Cab 20 Band on Shark Tank
Investing in a New Rock Band
|Cab20 is the First and Only Band to|
preform on the Shark Tank Show
Of course having Tom Callaham an already accomplished Band Promoter does come with benefits. The idea of raising money for new talent via Venture Capital and Angel Investors is nothing new.
But the idea of getting an up and coming new band in front of millions of viewers for the first time when seeking an investment was. Whether Callaham was successful in getting a deal with any of the Sharks or not, was really besides the point.
With all the talented bands out there, how could the producer's decide on what Band will be the very first ever to appear on the Shark Tank? In Tom's case, He was good friends with someone who's also good friends with the executive producer for the Shark Tank Show. Callaham sent in a Video of Cab 20 directly to Clay Newbill the executive of the Shark Tank Show, and soon after met for a cup of coffee.
Tom was successful in convincing Clay of basically marrying a Music Crowd Funding Campaign with the power of television's most famous Angel Investors. The potential to create an instant fan base for Cab20 was huge motivation. Because of the royalty fees associated with all Shark Tank Contestants whether they get a deal or not, this would become a win/win deal for all parties involved.
Tom Callaham and the Cab 20 Band came into the Shark Tank looking for a $200,000.00 investment in exchange for a 20% equity stake in the Band. He's been working with the lead singer Bert Hoover for the past few years developing their unique sound. The Sharks like the music but Tom's deal doesn't include publishing rights which seemed to turn the investors off rather fast.
Kevin O'Leary sees the potential in Cab20 and how many new fans they will soon have. He offers to give them the $200k but wants 50% of all potential income streams. Tom counters with 40% but Kevin will need to come up with an extra hundred grand to close the deal. Robert Herjevic steps in and offers to partner with O'Leary on his original deal. Callahan comes back with $250k but the Sharks hold firm on their offer. In the end it was no deal for the Cab20 Band.
I almost felt a little sorry for the Band members watching their future get determined without much of a say in the matter. But the fact that they were the very first Musical Band in History to go on the Shark Tank will keep paying dividends for many years to come.
Here's a recent video of Cab 20 performing live on AXS
Cab 20 Official Website
Cab 20 Band on FaceBook