Musicians ‘Still Need Record Labels’ Says Report

Record labels have fought back against claims they are irrelevant in the digital age, with a new report saying each new artists has $1m (£670,000) invested in them.

The International Federation of the Phonographic Industry (IFPI), which represents record companies worldwide, has compiled evidence that it says shows most new artists break through with their backing.

Their report ‘Investing in Music’ says it costs $1mto break a new act, with record labels around the world spending a total of $5bn (£3.3bn) a year on developing and promoting new and established artists. IFPI chief executive John Kennedy said attempting to forge a career online was like “screaming in space.”

“There’s not really any evidence of anybody succeeding having gone direct,” he said. “Even artists who are typically described as having broken from the internet like Arctic Monkeys, Lily Allen or Sandi Thom all ended up combining with a conventional record label.” Full Story at Spinner


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