PEI

P.E.I. company developing a new approach to selling vinyl records

A P.E.I. company that helps musicians pre-sell their albums and solve the problem of upfront financing for vinyl record pressing has received a $55,000 loan from the federal government.

RecordFund receives $55K loan from ACOA

Gideon Banahene of RecordFund Inc. and Charlottetown MP Sean Casey. (Atlantic Canada Opportunities Agency)

A P.E.I. company that helps musicians pre-sell their albums and solve the problem of upfront financing for vinyl record pressing has received a $55,000 loan from the federal government.

RecordFund received the money through the Atlantic Canada Opportunities Agency to help it develop and launch an online sales website.

Demand for vinyl records has seen a revival in recent years and independent artists are looking to capitalize on the trend without assuming the financial risk associated with high production costs, the agency said in a news release.

Pre-sell records

"RecordFund has developed an online sales method that allows artists to market and pre-sell their record before production. This setup takes much of the financial risk away from the artists. By selling records in advance, artists will have a more secure revenue stream, creating a positive economic impact for the music industry."

Gideon Banahene of RecordFund said the company is thankful for the support.

"Vinyl records offer a unique music experience and we are pleased to offer a new platform that will be a more cost-effective tool for independent artist, band or label," he said in the release.

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