London – Scars on 45, a U.K.
band that used fan-funded recordings site Slicethepie, has signed a multi-album
deal Warner Music Group’s (NYSE: WMG) Atlantic Records/Chop Shop Records, Billboard
reported. Slicethepie lets bands post songs, which are then reviewed by users;
if they like the songs, users can pledge money to the band, and in return
receive various incentives as well as a potential monetary return on their
investment for every 1,000 albums sold. Billboard notes that the band’s signing
by Atlantic "triggered a buyout clause and fan shareholders were bought
out at a 50% premium to the then market price."