LONDON (Hypebot) –It's a sad statement about the music industry when an upstart UK web site launches more new talent than three of the top four label groups in that country.
Slicethepie.com, a website that enables fans to run their own record label, estimates that over 30 unsigned artists will secure financing from fans and investors on the site in 2008. They claim that's 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. 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.
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.
But don't expect the site to launch any mega-careers. Their projects so far are very near the ned of the Long Tail. Investors who finance an artist on Slicethepie will make a profit if the artist sells just 1,000 albums. Earnings so far only top £30,000.