It is 37 years since John Lennon sang about "Power to the People", but the phrase is assuming new relevance to the music business. More and more, the pound coin in the pocket of the ordinary music fan is directly determining the fate of artists, with some current initiatives casting the consumer as benefactor, potential profit-sharer, or both.

As the traditional record company juggernaut ponders its massive running costs, "punter equity" becomes more attractive to a growing number of musicians. Sellaband, an Amsterdam-based website through which artists invite investment from individual admirers to fund the professional recording of an album, is one example.