Music investment specialist Power Amp Music has signed a £500,000 ($787,000) deal with former Libertines frontman Carl Barat.
London-based Power Amp’s investment will support the recording and release of Barat’s new solo album, which is scheduled for release later this year.
Barat and Power Amp will share in the various income opportunities from recording, publishing, touring, merchandise and sponsorship. All rights revert to Barat at the end of the term.
His profile will be raised this month with the temporary reformation of alt-rock act the Libertines for the Reading and Leeds Festivals. The band today (Aug. 10) announced a warm-up show at London’s HMV Forum for Aug. 25 – their first full show together since 2004.
Barat is currently writing and recording his new as-yet-untitled album; will be released this autumn on his own label imprint in the U.K. and licensed to PIAS for the rest of the world, excluding the U.S. There are discussions about a U.S. licensing deal.
Power Amp Music was launched in 2008 and specializes in delivering bespoke funding solutions to high profile, established artists. It has also worked with Madness and is funding Charlotte Church’s comeback.
“I have great faith in Carl and his excellent management team at Various Artists – strong artist management is critical to Power Amp’s ‘artist-centric’ model, where the managers effectively become CEO’s of their artists own company,” said Tom Bywater, founder and CEO of Power Amp Music, in a statement. “Power Amp Music now has a well diversified portfolio of artists and has given each of them more creative freedom than they ever had under their previous deals.
“The music industry is evolving fast and the kind of funding deals available to artists need to evolve too. Our straightforward, transparent and equitable deals put the power back into the artist’s hands, which I truly believe is the way it should be.”
David Bianchi, of Various Artists Management, added: “The model allows Carl to hold onto all his rights both in terms of copyright and publishing which was very important to him and means we can do short term license and admin deals in both areas where we see fit. Having Integral/PIAS on board as the marketing engine and worldwide licensees (outside America) makes for the perfect trio of funding, rights ownership and excellent marketing.”