The music industry is a fluid space. There are innovations and acquisitions on a regular basis. For this reason alone virtually nothing in the business is absolute. Even success has a tremendous amount of variation. There is a short-lived success and long-term success. And the determining factors are somewhat fluid as well. With every new opportunity comes an opportunity to do business in different and more creative ways.
But you don’t throw away years of experience and lessons learned. Finding new ways of doing business in the modern music landscape often means looking at creative ways to apply the new and the old. We are still doing traditional endorsement deals but often they are tied to an individual product, which presents an opportunity for channel sales, benchmarking performance bonuses, and even royalties.
We’re all working harder to find success and to hold onto it. From the street, it often looks like all those cats at the label has it good with an unlimited checkbook but that’s just not true. It’s work all the way up, and even after you get there. Today’s successful artists are global brands and as such require a team and a lot of work to maintain, promote, grow, and protect ALL of the related opportunities and assets.
All of us in the music industry should be looking outside of our industry for opportunities. Opportunities to raise capital, create new partnerships, tap into new branding and licensing channels and more. At our company, we have partnered with creative and innovative companies that have developed real solutions that are applicable and necessary in today’s music industry. Companies working in Blockchain, Cryptocurrency, Data Capture, Fan Engagement, and more.
Smart Managers and Major Artists have tapped into some of the same tools that we’re using with tremendous effect. The concept has been proven with most of these new technologies and opportunities and adoption of these tools is happening now, however slow. These tools have helped artists launch their careers, grow their reach and engagement, and even helped launch a Grammy Winning act in recent years.
Part of the growth in the music industry in the past few years is in part, the result of creating efficiencies within the labels themselves. As a result, as we have all seen, this has led to artists being signed based on Social Media numbers, as long as you know the proper way to buy your numbers up. And we’ve all heard the results, sporadic at best, with no actual consistency in the quality of the overall product. So we all have to do the heavy lifting ourselves. But the more of that lifting we do, the more opportunity is presented to create deals more in the model of partnerships, and in return become better partners with each other, labels, managers, Producers, Writers, and Artists.