New 'all-encompassing' record company fund launches
Verve Pic: Dean...
Man behind The Verve, Snow Patrol and Klaxons launches new venture
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.
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.
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rockstarr26
Feb 6, 2008
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