UB40 and the Venture Capitalists

The Birmingham angle coincidental really but it’s worth posting. The Wall Street Journal reports that UB40, who record in Birmingham still, have gotten private equity money to fund their new album rather than try to get a major record label to release it. It appears that while they can sell out gigs their new material, while breaking even, doesn’t sell as well making it a poor investment for a label but an attractive proposition for investors. More info in the story but it strikes me this is the same model that Birmingham-based Ditto Music are using for upcoming unsigned artists, providing financial and marketing expertise and letting the bands get on with the music stuff. Which of course begs the question, with the new and old talent going elsewhere, who do the major record labels have left? ta

In related news, UB40 are not suing Paris Hilton. Which is a relief.