Internet users have invested $50,000 in UK band Second Person by purchasing units as small as $10 so that the group can record an album. 

Second Person raised the money using SellaBand, a new concept in the music industry where individual investors buy shares in a band and receive royalties on future sales.

The band managed to raise the $50,000 in a few months using the website. " The road to $50,000 is an amazing experience in itself," said Second Person bandleader Mark Maclaine.

"But now that we have actually raised $50,000, SellaBand is like a dream come true. You get to work with true professionals, but you still have total artistic freedom.

"And after we've made the album we will be free to do as we please, so we can keep control of our own destiny."

The site was set up by Dutch entrepreneur Pim Betist and includes members of the recording industry looking to use the internet to circumvent traditional record companies.

Individuals buy stakes in bands and share the revenues from sales and advertising with band members.

"I am delighted that we can now add a British act to our roster," said Betist. "The UK is home to so many legendary artists, and I am really proud that our concept is now catching on here as well."

SellaBand will be holding a concert featuring some of its artists this summer.