From Music Week:
Record companies invested $4.5 billion (approx £2.8bn) in A&R and marketing during 2011, despite the global economic downturn.
The figure, which represented 26% of all industry revenues, comes in a new IFPI report on the changing economic of the music business.
The investigation concludes that revenue invested solely into A&R in 2011 stood at $2.7 billion, only marginally down on 2008 (US$2.8 billion), despite an overall decline of 16% in the trade value of the industry globally over the same period.
Revenues invested in A&R have increased from 15% to 16% of industry turnover between 2008 and 2011.
A&R spend has been maintained by labels, despite decline in overall revenue over recent years, with the IFPI concluding that record companies therefore remain the primary investors in artists.
Continue reading the rest of the story on Music Week