CAB20 Indie Band Update | Shark Tank Season 3
Music manager and promoter Tom Callahan, pitched a band during
If you’re short on time, here’s a quick overview of what happened to CAB20 after
Tom Callahan along with the Indie band, CAB20, appeared on
| Shark: | Result: |
| Kevin O’Leary & Robert Herjavec | $200,000 for 50% equity |
| Barbara Corcoran | No offer |
| Daymond John | No offer |
| Mark Cuban | No offer |
Shark Tank CAB20 Update
- Entrepreneur: Tom Callahan
- Business: Indie band
- Ask: $200,000 for 20% equity
- Result: No deal
- Shark: None
Tom walked into the tank, and introduced CAB20. He says that the band has the ‘it’ factor, and he’s hoping a shark will see it too, helping him bring the band to stardom.
CAB20 proceeded to treat the sharks to a jam session that they all greatly enjoyed. Mark Cuban wanted to know what was on offer.
Tom told the sharks that they would primarily be involved with merchandising, touring, and other aspects, but excluding publishing. Robert Herjavec wanted to know more about this, and Mark explained that it included all the revenue other than the one made from writing music.Â
Kevin O’Leary was put off by the exclusion of the publishing revenue. Tom said that would take more money.
He talked about his experience with promotion and marketing for artists. However, this would be the first act he’d manage throughout.
Mark then asked Bert Hoover, the lead singer, who their sound would be most comparable today. Bert said they often get compared to The Black Keys, and The White Stripes.
Then the sharks wanted to know what Tom brought to the table. Tom assured them that he’s their guy.
Over the years, he has gained a lot of experience in the music industry. He has even done promotional marketing for Lenny Kravitz and Shania Twain.
At this time, Mark pointed out that they would be investing in Tom, as much as they’d be investing in the band. Kevin added that the percentage of bands that break out, and actually make their investors money, is very, very small.
Although the sharks were impressed with the sound of CAB20, overall, it ultimately wasn’t enough for all of the them to want to get involved in the music industry.
Mark said the challenges of the music industry scared him, so he eventually went out.
Daymond John recounted how much money he lost in the music industry, and went out too, despite Tom trying to appeal to him.
Barbara Corcoran said although she liked the look and sound of the band, she just didn’t buy into Tom.
Kevin offered $200,000 for 50% equity of everything. Tom countered with $300,000 for 40% equity.
Robert thought it was a vanity play. He partnered with Kevin for the offer of $200,000 for 50% equity.
Tom went to the hallway to talk to the band. After that, he countered for $250,000 for 50% equity, but Kevin and Robert stuck to their guns.
Tom rejected the offer because he believed so much in the band. CAB20 left without a deal.
What do you think came next for them? Keep reading our CAB20 update to find out more.Â
Our CAB20 update shows that the band did go on to make three albums to middling success, but disappeared back in 2014. Despite this, the front man, Bert Hoover, continues to make music with his new band, Hooveriii.Â
Tom is still offering music and media consulting, however this will be our final CAB20 update.
Curious about the other companies featured on Season 3 Episode 14? Follow the links below for all the details.
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