London - Slicethepie, a music discovery site where fans help fund album releases from their favorite artists, plans to release the first album financed through its model on Monday, the debut album from London’s The Alps.
Fans of the band’s songs on Slicethepie, who earn money for listening to and reviewing new songs on the site, could purchase "backstage passes" for about $10, with the promise of a copy of the album when it is released, and a cut of future sales two years after their investment.
Once a band hits $30,000, they can record an album; The Alps’ "Something I Might Regret" was produced by Dave Allen (The Cure, Depeche Mode).
Artists retain 100% copyright on all their works, and may sign a traditional label deal at any time.
"Slicethepie is perfect for a band like us," said Alps lead singer Daniel Heptinstall.
"It gives us the best of both worlds. We have complete control over our sound and a direct connection with our fans — the very people who gave us a chance to record this album."
Since launching in June 2007, over 7,000 artists have signed up with Slicethepie, and 12 have been financed, raising over $402,000 from music fans and investors.
"Slicethepie offer proof that Radiohead’s hugely successful self-release experiment can be replicated even by smaller artists, just so long as they have an established and dedicated fanbase," the company said.
"By connecting artists directly to their target market, Slicethepie cut out much of the value chain and give artists the digital returns they deserve."