Vics N Trix

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March 9th, 2010

Music stars ’still need labels’

Record labels have put the case for why they are still essential in the digital age. Global music industry body the IFPI said it wanted to counter the “myth” that artists can make it on their own. In a report, it said virtually no new artists had broken through without the backing of a record label.Major labels invest $1m (£670,000) in each new act, who could not afford to make records and videos and go on tour without that backing, the IFPI said.

Record labels around the world spend a total of $5bn (£3.3bn) a year on developing and promoting new and established artists. IFPI (International Federation of the Phonographic Industry) chief executive John Kennedy said attempting to forge a career online, competing with millions of other acts on MySpace, 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.” Those artists all garnered early attention on the internet but did not achieve mainstream success until they signed record deals. Others, such as Radiohead, Dizzee Rascal and Simply Red, have all struck out on their own – but only after building up their careers with labels. Taken from news.bbc.co.uk 09/03/10

These days a lot of artists seem to be making it alone, who knows if it is manageable 10 years down the line?

Entry Filed under: News