Terms and conditions for fans
Fanvestory.com website (“Website”), including its subpages and its related platform are run by Fanvestory OÜ, a limited liability company incorporated under the laws of Estonia (“Fanvestory”, “us”, “we”) with its registered address at Parda 6, Tallinn, Estonia.
Our mission is to bring artists and fans together by giving the Fans opportunity to engage with and support the artists they love and to become part of artists’ success. The products, services, content, features, technologies and functions available on the Website (“Services”) are created to achieve that mission.
While accessing our Website and/or using our Services, you (“Fanvestor”, “Fanvestors”, “you”) confirm that you accept and agree to this Agreement.
You can always see the most current version of this Agreement on our Website. Also, you may see the Frequently Asked Questions (FAQ) section of the Website to learn more about us.
WHO CAN USE OUR SERVICES
By entering in this Agreement, you confirm that nothing restricts your right to use our Services and you do not need any or (if relevant) have all necessary permissions.
Only individuals who are 13 years or older can use our Services. If you are under 18 or have limited legal capacity, then you confirm that any purchases on the Website will be done out of your pocket money, which you are free to use, and that you have full authority and permissions (e.g. from your parents, if necessary) to use our Services.
As our mission is to create community for music fans, the Services are not intended for legal entities. Therefore, we will reject any use of the Services by or on behalf of legal entities.
CREATING YOUR FANVESTOR’S PROFILE
To use our Services and become a Fanvestor you need to create a profile on the Website (“Profile”).
Shall we have reason to believe that the information you have provided is incorrect or you might use the Services in violation of the Agreement, then on our sole discretion, we may suspend or prohibit you access to the Services.
As Fanvestor you agree to
- provide and keep the information on your Profile accurate, current and complete;
- keep your password confidential;
- not grant access to your Profile to third parties;
- ensure that the devices and information transmission networks you use to access your Profile are safe and secure;
- upon our request, verify yourself by giving us additional information, your digital signature and/or copy of your identification document;
- upon our request, provide additional information and documents, which may be necessary for Fanvestory or its partners (such as CMOs, banks, copyright owners, artists and authors) to comply with the legal or regulatory requirements;
- be fully responsible for all use of your Profile and for any actions that take place through your Profile, including responsibility for compliance with all laws and regulations that are applicable to you or to the content you use or create in connection with the Services.
BADGES & SCORES
You may earn virtual badges and scores depending on how actively you use our Website and challenges and tasks you complete thereon. You may be offered, for example, to answer queries, share the content on your Facebook or Instagram, listen to music, watch videos or invite friends. We aim to build challenges and tasks which are promoting the artist and allowing you to empower their success.
Your Fanvestments and purchases on our Website will also give you badges and scores. We may show these badges and scores alongside with your rank in the Fanvestory and artist’s community to other Fanvestors. The more points or badges you earn, the higher rank you achieve and the more exclusive features and offers you unlock.
CONCERT TICKETS, DISCOUNTS & OTHER MERCHANDISE
On the Website you will be able to acquire merchandises related to the artist, which may include souvenirs, concert tickets, discount or promotion codes, personal greetings, videos, musical or video content etc.
These merchandises are offered by third parties and Fanvestory shall bear no responsibility for the content and delivery of the merchandise. Still, Fanvestory will act as your authorised representative and communicate to the relevant parties to ensure that you will receive the merchandises you have acquired.
Artists and other third parties may commit to spending the income from merchandise or Fanvestments for a specific purpose, for example, for organising a concert tour or for donations. In this case Fanvestory will communicate such commitments to Fans, but shall bear no responsibility for artist or third party spending the income as promised.
Third party merchandises, for example, concert tickets or promotional codes, are subject to terms and conditions of the seller or organiser and you shall make yourself familiar with these terms and conditions.
On the Website you will be able to acquire part of the future royalties from copyright exploitation of the musical works (make your “Fanvestment”). Only some of the projects and packages will include option to make a Fanvestment. Below we explain how Fanvestment works.
