Big Life Management boss Jazz Summers will front a new artist investment outfit which will look to invest in 20-30 artists, some new, some classic. The Power Amp Music Fund is looking to raise £10 million to invest in music talent - investors will have an interest in the recording, publishing, touring and merchandising activities of participating artists. The aim seems to be to give artists as much control over their music and careers as possible while protecting investors' interests.
The specifics of how the whole operation will work are unclear, and may well vary from artist to artist. Whether the Fund will cut traditional record labels and music publishers out of the equation completely isn't entirely clear, though with solid investment behind them any artists supported by the Fund would presumably look for more advantageous relationships with the majors if they did enter into deals - one of the key aims of Power Amp seemingly to ensure artists keep control of their copyrights.
Commenting on the new investment operation, Summers told reporters: "This venture could not have launched at a better time - the UK music scene is booming and the industry has been waiting for an egalitarian but profitable music enterprise".
The first artist to be signed to the Fund are Mancini from Channel 4's MobileAct Unsigned TV show.