Artists embracing corporate sponsorship

Some of the biggest names in the music industry are seeking alternative sources of income to offset a slump in record label investment.

Irish rockers U2, whose hits include Sunday Bloody Sunday, Vertigo and Beautiful Day, are among the acts to enter into lucrative sponsorship deals with major brands.

Research In Motion, the manufacturer of the BlackBerry, is currently sponsoring the band's world tour, which according to Billboard magazine, saw them earn more money than any act in the US last year.

Paul McGuinness, the manager of U2, told the Times: "Record label funding can be replaced by the right corporate sponsor."

However, Kaiser Chiefs manager James Sandom is among those who are concerned about artists not being given enough backing from their record label.

He stated that the number of artists getting signed has dropped by 50 per cent in the last four years.

Mr Sandom said this is become some of the major labels believe signing a band is no longer a viable prospect, as solo artists need less investment.

Product category: Electronic musical instruments