Fan-funded music platform MyMajorCompany (MMC) will launch in the U.K. on Oct. 18.
MMC’s A&R team signs acts and puts them on the site, inviting fans to invest. It launched in France in 2008 and now has 28 fully financed artists with a community of 92,000 registered users.
The French singer songwriter Gregoire’s 2008 album “Toi + Moi” peaked at No.1 in France. The album was funded by €70,000 ($97,800) invested by 347 MMC users. It was distributed by Warner Music and sold more than 1 million in France, according to MMC.
In France, MMC has retained ownership of the master recordings. Investors receive a share of the revenue after distribution costs, with the artist and MMC also taking a share.
MMC said one French investor put in €6,000 ($8,400) and received a return of €118,000 ($165,000).
“The model takes into account the amazing and endless opportunities offered to this new generation of artists but at the same time it takes a realistic approach to the professional needs which are and will always be required to support the artists work and promote it to the consumer,” said Paul-Rene Albertini, ex-Chairman and CEO of Warner Music International and now CEO of MyMajorCompany in the U.K. “This requires creative but also logistic added value. MMC offers both.”
