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Think there's no money in the music industry? Think again.
The 2012 Times Rich list of music millionaires has been revealed, and some of the numbers are ridiculous.
Every day, a band interview or news story discusses the struggle of new artists attempting to find success into the music industry, while existing artists are forced to seek sponsorship deals and other tie-ins to extends revenue streams. Even traditional money spinners for artists, live shows, have become less lucrative with certain acts signing deals which supply a salary instead of any revenue earned from their work.
In the years since the music industry changed forever in the download revolution, record labels and artists have grumbled and moaned about how much money the music industry is losing, but the Times rich list of music suggests this is not the case. There is money in the industry - it's just all being channelled into the same places and the same pockets.
Clive Calder, head of Warner records in the UK, is worth £1,350million, and if one man is worth that astronomical sum, needless to say the company is worth far in excess of that amount. Simon Cowell's £225million seems rather paltry in comparison, but we're sure neither he or Sony music is strapped for cash. He's got a lot to thank Leona Lewis and Alexandra Burke for, that's for sure.
Other names in the top ten richest music professionals include Cameron Mackintosh, U2, Paul McCartney and Sir Elton John with wealth in excess of £200million, with artists such as Gary Barlow and Coldplay's Chris Martin (along with wife Gwyneth Paltrow) sitting on wealth estimated at £50m and £72m respectively.
These figures are enormous - but then so again are the names who have amassed that wealth. While it's unlikely we'll ever see a member of The Cribs, The Vaccines or The Saturdays show up on any future rich lists, it's clear that there is money in music, but is lining the wallets of a select few.
The inclusion of Daniel Ek, founder of Spotify, on the list with his £190million fortune is conclusive proof that if you want to make money from music these days, you'd be a fool to try to do that as a band or artist - unless you've got 30 years of patience, hope and confidence that you are going to end up being the next Bono. And who goes into music wanting that?
