The New York Times reports this morning that Radiohead manager, Brian Message along with Nettwerk founder Terry McBride and Adam Driscoll have created a venture capital fund to support artists who are bypassing the record label system. Full article here.
Excerpts -
His venture, called Polyphonic, which was announced this month, will look to invest a few hundred thousand dollars in new and rising artists who are not signed to record deals and then help them create their own direct links to audiences over the Internet.
“Artists are at the point where they realize going back to the old model doesn’t make any sense,” Mr. Message said. “There is a hunger for a new way of doing things.”
Instead of receiving an advance and then possibly reaping royalties later if they have a hit, musicians will share in all the profits from their music and touring. In another departure from tradition in the music business, they will also maintain ownership of their own copyrights and master recordings — meaning they and their heirs can keep earning money from their music.
“We are all witnessing major labels starting to shed artists that are hitting only 80,000 or 100,000 unit sales,” said Adam Driscoll, another Polyphonic founder and chief executive of the British media company MAMA Group. “Do a quick calculation on those sales, with an artist who can tour in multiple cities, and that is a good business. You can take that as a foundation and build on it.”
I remember this. It was called Pampelmoose. Once again, P-Moose was ahead of the pack in the rekkid biznezzz.
July 22nd, 2009 at 8:00 amWhy thank you Joe….
July 22nd, 2009 at 8:06 amI remember this. It was called ‘Indie Label’, but this one seems to have an added twist: MONEY. I like it!
July 22nd, 2009 at 9:25 amAnother Producer that is starting to make some real strides with his musician empowerment formula is Loren Weisman, founder of Brain Grenade Entertainment. His FSRP is aimed at not only creating records but guiding the artists to a long term self sustaining independent status through educating them on the business side of the music industry.
Check him out at http://www.braingrenadeentertainment.com
July 23rd, 2009 at 11:56 am