ON THE RECORD: JIM CARROLLon music

It's a story to warm the cockles of every would-be media mogul's heart. Yes, Dorothy, there is still cash to be made from magazines.

Of course, Vicemagazine is no longer just a magazine. What began as a free publication in Montreal in 1994 is now a multiheaded beast with a TV station, record label, publishing imprint, a London boozer (The Old Blue Last in Shoreditch) and other fingers in other pies.

The magazine is still part of the mix, and it's still free, irreverent, sarcastic and hugely entertaining – but it's now a publication with different editions in dozens of countries worldwide.

This week, the people at Viceannounced their intention to move to the next level when they tapped some high-profile investors for large wodges of cash. New investors in Vice Media include advertising group WPP, MTV founder Tom Freston and private equity group the Raine Group. As we like to say in Tipperary, Viceis playing senior hurling now.

Vicewill use the cash to set up shop in emerging markets such as China, India and Brazil, as well as to augment its existing sports and news operations.

It will be interesting to see how Vice2.0 balances honouring commitments to its funders (who will want to see a return on their money) and maintaining the magazine's underground appeal. Fans and followers will be quick to cry foul if Viceloses its edge or begins to follow the easy money by jumping into bed with big brands and labels.

But those investors surely know that they're not latching on to some vehicle that will quickly and willingly change course to make money. Vicehas made it this far and attracted this much attention because it has been true to itself. And that's the biggest lesson for all Vicewannabes.

NOW PLAYING:WU LYF L Y F (Lyf) On the basis of this appetiser, the mysterious Manchester combo's Go Tell Fire to the Mountaindebut will hopefully be chock-a-block with compelling, swaggering heavy pop.

Lia Ices Grown Unknown(Jagjaguwar) Title track from the Brooklyn singer and pianist's second album of orchestral pop. Album also features Daphne, a collaboration with Justin "Bon Iver" Vernon.

Bibio K Is for Kelson(Warp) A tune with a mighty summer groove from new album Mind Bokeh. Catch him at Dublin's Button Factory tonight.

The Bullits/Lucy Liu/Jay Electronica Close Your Eyes(Outfit) Gorillaz collaborator Jeymes Samuel is joined by actress Lucy Liu and new-school hip-hop kingpin Jay Electronica for this ace pop smasher.

John Legend Rolling In the Deep(White) We're in deep gospel fever territory as John Legend takes Adele's boom tune to church.

REPTAR

Always follow up tips from stoners you meet in the queue at taco trucks at SXSW. This Athens, Georgia band are party dudes with infectious, plugged-in dance-not-dance pop tunes such as Ready or Notand Houseboat Babiesready to drop. myspace.com/ reptarathens

FEVER FEVER

Fever Fever, the first band from Norwich to feature in OTR (it's our Alan Partridge moment) are a trio bringing the premier-league noise with rambunctious punk rock and whip-smart riot-grrrl rap. Their new single, Monster, is the one you're going to fall in love with. feverfever.co.uk

CALIFORNIA WIVES

Four chaps from Chicago making bright and breezy pop and showing much potential in the indie-pop stakes with their AffairEP and just-released Tokyosingle. Sticky new-wave sunbeams with a heart of gold. californiawives.net