A new study by the IFPI shows that 70% of artists still want to be signed to a label because of the marketing support that a label brings, and that there are more than 5,000 artists currently signed to major labels world-wide. What’s more, 1 in 4 of those signings are new artists, meaning that fresh talent is still a priority, according to the report.The Investing In Music report goes on to say that record labels spend about $4.5 billion annually in A&R, and this a greater percentage of revenue than other industries like computing, pharmaceutical or biotech. [read]
