Published Aug 28, 2008These days, the music industry isnt exactly on what youd call stable ground. Yet in these turbulent economic times, musically and otherwise, a new British venture is out to convince fans to invest a little more in their rocknroll mainly their cold, hard cash. A recently erected website called Bandstocks is asking business-savvy music lovers to buy stakes in up-and-coming acts, ideally to give artists a chance to bypass the whole label game.
The website, hatched by a music business lawyer and backed by social-networking site the Friends United and record label B-Unique, basically works like this: Bandstocks will allow the public to buy stocks in a musical act in £10 increments (about $20 a pop). Once the cash reaches a predetermined level, for example $200,000, the money will be given to the band or artist to record an album. "Investors then get a copy of that album, an album credit and a percentage of the profits made from its sale and licensing. Also, they get first grabs at concert tickets and the chance to buy limited edition releases of the album. If the band do not raise the predetermined funds, well, were not exactly sure what happens.
Artist/founder Andrew Lewis told the Guardian that Bandstocks would offer a better return for an artist than a major label deal and give them more freedom and control over copyright. However, he admitted to the newspaper that any success an act received would depend on how much cash they could raise from the public.
The music execs at B-Unique, the label that currently houses Primal Scream, the Kaiser Chiefs and the Twang, will help play the role of A&R on the site by finding and selecting artists to appear on Bandstocks.
If you would like to check out what talent Bandstocks is currently pushing and to see if you want to do way more than just buy the T-shirt, you can visit the website here.