The music business has changed quite a lot throughout the past decade, and while new technical innovations may have caused the restructuring of many business models (and the inner workings of them), several other truths continue to remain the same today – such as extremely compelling music continuing to be the cornerstone of any artist endeavor. In this downloadable lesson from Berklee College of Music, Future of Music co-authors David Kusek and Gerd Leonhard have identified what they feel are the Top 10 truths that will guide the future of the music business, as well as define the nature of the relationship between artist and fan.
The Top 10 Truths Of The Music Business
[Download the full lesson below]
1. Music matters more than ever: the music market is alive and vibrant.
2. The record business is not the same as the music business.
3. The artists are the brands, and entertainment is the main attraction.
4. Artists and their managers will shape the future.
5. Publishing income is a crucial income stream.
6. Radio is no longer the primary way that people discover new music.
7. Digital niche marketing outperforms mass marketing.
8. Customers demand—and get—increasing convenience and value.
9. The current pricing model goes out the window.
10. Music is mobile, and new models will embrace a more liquid view of music.
Download the full lesson here.