In cooperation with record labels – active artists have always received from the music industry banking system more than banking. They’ve gotten…
1. editorial guidance
2. financial support
3. creative nurture
8. payment of royalties (the banking)
Mutatis mutandis, much the same can be said for other forms of publishing as well: scientific/scholarly and commercial book publication, even film development and distribution. In each case, historically, the distributors of the content also generally have been responsible to a greater or lesser extent for nurturing and supporting its development. Individual segments of the market have dropped or added to Townshend’s list of functions (adding peer review, for example, in addition to editorial functions, or focus-group testing final product before distribution). But on the whole, Townshend’s list is pretty complete. In the pre-Internet era, publishing was generally the province of highly vertically integrated organisations: the same group tended to oversee the production process from the submission of the original manuscript, idea, or prospectus to the final distribution of sales income.