Music Business is far more complex than any other industry. One can talk about the music industry, but in fact there are a bunch of different industries working alongside each other - sometimes against each other. An industry which creates, manufactures, and distributes music. Music industry typical consists of the companies and individuals that earn money by creating new songs, performing live concert, audio / video recording etc. There are other organization working to which operates are the songwriter and composer who creates the music piece.
To get it to the right singer, they often go through a well-connected musical publisher and then deal with artist’s manager and label. Each of these groups has writers, publishers, managers, singers, labels have very different needs, and each must have a good reason to help the song along its way. After which the label then deal with the radio and distributors. Meanwhile, the artist will tour, which means promoters enter the play. The market of this industry is an oligopoly. Small Number of firms Dominate the music industry by 40% of the market share. Some of these firm Is not seen because of the barriers to enter the industry to be high. Technological changes have brought a change in the revenue model of the music industry.
According to the IFPI report 2017, there are 112 million paid users for music streaming Subscription revenue growth up to 60.4%. Digital income now accounts for 50% of the global revenue. The Global Music Industry has Market has grew by 5.9% in 2016. Per KPGM Report on the Indian Music Industry, the market values at 9.8 billion Rupees in the year 2014, which estimated a growth of 2.3%. Piracy and licensing continue to plague the music industry in India. Major player has eased up their licensing policies for many individual’s artist, who struggle to make their mark in the market.
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All organizations are made up of group of capabilities that are coming from People, Processes and Systems. These capabilities are working together in a seamless manner to deliver the requisite capabilities to the customer. The various capabilities that need to be addressed in a music business plan are given below:
Talent Managers, Artists And Repertoire Managers, Business Managers, Entertainment Lawyers, Music Journalists, Music Critics, Music Educators And Teachers, Musical Instrument Manufacturers; Songwriters And Composers, Sound Engineers, Booking Agents, Sub-agent, Distributors, Promoters, Road Crew, Publishers, Music Producers and PR.
Label Management, Live Events Management, Artist Management, Copy Rights Law,Tour Management, Radio Station Management, Agency and Promotion Management.
Recording equipment is generally required for the Audio Recording it can be setup using Computer, DAW, Audio Interface, Microphones, Headphones, Studio Monitors, Cables, Microphone Stands, Pop Filter. Dedicates studio includes Desk/Workstation, Studio Chairs, Bass Traps, Acoustic Panels, Diffusers, Reflection Filters, Monitor Isolation Pads, Studio Monitor Stands, Rack Mount, Power Conditioner, Microphone Preamp, Monitor Management, Digital Converter.
Most of the businesses have professional bodies across the globe and being associated with these organizations tremendously helps in understanding the current trends in business. Some of the professional bodies are listed below for your reference:
Music industry association
4-10 Barttelot Road
IFPI7 Air Street, London, W1B 5AD, United Kingdom
Cine Musicians' AssociationCrescent Towers, Plot No. 68,
Off New Link Road, Near Infiniti Mall,
Behind China 1 Restaurant,
Andheri West, Mumbai 400053
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