U.K. startup BandCentral announced its official launch today. Describing itself as a "Basecamp for bands," the service is an online tool for bands, record labels and managers to track finances, manage tours, update social media profiles, and handle merchandising.

BandCentral provides artists with an online "BandHub" where they can organize their information, as well as communicate with members of their band and their entourage. The tool allows bands to track revenue and expenses, from merchandise, CD, and ticket sales. Administrative controls allow for privacy settings so that different access can be granted to different members of a band's entourage. The tool is also integrated with SoundCloud, an online platform where musicians can share their music files and comment on works-in-progress. BandCentral utilizes the freemium model, offering a free (ad-supported) and a premium (£5.99 per month) service.

BandCentral was founded by Wil Padley, a bass player in the U.K. band The Domino State. Padley's perspective as a working musician him design and build a service to solve the problems he knew bands face. Having toured throughout Europe with The Domino State, Padley's experiences on the road helped him recognize the difficulties bands have in staying organized and professional during the touring, performing, writing and recording processes. Padley created BandCentral to solve this problem, working as a CEO for the startup while maintaining his role in his band.

"Right now it's vital that musicians who want to make it have a grip on the business of running a band as much as the creative side of things. But even the most internet-savvy artists face a challenge when trying to keep track of all aspects of online and offline promotion, management and communication. BandCentral exists to be the one-stop shop for any band looking to take their career to the next level," says Padley.

BandCentral had its soft launch over a year ago and was a 2010 SXSW Accelerator Finalist.

As we reported last month, tech investments in the music industry nearly doubled in the first quarter of 2010. BandCentral looks to be one of many new startups recognizing the importance of cloud-based collaboration and providing important tech tools to the industry.