Slicethepie To Finance More New Artists Than EMI In 2008
Slicethepie, the website that enables music fans to run their own record label, estimates over 30 unsigned artists will secure financing from fans and investors on the site in 2008, more UK artists than EMI, Sony BMG or Warner Music achieved last year.
In the past six months, Slicethepie's music fans and investors have financed nine artists and the site's increasing popularity and recently-launched Virtual Trading Exchange is set to make Slicethepie the industry's biggest source of new artists in 2008.
Gilkicker, The Alps, The Skies and Miranda Barber are just some of the artists to share in the £150,000 raised so far by Slicethepie's music fans and investors.
David Courtier-Dutton, Slicethepie founder, said. "Most people dream of being a music mogul, but few get the chance. Similarly, too many new artists struggle to get support from record labels focused on superstar acts. This needs to change. With Slicethepie, music fans can now live out their dream and run their own label - and artists can record and release an album free from label constraints."
Slicethepie is an online intermediary which connects bands in search of funding with music fans keen to scout, break and invest in new artists. The launch of the Virtual Trading Exchange - 'fantasy football for music' - allows budding music execs to hone their skills at running their own record label before investing real money in the live Slicethepie Trading Exchange.
Unlike major labels, Slicethepie does not rely on financing huge superstar acts. Investors who finance an artist on Slicethepie will make a profit if the artist sells over 1,000 albums and singles - earnings so far top £30,000. This fits well into recent industry trends where the number of new major hit artists is declining, while smaller, lower-selling artists are becoming increasingly popular.
Virtual Trading Exchange
The site already operates a live Trading Exchange where investors in the nine artists financed to date can trade in and out of their investments (Contracts) in these artists. On the Virtual Trading Exchange users are credited with a 'virtual' £1,000 to build their roster of Slicethepie artists - trading to make as much money as possible.
Contract prices are linked to prices on the real Trading Exchange - the Virtual Trading Exchange tracks fortunes of Slicethepie artists in real life as they record their albums, release singles and clock up music sales.
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