27 August 2008

Somebody's Heard the Music

Some people in the music biz are finally getting it:

The music executives behind Kaiser Chiefs and Primal Scream are backing a new website that will allow music fans to invest financially as well as emotionally in hotly tipped new acts.

The venture, dreamed up by a music business lawyer and backed by the founder of Friends Reunited, is being billed as the latest innovative funding model that could provide artists with an alternative to major labels.

Bandstocks will let the public buy a stake in an artist in £10 increments. Once funding reaches a preordained level, for example £100,000, the money will be released for the act to record an album.

Investors will get a copy of the album, a credit on the CD sleeve and a percentage of the profits from its sale and licensing. They will also get priority ticket booking and the opportunity to buy limited edition releases. For the artist, founder Andrew Lewis claimed that Bandstocks would offer a better return than a major-label deal, as well as more freedom and control over copyright.

The Guardian's headline - "Don't just buy the music" is also a sign that people are beginning to realise that there is more than one way to skin a digital cat....

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