The Financial Review Young Rich Lister behind Melbourne’s independent Unified record label has pledged $10 million over the next three years to develop Australian artists, which a former major-label boss says is far more than the big music players would be spending.

Jaddan Comerford, whose Unified provides a range of services for the likes of Ocean Alley and megastar Vance Joy, said his artists would be able to pitch for funding for projects like recording an album, pressing vinyl records or going on tour. He will recoup the investment, plus a commercial return, by sharing in the income generated.