Nettwerk plans to restructure recording contracts

Nettwerk Music Group's Terry McBride believes he's hit on the formula for selling music and protecting artists in the post-downloading world.

Vancouver-based Nettwerk Music has entered a deal with ATC and MAMA Group of Britain to promote this new model.

The joint company is to be called Polyphonic and its business model involves leaving copyright in the hands of the artist, McBride, chief executive of Nettwerk Music, told CBC News.

"The way that Polyphonic works is we would enter into a joint venture with the artist, with all the interests going into a [joint venture]," he said.

So instead of giving up copyright to a record label to get the funding to get their music onto the market, artists would keep it, but all the profits from their music, including live and merchandising profits, would be shared with Polyphonic.

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Source: CBC News