50 Cent backs file-sharing

50 Cent has said that he backs file-sharing and believes record companies need to think of new ways to make money from artists.

The hip-hop star admitted the industry had lots of new challenges to overcome, but argued that by maximising merchandising they can recoup money lost on record sales.

He told Norwegian magazine Kjendis.no: "What is important for the music industry to understand is that file-sharing doesn't hurt artists."

The rapper added that a label must "maximise its income from concerts and merchandise", arguing: "It is the only way they can get their marketing money back."

He also complained that the industry is too keen to "peddle ringtones, not records" and doesn't understand the "value of a perfect piece of art".