Since we are a total DYI band, we are always very aware of the new technologies applied in music. The last one we discovered is real fans investing in bands and becoming their partners. It’s a whole different perspective of crowdfunding music.
Here’s how it works: ‘MMC posts demos and videos of 10 artists on its website, and users are invited to invest anywhere from £10 to £1,000 ($16 to $1,600) in the ones they most enjoy or think are most likely to score a hit. Once an act reaches £100,000, the financing is locked in, and the money is used to pay for recording and possibly a tour. Net revenue from resulting music sales, concerts and merchandise is split three ways: investors get to divide 40%; another 40% goes to MMC; the artist pockets 20%’.