It now costs new artists in the UK nearly £8,500 a year to record and perform new music, research has shown.
Artists spend around £2,086 on studio time, £1,403 on equipment and £1,254 on performing, all before they have signed a deal with a record label, according to Amex Unsigned.
The initiative, which aims to help aspiring musicians break into the industry, found more than half of artists say it is more challenging now that it has ever been to be land a deal.
Two thirds of them believe that they would have more success if they had access to studio space, with some waiting up to eight months to record a song.
Amex Unsigned has teamed up with renowned producer Danny Harle to offer six budding artists the chance to spend half a day in the studio with him to work on a track, adapt arrangements or sample new ideas.
“It has always been an expensive industry to get involved in but now the returns are lower than ever and the prices to enter into it are going up,” Harle told Money.
“Studio costs are going up, returns from live music are going down and the returns from streaming platforms are coming down so it’s just harder than ever.
“The whole music industry is in a state of flux right now. It’s not supporting the people who make the music.”
Harle, who has worked with Dua Lipa, said he decided to get involved in the programme to use his skill set to help others and to offer musicians “valuable” feedback.
“It’s important to have somebody else’s ears on your music because you often don’t know how good your own stuff is. You never know what someone else’s will hear in your stuff,” he added.
The winning musicians will also be mentored by industry experts, have the chance to have their music featured in an Amex campaign and perform at different events.
Applications close today but you can apply here.
