There are 10 errors in the following passage. Identify and correct them like the example provided.

Example: success (Line 1) → succeed

It is very difficult to success in the music business; nine out of ten bands that release a first record fail to produce the second. Surviving in the music industry requires luck and patience, but most of all it requires and intricate knowledge of how a record company is functioned. The process begins when a presenter of a company’s Artist and Repertoire (A&R) department visits bars and night clubs, scouting for young, talented bands. After the representative identifies a promised band, he or she will work to negotiate a contract with that band. The signature of this recording contract is a slow process. A company will spend a long time to investigate the band itself as well as current trends for popular music. During this period, it is important that a band reciprocates with an investigation of its own, learning as much as possible about the record company and making personnel connections within the different departments that will handle their recordings.

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Such claims cost insurance company a total (7) £50 million per year.