New website creates fresh way to fund bands.

Yet another new business model has sprung up online which promises to help bands sell their music by effectively allowing fans to invest in their recordings upfront.

Let's cut to the chase - how does it work?

OK, here goes. A band uploads music onto their own profile page. Fans hear it, like it, and buy $10 "parts" in the band. Once the band has $50,000, it funds a recording session in a decent studio to record around six tracks - a CD is then sent to those who invested in the band. Those songs are then made available to download free of charge to the general public on an area of the site funded by advertising. This advertising revenue is split three ways between Sellaband, the band and all those who bought "parts".

So Sellaband makes its money through taking one-third of all advertising revenue on the site?

No. It also plans to make a tidy packet in interest raised from the fans' investments, which it will keep in a bank until $50,000 is raised.

About that $50,000 - isn't it rather ambitious to expect 5,000 people to spend $10 of their hard-earned cash on a band who may never make it into the studio?

Well, if you get bored waiting for your band to raise the cash, then you're welcome to get a ...