. Select the asset and the number of shares you want, then confirm. The bonds are then recorded in the wallet attached to your account. Please note: the shares you select are reserved for you for five minutes. After that, they return to the market.

Master rights generate royalties from: streaming and online listening, online video clip views, digital downloads, physical sales (CDs, vinyl, cassettes), and synchronisation contracts (placement of the sound recording in films, TV shows, or commercials).

Every user account has a euro cash wallet with a virtual IBAN in your name, issued by Mangopay, an Electronic Money Institution authorised in the European Union and supervised by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. This wallet can be used on both the primary and the secondary market, and receives your royalties when they are paid in euros. Your virtual IBAN lets you receive bank transfers directly into this wallet. Please note: funds held in the cash wallet are electronic money and are not covered by the French deposit guarantee scheme (Fonds de Garantie des Dépôts et de Résolution).

No. Transfers of bonds between wallets are recorded on the blockchain and are final. They cannot be reversed.

You can reach Bolero's customer support team by email at support@boleromusic.com. We aim to respond to all enquiries as promptly as possible.

You can add or remove assets from your Watchlist by clicking the star icon on any asset page or listing.

Shares are resold on the secondary market, over the counter between members, which opens once all the shares in a catalog have been sold on the primary market. Once the secondary market is open, the process is simple: from your wallet or from the asset page, click “Sell”. You choose the number of shares to sell through our Bulletin Board, along with your selling price. Two outcomes are possible: if a buy order already exists at the price you are asking, the sale goes through. Otherwise, your sell order is published on the secondary market and stays visible until a buyer comes forward. Bolero does not guarantee liquidity and does not act as a counterparty.

Publishing rights protect the underlying composition, including the lyrics and the musical score, and are typically owned by the songwriter and/or publisher. Master rights protect a specific sound recording, the version of a song as performed and produced, and are typically owned by the record label or the producer. A single song can generate royalties from both types of rights independently. On Bolero, each asset specifies whether it covers publishing rights, master rights, or both.

The primary market is where a bond is issued and subscribed for the first time, at the price set by the issuer and Bolero, subject to availability. The minimum subscription amount there is €100. The secondary market, the Bulletin Board, is where existing holders resell their shares to other investors, at prices they set freely. The minimum amount there is €1.

The distinction is straightforward: your cash wallet holds euros (EUR), while your crypto wallet holds stablecoins (EURC). Every Bolero user is automatically assigned a dedicated crypto wallet by Bolero. If you wish, and provided you have completed your KYC verification, you can also connect an external wallet to your account.

Your accounting documents are available in the Consolidated Statement section of your account settings. From there, you can generate and download statements covering your full investment activity.

Royalties are paid to your Bolero account on the distribution date shown for each asset, in EUR or in EURC depending on the asset. Management fees of between 3% and 10% are deducted from the exploitation royalties generated by the underlying works, before coupons are distributed. The rate that applies is shown on each asset's page.

Bolero collects royalties from collecting societies and distributors, then pays each holder the share due to them. The amount depends on the revenue collected over the exploitation period and on the proportion attached to your bond. Payments are made to your Bolero wallet, in EUR or in EURC depending on the asset. A forthcoming update will let you choose the currency of your payouts. No action is required on your part, provided your KYC verification is up to date on the distribution date.

When you place a buy order on the secondary market, the corresponding funds are immediately debited from your Bolero balance and held in escrow until your order is matched with a seller. If you decide to cancel your buy order before it is filled, the funds are automatically returned to your Bolero balance.

To change or remove a connected external wallet, please write to our support team at support@boleromusic.com. We will guide you through the process.

To change the email address linked to your Bolero account, please contact our support team at support@boleromusic.com. Our team will assist you with the update.

To open an account and invest on Bolero, you must be at least 18 years old. Bolero is available to residents of the vast majority of countries, except those subject to international sanctions or regulatory restrictions. The following are excluded: Afghanistan, Belarus, Bouvet Island, Central African Republic, Cuba, Democratic Republic of the Congo, Eritrea, Ethiopia, Guinea, Heard Island and McDonald Islands, Iran, Iraq, Lebanon, Liberia, Libya, Mali, Myanmar, Nepal, North Korea, Russian Federation, Saint Lucia, Somalia, South Georgia and the South Sandwich Islands, South Sudan, Sudan, Syrian Arab Republic, Ukraine, Venezuela, Yemen, and Zimbabwe. If you are unsure about your eligibility, please contact us at support@boleromusic.com.

Royalties are paid out as coupons, on a quarterly or half-yearly basis depending on the asset. That frequency is set at issuance and does not change over the life of the bond. It is shown on each asset's page and in its Document d'Information Synthétique.

