Three-way bid on 'Shark Tank' gets Songlorious a $500K deal with four sharks

While Mark Cuban and Kevin O'Leary formed a tag team, Peter Jones and Daymond John didn't want to miss out on the action either!


                            Three-way bid on 'Shark Tank' gets Songlorious a $500K deal with four sharks
Ellen Hodges and Omayya Atout of Songlorious on 'Shark Tank' (ABC/Christopher Willard)

Personalized gifts always make moments even more special. It adds to the value of the gift. But not everyone can go around creating music or art for people who love; sometimes, it is best left to the experts. That's where Songlorious comes in. With a roster of musicians allowing you to customize everything from the song's length to genre, you can create a song that's uniquely yours. As per the brand's website, the founders Omayya Atout and Ellen Hodges created the brand in order to allow people to have access to their own unique music.

Mark Cuban, Daymond John, Kevin O'Leary, Peter Jones and Lori Greiner all saw the potential of Songlorious and soon found themselves in a bidding war. Here's how the episode played out.

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The founders of Songlorious hoped for a deal of $400,000 for 10% equity. As Atout explained it a 30-second acoustic song costs $45 while a full-length 3-minute acoustic song costs $205. For a song that came with full production, the song cost $230. Artists received 35% of this and additional tips that they make, which went entirely to them. Having made $700,000 dollars last year, Songlorious is expected to make $1.5 million this year.

Now, Hodges and Atout need the money to invest in marketing and help make their brand bigger than it already is. All the sharks seemed to want in right off the bat, as they saw the brand's potential. Jones was the first to make an offer, suggesting 33.3% for $400,000. Cuban and O'Leary were discussing a combined deal while John swooped in and offered 20% for $400,000. 

It's here that O'Leary, Cuban and Jones made a combined offer of 33.3% for $400,000. John wanted in too and soon, they bumped up the offer to $500,000 for 40%, where they all would have 10% each. Atout tried to bargain for $800,000, but the shark refused to budge. Finally, seeing that they had not one but four sharks ready to help scale their business, Hodges and Atout took the offer. Fans were excited to see Songlorious walk away with four sharks backing them up. 

"Love concept for @Songlorious_ And LOVE a good Shark Fight. Rarely is it good for so many Sharks to come in on same deal. Too much confusion on who will be leading to add value. Too bad they avoided competition @mcuban @kevinolearytv @TheSharkDaymond & Peter Jones #SharkTank" tweeted guest Shark Daniel Lubetzky

"This strategic combination of sharks in mind blowing!  #SharkTank" tweeted a fan. "#Songlorious #SharkTank That was an amazing deal, @TheSharkDaymond was lucky he knows how to hustle or he would of missed out! You can't beat 4 sharks on your team…" agreed a fan. "#Songlorious is a neat idea with great sales, but y'all left money on the table! Shoulda stood firm at $800k and given reasons, namely: #Sharks upped their #equity ask x4, upping the #cash x2 is only fair  #SharkTank #entrepreneurs #negotiation #strategy" stated a fan. "Yooo, #Songlorious got an amazing deal with 4 sharks. That's with the new shark Peter Jones and Daymond included and all touching different aspects. Good on them and the sharks on the investment #SharkTank @ABCSharkTank @Songlorious_" stated a fan. 



 

 



 

 



 

 



 

 



 

 

Catch the latest episode of ‘Shark Tank’ Season 13 on Fridays, from 8 pm ET to 9 pm ET. Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.

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