Record companies? He doesn't need no stinkin' record companies.

[tbyg52]

Pretty cool business model!

His Fans Lend an Ear (and Their Money)
Singer-songwriter Tom Kimmel once made expensive albums for big labels. Now he's producing them at a fraction of the cost -- with a little help from his audience. As told to Robert Frick.
From Kiplinger's Personal Finance magazine, January 2009

Why did you turn to fans to help finance your latest album? I had a lot of projects going on and money was tight, so I gave fans an opportunity to be patrons. With a minimum $500 investment, I promised to pay them an 8% flat-rate return, which should take at most two years based on past sales. I needed only $15,000 and turned down offers.

Not sure I should have told y'all about this - I think I want to get in on the next one....! ;)

More:
http://www.kiplinger.com/magazine/archives/2009/01/my-story-tom-kimmel.html

[walldude]

1. I've been saying for years that the reign

of record labels is coming to an end. And thank god for it. Artists will get more monuey for their work and fans will pay less for their music. Win-Win unless you happen to work for a record label.

[Pab Sungenis]

2. This was inevitable

once technology advanced, allowing a lot of the old drudge work to become do-it-yourself.

About the only thing the labels still have a leg up on is promotion and distribution. An explosion of independent promoters has lessened the impact of the former, and digital distribution and the internet is lessening the impact of the latter. It's only a matter of time now.

[truedelphi]

8. And we might actually start hearing music that is awesomely great

Just as it used to be.

The first time I ever ehard Jefferson Airplane live was at a freebie concert in Chciago in the sixties. (Maybe 1966?)

Then it all turned around, and now if you wanna see any of the big names play you have to have beaucoup dollars.

[SharonAnn]

9. It's "disintermediation" at work. Really.

[Trajan]

3. Ternt Reznor dumped his label two years ago ....

He has created more work in two years than he had for a decade earlier ...

He is so pleased with his situation that he is giving you his new album 'The Slip' for free ...

http://theslip.nin.com/

http://www.ninwiki.com/The_Slip

http://www.youtube.com/watch?v=mz-m4oZLfYU&feature=related

Enjoy ....

[liberalmuse]

4. The Dandy Warhols are doing the same.

I love it! I consider the RIAA as a form of slavery for many artists. It's obscene, and I'm glad to see that many artists are dropping the record labels and striking out on their own. I think in the end, we will start getting better quality music as this happens more and more.

[kimmylavin]

5. Guess I'm off to buy an album.

What a great idea! :)

[laconicsax]

6. The Artistshare model is direct funding by fans in exchange for access to the creative process.

http://www.artistshare.com/home/about.aspx

[Greyhound]

7. This is what the recording industry fears the most. The internet is anathema to their

model of stealing everything from the artists. They are no longer relevant, and it's about time.