p2pnet news | Music:- Are you an elderly rocker past your prime?
Then this may interest you.
A UK investment bank, Ingenious Media PLC, “is financing comeback albums,” says the Wall Street Journal.
“Last month, it signed UB40, a reggae band that had a No. 1 hit in 1988 with the song ‘Red Red Wine.’ Other artists working on CDs for Ingenious include veteran rocker Peter Gabriel, and the techno punk band the Prodigy.”
Patrick McKenna’s Ingenious Media describes itself as an, ” independent and integrated group of companies advising and investing solely in media, thereby providing a unique service to clients and investors.”
Hard-up ancients Cliff Richard, Paul McCartney, (left and right), U2, Barry Gibb and Petula Clark probably already know about McKenna’s service.
They were, after all, high on the list of 4,500 or so performers who signed a newspaper advertisement calling on the UK government to extend the copyright in sound recordings to 95 years so they could winnow out a few more pennies from their tunes of yesteryear.
Ingenious Media pays for the acts’ music production, marketing and CD distribution, says the WSJ, noting that so far, “Ingenious has financed 15 albums and agreed to pay for seven more, spending roughly between $400,000 and $2 million each, according to regulatory filings.
“From that pipeline, two have been released. One, by a Welsh grunge band called The Heights, sold poorly. The other, by 1990s band Travis, is selling reasonably well, Ingenious says. Record labels typically expect 5% of their acts to be profitable.”
Ingenious has two music funds and gets a yearly fee for managing the funds, and 20% of any profits, says the story, going on:
“But the funds aren’t generating profits yet. Tax consultants say that most people are attracted because under United Kingdom law investors in the funds don’t have to pay tax on any profits and get a one-time discount on their overall tax bill.”
Meanwhile, “Record labels, hit by rampant piracy and falling profits, have been cutting back on the number of bands they support,” adds the WSJ.
“With the power of the big record companies diminishing, bands are trying new ways to put out music.”
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