Power Amp Music has just announced they are going to fund £500,000 to former Libertines frontman Carl Barat. Power Amp will receive royalties from Barat’s future recording, publishing, touring, merchandise, sponsorship, and other income streams related to an upcoming album.

Once the multi-year deal is done Carl will then receive back all rights for the album.

“Our straightforward, transparent and equitable deals put the power back into the artist’s hands, which I truly believe is the way it should be,” remarked Power CEO and founder Tom Bywater.

Previously, one of the main reasons an artist signed with a major label was for cash. However, if Pump Amp and other such organisations are going to provide the cash, then why major labels at all?