LaunchALabel.com is looking for 50,000 music fans to donate $25 each. These fans will then vote on five bands to sign to record contracts worth $200,000 each.
An interesting concept. Here's where the money goes.
Signing up for the site is free. Nobody pays pays a thing until 50,000 people join.
$200,000 can certainly go a long way, but I've also seen bands and labels spend that much in a matter of hours. If the right plan is in place, I believe this is something that could be huge. But if not, it's going to be a massive failure.
This would be a great concept for an already established band. For example, if these guys could get somebody who already had a large fanbase and some kind of business organization in place, thanks to a previous major label deal perhaps, I think they'd have an easier time getting the money together and selling the product.
This thing I love about this idea, and something that every band should do, is that they're asking fans before a decision is made about what they release. More or less, they're asking, "What will you give us money for?" By doing this, the project is much more likely to have financial success.
Should be interesting to watch.