​Retailer HMV is to launch its own annual music festival with more than 50 up-and-coming acts to perform at a number of established venues, it was announced today.

Artists such as The Soft Pack, The Low Anthem and Paloma Faith will perform at the inaugural Next Big Thing event which takes place in February.

The latest move follows the company’s acquisition of several leading live music venues and a recent experiment with arthouse-style cinemas, which could be rolled out across its stores.

HMV and its live music partner MAMA Group said the festival was to showcase and celebrate a range of breakthrough artists.

Many of them have been tipped for great things in 2010.

It will take place in at least six venues across London such as The Borderline, Heaven and The Jazz Cafe and will run from February 5 to 14. Each will host three acts each.

Further venues may be added as the list of confirmed acts grows. Other artists include Jesca Hoop, Cate Le Bon, The Wave Pictures and Band Of Skulls.

Feargal Sharkey, the chief executive of UK Music and former Undertones frontman, welcomed the event today.

“The music industry continues to evolve and embrace all manner of exciting changes, but it will always, and should always, be rooted in discovery and investment in the careers of new artists, composers and musicians,” he said.

“Next Big Thing acknowledges this and offers a great platform for a new generation to play some of London’s best live music venues.”

Jason Legg, head of live at HMV, said: “Predicting which new artists break through has become a big deal for media and public alike in recent years, but whilst quite a bit of hype and excitement is generated in print, frustratingly for fans, they often have to wait to see these news stars in the flesh.

“We wanted to change all that by creating a highly accessible and affordable live music event to showcase the best new bands and artists, whatever their genre of music, and to introduce them to a wider audience.”

Tickets go on sale today.