February 5, 2008 14:07

New 'all-encompassing' record company fund launches

Man behind The Verve, Snow Patrol and Klaxons launches new venture

Photo Gallery: The Verve

Jazz Summers, who has managed bands such as Snow Patrol and The Verve, has launched a new “all-encompassing” record company-style fund which bands will be able to sign to.

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.

The Shockwaves NME Awards 2008 are coming soon – and it’s time to have your say. Vote now by heading to NME.COM/awardsvote and you could win VIP tickets to the ceremony, which takes place in London on February 28.