The British record industry is calling on the Government to extend its research and development tax-credit scheme to music companies, to try to help it keep the UK at the forefront of the global music scene.
The BPI – record industry’s trade body – argues that the music sector spends a bigger proportion of its profit on R&D than the aerospace, motoring and defense sectors put together. Yet it does not qualify for any of the financial support from the Government like other sectors.
Peter Jamieson the chairman of BPI said the music industry spends 200 million+ a year on developing new talent such as Corinne Bailey Rae, one of the biggest new British acts. He said that such levels of investment were on a par with the pharmaceutical sector.
“We believe the time is right for government, together with industry, to consider closely a tax-credit regime for A&R [artist and repertoire], which is the music business’s research and development,” he said. He also said that the music industry’s £200m a year spend on R&D makes an enormous contribution to the British economy. He said music industry sales generated £300m of VAT revenues alone for the Government last year
It’s worthy a try.
YouTube has finally named its price according to a US newspaper report that claims the video sharing website is holding out for $US1.5bn ($1.99bn) offer from would-be suitors.
Yesterday’s report in the New York Post said the figure had come from a senior industry source and it named potential buyers as Viacom, Disney, AOL, eBay, and News Corp, parent company of The Post.
Youtube is seeking out new ways to generate revenues on the back of its success through advertising and content deals and is also facing a battle to legitimise its activities amid industry accusations that much of its video content violates copyright protection.
Other labels, including Capitol Records, have also been dabbling with the idea of releasing commercial videos on YouTube and NBC is using YouTube to promote some of its television content after the two forged a partnership in June.
Media companies looking to acquire internet sensations Facebook or YouTube would need to take a “big leap of faith” to pull the trigger on a deal at the valuations of close to $1bn being discussed, said Dick Parsons, chairman and chief executive officer of Time Warner. He said the two most attractive assets available to increase web traffic were Facebook and YouTube. “[But] it’s a tough assignment. Valuations that are put on those businesses that currently make no money are astronomical and you have to have a big leap of faith,” he said.
INXS, which found a new singer via the CBS reality show “Rockstar,” is no longer with Epic Records North America.
Drew Alexander who KOAR talked about in the buzz section signed with Geffen.
Check out unsigned Virginia act Race The Sun. After playing a few local shows the band recorded their first EP, Contents of a Dead Man’s Pocket, in late 2002. Two years later, after countless self-booked tours, the band had begun to refine their sound as well as build a substantial buzz for themselves up and down the East Coast. The band inked a deal with Fidelity Records (home to Madison, Escape Engine) in February of 2004 and released their highly anticipated full-length, The Rest Of Our Lives Is Tonight, produced by Jesse Cannon (Lifetime, Senses Fail, Northstar, and Madison) later that year. Member changes struck and the band sought out to reinvent themselves in 2006. The team consist of manager Eron Bucciarelli (drummer for Hawthorne Heights), lawyer Dan Friedman and booking agent Mike Mori (The Agency Group). The band recently recorded two songs with producer David Bendeth (Hawthorne Heights, Breaking Benjamin) as well as two additional songs with Jess Cannon. Check out the track Puss Masters of the Universe
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