Fanvestory signs agreements with copyright owners, such as artists, authors, music companies etc. Pursuant to these agreements Fanvestory will be entitled to receive all or part of royalties from copyright exploitation of musical work(s) all over the world or in certain territory (“Copyright Package”) from the copyright owner and/or from the Collective Management Organisations in different countries ("CMO").
Copyright Package will allow Fanvestory to receive copyright-based royalties that the musical work(s) earn(s) from some or all of the following sources: live performances, radio broadcasts, TV broadcasts, online streaming or from synchronisation deals (e.g. use of the musical work in commercials). The details of each Copyright Package, including the revenue sources, are provided in description of a project on our Website and may vary for different projects.
In addition to collecting royalties from CMOs, the agreements may allow us to sell the synchronisation and merchandise rights regarding the musical works. For avoidance of doubt, please note that we receive royalties only from CMOs and other parties to whom we have a direct contractual relationship; we have no authorisation to and will not collect them directly, for example, from the users of copyright. This means that we can make repayments for your Fanvestment only if the CMOs have collected the royalties and distributed to us. We also have no obligation to start debt collection or legal proceedings against third parties.
Your Fanvestment is a micro-loan to Fanvestory, which we will use to purchase the Copyright Package in our own name. Once we receive royalty pay-outs from the Copyright Package, we will distribute these to you and other Fanvestors pro rata with the size of the Fanvestment of each Fanvestor. We keep you updated regarding the status of your Fanvestment.
As repayment of the loan and interest, you are entitled to receive only the amount generated by the Copyright Package, but not more. Our pay-outs to you will be considered as repayment of the loan and the interest. First the principal amount of the loan shall be fully returned and then, all the following payments shall be considered as interest.
There will be no fixed interest rate. The interest will depend on the profitability of every project and equalling to difference between the royalties’ income Fanvestory receives from the Copyright Package and amount of your Fanvestment. It is possible, that a Fanvestment will not earn interest at all.
Shall the pay-outs be less than the Fanvestment (i.e. less than the principal amount of the loan) and/or will earn no interest, you waive all claims against Fanvestory or third parties in regards to outstanding portion of the principal amount of the loan nor interest, provided that Fanvestory has not violated the terms explained above.
For example, if your Fanvestment is 50 euros and royalties from the Copyright Package are 65 euros, then 50 euros will be repaid to you as return of the principal amount of loan and 15 euros as interest. If the royalties will be 60 euros, then 50 euros will be repaid as return of the principal amount of the loan and 10 euros as interest. If the royalties from the Copyright Package will be 40 euros, then you will get no interest and only 40 euros will be repaid to you as return of the principal amount of loan. As you may see, Fanvestroy will not pay fixed interest neither bear any responsibility for the repayment of your Fanvestment in the full amount.
Fanvestments are made for a fixed period of time, which may vary for different projects. For example, if the term of the Fanvestment is 3 years, then it means that the Fanvestment is related to the income the Copyright Package will generate during these 3 years, but not to the income generated after that period. In this example the pay-outs to you may still be done after the 3-year term has passed, because of longer cycles for collection of royalties by copyright owners and CMOs. In specific cases, Fanvestory may provide Fans an option to extend the term of Fanvestment upon payment of additional fee.
Maximum and minimum size of Fanvestments are set up by Fanvestory and may vary for different projects and packages. Fanvestory in its own discretion may prohibit a Fan from making more than one Fanvestment in a particular project.
All Fanvestments are final. You acknowledge that after your Fanvestment is done you lose the right to withdraw from it.
Please note that you will not acquire license to copy, reproduce, sell, perform, broadcast or otherwise exploit the musical works and/or the Copyright Package.
You hereby acknowledge that you have no right to and will not demand any royalties directly from other copyright owners, CMOs, artists, authors or any third parties.
