Who knew this much is still spend in developing bands? A recent memo from RIAA includes a link to to this story:
Global music association the IFPI has released a new “Investing in Music” report examining the fundamental role music companies continue to play in developing and marketing tomorrow’s bands.
The study found that music labels worldwide invest more than $4.5 billion annually in talent and typically spend $1.4 million to “break” a new artist in major markets.
The report also cites two new surveys finding that more than 70 percent of unsigned artists want a record deal, with marketing leading the identified benefits of record company support.