(Hypebot) — While record labels still exist, many in the industry question whether they’re still relevant to the modern music business, and if they still hold the power to elevate an artist to the next level.
Guest post by John Funge of The Music Fund
Why do artists sign up to record labels? Well for many, the promise of an upfront payment is the deciding factor. No matter how experienced or principled an artist is, dangling a 6 or 7 figure cheque in front of them is akin to dangling a bacon sandwich in front of a starving wolf. Very tempting – even if it comes with a small string attached like signing away the rights to their music in perpetuity.
The sad reality is that, out of 100 artists major record labels signed this year, 99 of those won’t recoup the…