The period of time during which Favestments are accepted is limited, the term will be disclosed together with all other information on the respective project. In relation to each project, Fanvestory may set a minimum aggregate amount for the Fanvestments made by Fans. If the total amount of the Fanvestments is less than requested, then Fanvestory shall have the right, but not the obligation, to null the project, reject and return all Fanvestments to Fans or alternatively to extend timeframe of the project so more Fans will be able to make their Fanvestments.
Please note that not every musical work brings commercial success. The main goal of Fanvestment is to bring the Fans closer to the artist they like, so it shall not be considered as a source of monetary income. Making a Fanvestment in relation to a musical work is risky. You hereby acknowledge that you will be solely responsible for the risk arising from making a Fanvestment. Fanvestory, other copyright owners, CMOs, authors, artists or no other third party shall be liable for the reimbursement of any fees, costs or loss you have beared, if your Fanvestment is not profitable and/or you lose all or substantial part of your Fanvestment.
Fanvestory will create you a wallet on its website. The payments you do to Fanvestory as well as pay-out from Fanvestory will be first reflected in the wallet.
After we have received your funds, we will show those on your Fanvestory wallet and you will be able to use them to make purchases on the Website as well as to withdraw the remaining funds to your bank account.
Withdrawal of funds from the wallet is allowed only to a bank account opened in your own name, therefore please make sure that your bank account details and other personal information on the Fanvestory Profile are correct. We may ask you to verify that the bank account you are using belongs to you. We can only accept payments in Euros (EUR). Please be aware, that if your bank account is not in Euros (EUR), then additional charges and exchange fees may be applied by the bank or other payment service providers.
Your Fanvestment or other purchase on the Website are concluded once you have completed your purchase on the Website and the fee fee for the respective transaction has arrived to our bank account. Your payments to Fanvestory shall be done in Euros (EUR), by paying via the bank link, credit card or bank wire transfer (if so provided). If the money transfer does not arrive within three (3) business days, Fanvestory may cancel your purchase.
The payments made via bank link or credit card are collected and processed by Maksekeskus AS.
FEES AND TAXES
Fanvestory takes fee for its services. The fee will be deducted from amounts which are transferred to or by you.
Unless specified differently for a separate deal or project on our Website, Fanvestory standard fees for Fans are following:
- For depositing money to your Fanvestory wallet the fee shall be 1,3 Euros + VAT (which is Fanvestory transaction fee) and up to 2,5% of the deposited amount (which is fee due to our payment service provider);
- For withdrawal of money from your Fanvestory wallet the fee shall be 1,3 Euros + VAT (which is Fanvestory transaction fee) and up to 2,5% of the withdrawn amount (which is fee due to our payment service provider);
- 10% of the total fee paid from sale of any synchronisation and merchandise rights.
Fans are solely responsible for declaring and paying all taxes related to Fanvestment and use of Fanvestory services. Fanvestory has right, but not the obligation, to declare, retain and pay any applicable taxes on your behalf and withdraw these from the sums before these are shown in your wallet and/or paid out to your bank account.
Receivables from CMOs and third parties, if relevant, may be subject to taxation and Fanvestory will deduct and pay its own taxes from the receivables as well.
DENIAL AND TERMINATION OF SERVICES
Fanvestory reserves the right without an advance notice to suspend, limit or terminate access to the Website, including the Fanvestory Profile, immediately to any user, who has committed offence or has been rude against Fanvestory, CMO, copyright owner, artist, author or another user of our Services, or whose activity is disrupting, causing harm to the platform infrastructure or third parties, or otherwise violates the Agreement. You agree to reimburse Fanvestory for any expenses or costs, including consequential damages, we or anyone else may incur as a result of a breach of the Agreement.
Termination of the access to Fanvestory Profile will also terminate all Fanvestments and Fanvestory will have no obligation to repay your Fanvestment neither any of the profits arising therefrom.
You can send your queries to us by email firstname.lastname@example.org. We will do our best to respond to your queries within a reasonable time.
