Man behind The Verve, Snow Patrol and Klaxons launches new venture
The fund, entitled the Power Amp Music Fund, will claim a cut of all revenue earned by its bands, including record sales, live ticket sales, merchandising and publishing. Traditionally record companies only get a cut of record sales.
Tom Bywater, managing director of the Fund, said that the launch came about as a reaction to the struggling music industry.
“The commotion taking place at EMI is symptomatic of a wider malaise as the major labels try to stop the rot,” he said.
Summers is now looking for investors in the company, which has already signed Mancini – the band who took part Channel 4’s MobileAct talent show.
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