MUSIC BUSINESS

Music Business Industry

Music Business Industry

Introduction

The music industry as a whole is facing a massive challenge. The nature of the industry has changed in that some of the most popular artists have only a short product life cycle. The market changes quickly - people's tastes change as they grow up (can you admit to having been a fan of Jason Donovan or the Spice Girls?), but the fan base for some acts that do survive in the longer term may not be big enough to justify the sort of expenditure that is needed to maintain them as high market growth acts. Then along comes the Internet; technology allows consumers to acquire music at high quality for little or no cost through file sharing or swapping. The popularity of this method of acquiring music has been at the heart of the decline in sales and profits of recorded music, according to record companies and their representatives. Supporters of file sharing lay part of the blame on the corporate greed of the record companies and point to the relatively high prices of CDs and recorded music as the primary cause of consumers seeking such alternatives.

What is clear is that the technology is here and will become even more sophisticated in the coming years. Many artists have difficulties in getting their music heard because of the dominance of the 'quick buck' mega marketing of the current crop of top acts. For them, the Internet may provide a useful means of distributing their music to fans around the world. Whatever the arguments, the music industry faces the challenge of meeting a changed market place and how they respond to such changes is going to be crucial in their success and the continued development of the music industry as a whole.

The Music Industry

The business of music. The industry that everyone wants to be a part of, but only a select lucky few get to participate in. In order to be a successful band, proper planning, management, and discipline are key. Like any small business venture, managing, marketing and performing in a band entails high level of creativity, a keen business sense, and an insatiable appetite for success. Bands fail often, members are difficult to acquire and retain, the public image aspects far outmeasure those of a business, so great care must be taken in assuring your skills are in line, the story and image you are creating are in sync and your business and management practices are professional despite the often unprofessional environment in which music is created. Taking these and other aspects into account, there are three key areas in which an up-and-coming band needs to be primarily focused on: promotion and PR, touring and performing, and the creation of an independent music label. The case study for this paper will be based on the band FFL, a hardcore punk band who is currently based in Grand Junction, Colorado. As a real-world example will provide, there are always additional issues that play a ...