There’s no telling what a $10 investment in U2 in 1985 would be worth today, but a start-up Web site called Sellaband is offering music fans the chance to put their money behind artists they think can climb the charts.
The Amsterdam-based company allows fans — or what Sellaband calls “believers” — to invest in unsigned acts in $10 increments. Once an act reaches $50,000, it is given access to a recording studio and professional production, song-writing and marketing expertise.
“What’s hoped is that this will offer musicians, especially those who have never been able to get deals, a chance to do something they’ve never done before, and give them some kind of competitive edge,” said Adam Sieff, the former head of jazz for Sony Music UK and Europe, who will work with Sellaband artists.
“It’s not going to be the only way, but in a business that’s desperate for a new business model, it gives musicians another opportunity,” Sieff said.
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