Members metalgod01 Posted January 20, 2009 Members Posted January 20, 2009 Where do you think are the biggest opportunities for new business in the music industry? - Software / hardware?- Web services- Boutique/custom instrument builders- Music licensing?- something else?
Members Poker99 Posted January 20, 2009 Members Posted January 20, 2009 I would say publishing seems to be the best thing. They just buy all or some of your song rights to market a product. Not only does it pays a lot (if the contract is with a big name company) but its free promo for the rest of your band. Money and promo you don't even have to work for.
Members nwtsnma Posted January 20, 2009 Members Posted January 20, 2009 procedural and genetic algorithms
Members richardmac Posted January 20, 2009 Members Posted January 20, 2009 I would say Music Retail, but the big chains seem to be slaughtering the mom and pop stores. Maybe manufacturing - people keep buying instruments... or music education... people keep taking lessons. On the creative side, I agree with Poker99. Write killer songs, license them, collect the money. The first part is the hard part, of course.
Members metalgod01 Posted January 20, 2009 Author Members Posted January 20, 2009 Do you really think that someone could make more money writing songs vs. starting a business to broker/license songs? I'm trying to open the scope of the conversation here to be larger than just songwriting, or how to make money as a musician.
Members bostonwal Posted January 20, 2009 Members Posted January 20, 2009 Hmmm.... I think crowd funding is a fertile area, i.e. the sellaband thing. There are a lot of non-musicians, non-creative, non-artists out there that crave a deeper involvement in the musical process than they can as just a fan. So, they help to fund albums and become a patron of the arts. Usually there are incentive levels like they do when donating to public television. Following the sellaband site for a while it looks like the average donation that the $50k people got was generally around $140! (I came to that figure by dividing $50k by what I see is the usual amount of donations which added up to $50k - around 350 donations). That's a lot!!!!! and for those who say "well, I'd just rather sell them a CD" that's all well and good, but when there are people that WANT TO GIVE YOU $140 you shouldn't say no. Now as for the business side of this, I just think creating a competitor to sellaband would be great. I think the fact that they're a company in the Netherlands might affect American band's desire to be involved. Plus, you can compete on the terms (read them, there's a lot of room for competition). Online services is also big - like nimbit.com. Basically, take any task formerly done by a major label and offer that service up. Also, I'm finding that there is so far no single coherent marketing strategy for non-major label bands. People mention Myspace, but that's just distribution and a business card. How do you get people to go to your Myspace and turn into paying customers? The answer to that is a good business idea.
Members nwtsnma Posted January 21, 2009 Members Posted January 21, 2009 Following the sellaband site for a while it looks like the average donation that the $50k people got was generally around $140! (I came to that figure by dividing $50k by what I see is the usual amount of donations which added up to $50k - around 350 donations). i think you are seeing lots of 10k+ rich parent donations along with hundreds of $5-$10 donations
Members bostonwal Posted January 21, 2009 Members Posted January 21, 2009 i think you are seeing lots of 10k+ rich parent donations along with hundreds of $5-$10 donations I think that's certainly a valid possibility. It doesn't hold up though. Many of the biggest donations across bands is from the same group of big money donors.
Members Poker99 Posted January 22, 2009 Members Posted January 22, 2009 Also, I'm finding that there is so far no single coherent marketing strategy for non-major label bands. Its easy to explain. The marketing strategy of major labels involve contacts and tons of money. Without tons of money, the best idea in the world won't fly. Who has the money? Majors.
Members CLOCK13 Posted January 22, 2009 Members Posted January 22, 2009 On the creative side, I agree with Poker99. Write killer songs, license them, collect the money. The first part is the hard part, of course. No, the second part is the hardest part with all the competition.
Members bostonwal Posted January 23, 2009 Members Posted January 23, 2009 No, the second part is the hardest part with all the competition. I don't know man. A killer song is what people are looking for. Don't be average.
Members CLOCK13 Posted January 23, 2009 Members Posted January 23, 2009 More people have that talent than you realize. If you have that talent work hard and be persistent.
Members MartinC Posted January 23, 2009 Members Posted January 23, 2009 I think selling the dream is now, and will continue to be the most profitable aspect of the music business. From Taxi to Digidesign, offering help to musicians seems like the way to go if your looking for profit in music related businesses.
Members primeelite Posted January 23, 2009 Members Posted January 23, 2009 I agree with Martin, I think selling a dream is probably the most lucrative option. People on the internet not just in music but other industries have been doing it since the invention of the internet and people still fall for those things. There are some services that are great but others really do you no good at all. Aside from that I would say that publishing is a good option if you have the money to establish a legit company that can hire writers and have people able to pitch to labels/movie studios/advertising agencies. But probably the 2nd best I would say is the ability to code software and websites since music will be ran by technology from here on out so might as well get good at that and be able to create websites and so on for clients.
Members Instrospection Posted January 24, 2009 Members Posted January 24, 2009 I think selling the dream is now, and will continue to be the most profitable aspect of the music business. From Taxi to Digidesign, offering help to musicians seems like the way to go if your looking for profit in music related businesses. I agree with this. It's been the best way for people in the music business to make money. Instead of buying a guitar and trying to sell original music, you're infinitely more successful in having a music store and selling guitars, amps and drums and recording equipment to people. Because even if the sales aren't there, it reminds me of guys that attempted to escape Alcatraz....even if they got out, they still had to swim against a near impossible (impossible) current to the opposite shore that would represent the near impossible feat of getting signed and "making it" in the biz these days. But some will risk everything just to see what will happen. Or selling website design, pressing, promotional services, etc. That's all the place to be. But then you'd have to be happy not making music, and just be happy to see someone else try their luck. IMHO, not enough people are content to just be on the sidelines these days, everyone seemingly wants to be the frontman, guitarist, someone right in the spotlight. There's a severe shortage of drummers and bass players here, because alot of the talented ones are either in multiple bands already (too many committments) or they've stopped being bassists or drummers to try their hand at the frontman/ guitarist thing. Alot of drummers that i've known can also play guitar very well, but the reverse is often not true.
Members Poker99 Posted January 26, 2009 Members Posted January 26, 2009 I think selling the dream is now, and will continue to be the most profitable aspect of the music business. From Taxi to Digidesign, offering help to musicians seems like the way to go if your looking for profit in music related businesses. you forgot Sonicbids!
Members Steve Nixon Posted February 2, 2009 Members Posted February 2, 2009 Where do you think are the biggest opportunities for new business in the music industry?- Software / hardware?- Web services- Boutique/custom instrument builders- Music licensing?- something else? It depends on your definition of big opportunities. There's 2 ways of looking at it. Profit and ease. 1. What has the highest potential for profit based off the current music business model? That would be music licensing (negotiated with the right deal of course). Licensing and royalties create passive income which is the highest level of money making efficiency. Even as the music business changes there will always be licensing opportunities. 2. What is the easiest way to make money? It depends on your skill level but if you are a performer then playing cover songs. These gigs don't always pay well but there will always be a demand for the latest popular songs played live. Another option is teaching instrumental lessons. The amount of people who start playing an instrument every year is astounding.
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