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Bandstocks, another website that will let music fans “invest” in their favourite unsigned acts, is getting generous coverage in this morning’s papers, though it’s only got two artists so far (see Guardian.co.uk, Telegraph.co.uk and MusicWeek). The concept is basically a carbon copy of Sellaband and Slicethepie before it – listeners invest £10 in their fave act and, when the pot reaches a set level, the money is passed over to fund recording sessions and marketing, with revenue coming back 50 percent to the artist, 30 percent to Bandstocks investors and 20 percent to the site.
The interesting parts of the story are: Friends Reunited co-founder Steve Pankhurst, who left in 2003’s acquisition by ITV (LSE: ITV), has taken “a small stake“; old skool music manufacturer The Vinyl Factory is another investor; Primal Scream and The Automatic label B-Unique will screen artist submissions. Marillion raised £360,000 for their last album this way via their own site, and you won’t need reminding that Radiohead tried something similar.
Come and hear Sellaband CEO Johan Vosmeijer, Slicethepie CEO David Courtier-Dutton and Erik Nielsen, MD of Marillion’s Intact label, talk about fan funding, the end of the label and listener communities at our EconMusic conference at London’s Natural History Museum on September 23. Early-bird registration rates are now open.