Critics have long decried the current record label business model as being outdated. Finally, those same critics are about to get their day in the sun.
In a unique alternative to the standard label deal seen by most bands, New York indie rock band Francis And The Lights has decided to go corporate. The band has formed a separate company, Francis and the Lights, LLC, which will handle all of the band's finances and oversee its business interests — including seeking investors and venture capital.
And while many bands — especially those who tour consistently — incorporate themselves all the time, this scenario lends itself more for the band to be run as any company with a bright future would, and is sure to have implications for many up-and-coming musicians going forward.
The band have teamed up with Normative Music, a company owned and operated by Vimeo founder and Tumblr investor Jakob Lodwick, and the deal is structured much the same way that a Web startup would enter into a deal with a venture capital firm.
Normative's investment of $100,000 of start-up capital brings the band's net-worth to a reported $1 million, which is no small feat for a group just starting to dip it's feet into the great big touring pool. But the initial influx will give the band ample freedom and opportunity to shop their music and take their career to a new level while still maintaining a large degree of control — the chief criticism of the current record label business model.
Lodwick, who describes Frontman Francis Starlite and his music as "an uncompromising musician and a strong leader," capable of "spectacular live shows and beautiful recordings," will play patron to the group who have already landed support slots with MGMT and others.
"When we hear the term 'independent music,' we should recall its actual, forgotten promise of unmolested artistic integrity," Lodwick said in a press release. "In 2008, such music cannot exist with submission to the whims of a brittle industry, nor with automatic rejection of anything 'corporate'."
The band are hot on the heels of a few high profile New York shows and will soon be taking their act on the road across the country. Right now the band maintains a blog at http://blog.francisandthelights.com/ that includes downloadable audio and video, as well as other assorted multimedia features, and are linked up to virtually every social networking site out there.
Of course, only time will tell if this is a mere publicity stunt, or the industry's future business model.
Stay tuned.