Fanvestory may at all times and without prior notice, make functional, procedural or technical changes or improvements to the Fanvestory Profile, the Website or the platform. Fanvestory is under no circumstances obliged to adjust or add any specific functionality to the Fanvestory Profile, the Website or the platform.
YOUR PRIVACY AND DATA
LIMITATION OF LIABILITY
OUR SERVICES, WEBSITE, TOOLS AND INFORMATION ARE PROVIDED ON AN “AS IT IS” BASIS AND, OTHER THAN EXPRESSLY SET OUT IN THE AGREEMENT, WITHOUT WARRANTIES OF ANY KIND. ALTHOUGH WE ARE STRIVING TO PROVIDE YOU AS QUALITY SERVICES AS POSSIBLE, WE DO NOT WARRANT THAT OUR WEBSITE OR SERVICES WILL BE ERROR-FREE AND UNINTERRUPTED NOR DO WE WARRANT THAT ANY OF THE CONTRIBUTION WILL BE PROFITABLE OR THAT YOU WILL RECOVER YOUR MONEY PAID.
UNLESS EXPLICITLY STATED OTHERWISE, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, FANVESTORY OR ITS DIRECTORS, EMPLOYEES, PARTNERS AND AGENTS, ARE NOT LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES ARISING OUT OF OR IN CONNECTION WITH YOUR USE OF WEBSITE AND/OR SERVICES. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, FANVESTORY AND ITS DIRECTORS, EMPLOYEES, AFFILIATES, SUPPLIERS AND PARTNERS WILL NOT BE LIABLE FOR ANY DAMAGES THAT EXCEED THE TOTAL AMOUNTS YOU HAVE PAID FOR THE SERVICES.
We assume no liability for non-operability or impaired accessibility to Website or platform due to, but without limitation to, technical difficulties or dependence on the services of the third parties.
Some states/jurisdictions do not allow exclusion of implied warranties or limitation of liability for incidental or consequential damages, so in such jurisdictions the above limitations or exclusions may not apply. In such case, our liability and that of its affiliates, suppliers and partners will be limited to the greatest extent permitted by law.
You agree to defend, indemnify and hold harmless Fanvestory and our employees, contractors, agents, officers and directors, from and against any and all claims, damages, obligations, losses, liabilities, costs or debt, and expenses (including but not limited to attorney's fees), resulting from or arising out of your use and access of the Website and/or the platform.
If any of the provisions of the Agreement proves to be void or voidable, or is or becomes invalid in full or in part for any other reason, the remaining provisions of the Agreement will continue to apply in full. We will replace the invalid stipulation by a stipulation that is valid and whose legal consequences, in view of the substance and purpose of the Agreement, correspond as much as possible to those of the invalid stipulation.
Our failure to exercise or enforce any right or provision of this Agreement will not constitute a waiver of such right or provision.
We reserve the right, at our sole discretion, to make changes to the Agreement at any time. If a revision is material we will provide at least 14-days’ notice on the website prior to any new agreement taking effect. By using our platform after those revisions become effective, you agree with the amendments to the Agreement and you agree to be bound by the revised Agreement.
You may not transfer, assign, mortgage, charge, subcontract, declare a trust over or deal in any other manner with any or all of your rights and obligations under the Agreement (including the Fanvestory Profile) without our prior written consent. We reserve the right to transfer, assign or novate our rights and obligations arising from the Agreement (including the Fanvestory Profile) or any right or obligation under this Agreement at and by entering into the Agreement you grant us your consent for that.
This Agreement shall be governed and construed in accordance with the laws of Estonia, without regard to any choice of laws or conflicts of law provisions. You agree that any lawsuit arising from or related to platform shall be brought exclusively to courts located in Tallinn, Estonia and you consent to the exclusive jurisdiction of such courts.
In case of any questions or if you wish to submit a complaint, please contact us.
If you use our Services as an individual, are an EEA resident and wish to submit a complaint about the Services, you may also submit the complaint via the EU online dispute resolution platform, which can be accessed here. Information on the proceedings can be also found on the foregoing webpage.