Shares are resold on the secondary market, over the counter between members, which opens once all the shares in a catalog have been sold on the primary market. Once the secondary market is open, the process is simple: from your wallet or from the asset page, click “Sell”. You choose the number of shares to sell through our Bulletin Board, along with your selling price. Two outcomes are possible: if a buy order already exists at the price you are asking, the sale goes through. Otherwise, your sell order is published on the secondary market and stays visible until a buyer comes forward. Bolero does not guarantee liquidity and does not act as a counterparty.

Deposits and withdrawals on Bolero are subject to geographic restrictions, in line with our compliance obligations. The following countries and territories are not permitted: Afghanistan, Belarus, Bouvet Island, Central African Republic, Cuba, Democratic Republic of the Congo, Eritrea, Ethiopia, Guinea, Heard Island and McDonald Islands, Iran, Iraq, Lebanon, Liberia, Libya, Mali, Myanmar, Nepal, North Korea, Russian Federation, Saint Lucia, Somalia, South Georgia and the South Sandwich Islands, South Sudan, Sudan, Syrian Arab Republic, Ukraine, Venezuela, Yemen, and Zimbabwe. If your country does not appear on this list, you are eligible to deposit and withdraw funds on Bolero. For any question about your situation, contact us at support@boleromusic.com.

Bolero's infrastructure combines a proprietary system for the fractional representation of music rights with a smart contract architecture deployed on the Base blockchain. Every bond and every transfer is recorded there, which makes the chain of ownership traceable and tamper-proof, and allows royalties to be distributed across all holders.

Coupons are paid every quarter or every half year depending on the asset, and that frequency does not change over the life of the bond. It is shown on each asset's page before you subscribe. Payments are made automatically to your Bolero balance, with no action required from you, provided your KYC verification is up to date on the distribution date.

No. If a sell order is already open for a set of shares, it is not possible to place a second sell order on those same shares until the first one is cancelled. To resolve the situation, cancel the existing order from your account: Activity > Sell orders.

The amount depends on the commercial revenue actually collected by the asset over the relevant exploitation period. It corresponds to your proportional share of that revenue, after deduction of management fees of between 3% and 10% of the exploitation royalties. Amounts vary from one payment to the next: past payments are no guide to future ones.

Bolero is currently available in French and English. Support for additional languages may be added in the future.

Asset valuation works differently depending on the market. On the primary market, the price per share is set by Bolero's teams and the issuer at the time of the listing. On the secondary market, valuation is driven by supply and demand: each seller sets their own asking price freely. To help you assess whether a price is fair, return indicators and the PRR (Price-to-Return Ratio) are updated in real time based on the unit price requested, giving you a clear indication of how the bond is priced relative to its returns, whether you are buying or selling.

The mechanism is the same, only the underlying differs. A Song Share is backed by a single work, so its return depends entirely on that one track's career. A Catalog Share is backed by a set of works, where revenue from several tracks offsets one another, which reduces dependence on any single song. The number of works, the artists involved, and the type of rights are shown on each asset's page.

There are two cases on the platform. For issues carried by Bolero, the issuer is Bolero Songs Holding S.A., a French public limited company registered with the Paris Trade and Companies Register under number 944 962 860, which acquires and holds the catalog. For other assets, notably among the earliest ones, the issuer is a third party, usually the rights holder itself, with Bolero acting as the platform and as agent for the issue. The identity of the issuer and its commitments are set out on each asset's page and in its Document d'Information Synthétique. Your rights under the bond are exercised against the issuer of the asset concerned.

The yield shown is the sum of the distributions paid over the last twelve months, divided by the last observed price per share. It measures what the asset has distributed recently, and it is not a projection. During the primary market this figure is fixed, since the price per share is fixed too. Once the secondary market opens, it moves with every transaction. Past performance is not indicative of future performance. Investing carries a risk of capital loss.

The yield shown measures the coupons already paid over twelve months. The IRR, or internal rate of return, measures the outcome of the whole operation: what you invested, compared with the sum of the coupons received and the value recovered on exit. An asset can therefore distribute steadily and still show a different IRR, depending on the price at which the catalog is eventually sold or at which you resell your position. The IRR scenarios for each asset are set out in its Document d'Information Synthétique.

Two reasons combine. First, a work's revenue generally declines after release, as public attention moves on, and our valuation method builds in that decline. The oldest works are an exception and can see their revenue grow again. Second, the yield shown is measured against the last price per share: if that price rises on the secondary market, the yield falls mechanically, even though the catalog's revenue has not fallen.

