NORTH-EAST farmer Neil Richmond reckons he can earn a large slice of financial pie by switching from heifers to hit records.

He has launched the world's first website which allows fans to invest in promising bands.

Bands from Latvia, Germany and the US have already expressed an interest in registering for his www.22over 7.org idea which allows bands to release "shares" priced at about £10.

Fans, and those who think the band stand a chance of making it in the highly-competitive world of music, can buy a share which entitles them to part of the band's success.

Mr Richmond, who is known in the East Cowton and Darlington area as Peale, came up with the idea after looking for better investment opportunities when he lost his dairy herd to foot-and-mouth disease.

He said: "The website is named after the pi formula because I want real musicians and their fans to get a larger slice of pie than bands do at the moment with record companies. Bands are often dropped if they sell only 100,000 albums because the record companies require millions of sales and the band gets just a fraction of the purchase price.

"With my system the band will keep 90 per cent of the money paid for their songs by fans."

Based at Cockleberry Farm, East Cowton, Mr Richmond's website will allow fans who buy shares to download music on MP3 format for the life of the band at the cost of a few pence.

They would also gain priority for tickets, after-show parties, discounts, merchandise and special performances.

He said: "A contact in the record business said that the record companies won't like the idea but there's nothing they can do to stop it."

He came up with 22over7.org after hearing that 7,000 bands a year are being dropped by record companies and just 20 or so retain deals beyond a first album.

"Fifteen years ago I was in a Darlington band called Exbella who weren't very good, but would have benefited from a chance like this," he said.