Each asset is presented with three scenarios: pessimistic, neutral, and optimistic. Each combines an assumption about how the catalog's revenue develops with a sale date, and carries three indicators: the average annual distribution rate over the first five years, the internal rate of return on exit, and the total return on investment. A favourable scenario generally corresponds to an earlier sale. The horizon shown by a scenario is an estimated sale date, not the contractual maturity of the bond, which is shown on each asset's page. These scenarios are assumptions, not commitments. Past performance is not indicative of future performance. Investing carries a risk of capital loss.

Three fees exist.

• Management fees of between 3% and 10% of the exploitation royalties generated by the underlying works, deducted before coupons are distributed.
• A register-keeping commission of 2.5% on the secondary market, payable by the seller.
• A performance commission of 15%, due only if Bolero realises a margin on the sale of the underlying catalog.

There are no entry fees, no custody fees, and no exit fees. The management fee rate that applies is shown on each asset's page.

The PRR, or Price-to-Return Ratio, compares the price asked for a share with the revenue that share has distributed. It gives you a reference point for judging whether a price shown on the secondary market is consistent with the asset's distribution history. It updates according to the unit price entered. It is a reading aid, not a recommendation.

There are three routes. At maturity, the issuer sells the underlying catalog and distributes the proceeds among the bondholders. Before maturity, you can resell your shares to other investors on the secondary market, at a price you set. Finally, in some cases, the original rights holder may buy the catalog back. None of these routes guarantees that you will recover the amount you invested.

The issuer starts a process to sell the underlying catalog. The catalog is sold as a whole, never in parts. The proceeds of the sale first repay the capital invested by the bondholders, and only the surplus constitutes a return. The timetable for the process and the arrangements for approving the price are set out in each asset's issuance documentation.

It is not possible to reliably predict royalty amounts, as they depend on many factors including streaming activity, licensing deals, and market trends. As a general rule, the more a song is listened to, played, and grows in popularity, the higher the royalty amount per share. For historical reference, consult the 'Payment history' section on each asset's page. Important: past performance is not a guide to future performance.

On the primary market, when a new bond is issued, the minimum subscription amount is €100. On the secondary market, between investors, you can buy from as little as €1.

The DIS is the regulatory document describing a bond issue offered to the public without a prospectus. It sets out the issuer, the underlying catalog, the terms of the bond, the fees, the yield scenarios, and the risk factors. It is filed with the Autorité des Marchés Financiers before subscription opens, and remains available from each asset's page. Its filing with the Autorité des Marchés Financiers does not amount to approval or to any assessment of the product.

Because regulation requires every investor to have had access to the information document before subscribing, and to acknowledge having read it. This confirmation is requested asset by asset, even if you have already invested in other assets on the platform. It relates to your reading of the document, not to any commitment to invest, which you can stop at any point until you confirm payment.

Yes. An offer to the public made on the basis of a Document d'Information Synthétique is capped by the applicable regulation, on the amount offered rather than on the number of investors. Above that cap, the offer requires a prospectus approved by the Autorité des Marchés Financiers. The size of each issuance and the framework that applies to it are set out in its Document d'Information Synthétique.

If no buyer comes forward at the expected term, the bond continues until the catalog is actually sold. During that period you remain a holder and keep receiving the coupons produced by the exploitation of the catalog, on the same terms as before. The length of the extension is not fixed in advance: it depends on market conditions at the time of the sale. The secondary market stays open throughout, with no guarantee of liquidity or of price.

You pay no fee to receive your coupons. Bolero deducts management fees of between 3% and 10% of the exploitation royalties generated by the underlying works, before distribution. The amounts shown in your interface and paid to your account are therefore net of those fees. Two other fees exist, set out in the answer “What fees does Bolero charge?”: a register-keeping commission on the secondary market, payable by the seller, and a performance commission on the sale of the catalog.

Bolero does not yet have a dedicated mobile application on iOS or Android. That said, you can bookmark the Bolero website once logged in from your mobile browser to create a shortcut on your home screen, offering a convenient mobile app-like experience.

Exploitation periods define the start and end date between which commercial revenues are recorded and included in a given royalty payment. In practice, royalties paid typically relate to commercial revenues generated three months or more before the payment date, due to the time required for collection by performing rights organisations and distributors.

The proceeds of each issuance fund the acquisition of the music rights from their holder, whether a songwriter, a producer, or a publisher. The funds pass through a dedicated, segregated collection account. Music rights are the only underlying of Bolero bonds: artists are in no way an underlying.

The beneficiary of royalties is the holder of the asset on the payment date. If an asset is listed for sale but has not yet been purchased, the user who created the sell order remains the beneficiary of any royalty payment in the meantime. Note: royalties are not calculated on a pro rata basis and cover the entire exploitation period regardless of when the asset was acquired.

You can view your royalty payment history directly in your dashboard, under the 'Royalties' tab.