The New Music Entrepreneur
I have something exciting to share with you. Today, I want to talk about the fascinating changes happening in the music industry and how they are opening up doors for aspiring entrepreneurs like you and me. So, let’s dive right in!
By Gerd Leonhard
These days, music is no longer just about selling products. It’s about providing services and giving people access to amazing experiences. We’re moving away from owning music to simply enjoying it whenever we want. Plus, guess what? The power is in the hands of the customer now. And the best part? We have the ability to do most of it ourselves!
The music industry is going through an exciting and interesting time right now. It’s been seven years since the first digital music revolution and the burst of the dotcom bubble. And guess what? Musicians, producers, writers, composers, all the creative folks, are starting to see some great opportunities ahead: more control over their own future, less hassle, direct access to their audience, and yes, more money!
Digital technology has become a huge part of our lives, always there, always around us. It has changed the way entertainment, media, and content industries work, and this change is permanent. We can’t go back. These digital technologies have become a lifestyle for us, and they give music producers the chance to do things themselves, instead of giving away their rights to be a part of the music distribution chain.
I can see clearly that the DIY trend in the music industry is going to cause a big growth in small and medium-sized businesses. These businesses will need specialized skills and knowledge, which will become really valuable. Even big-name artists are starting to take control of their own business affairs and want to handle their own marketing and business development. They don’t want to sign away all their rights to a big music company and be completely dependent on them for the next 7 years.
This is the perfect time to start marketing services companies, technology consultancies, branding agencies, and full-service companies.
But there’s one exception: studios. Small studios will have a tough time competing in the market. People think that anyone can build a little home studio for under $5000 and do everything themselves. If you’ve ever been to a legit studio, with a good producer and engineer, you know that’s not true. Small studios need to find other ways to stand out. They can offer mastering services, web services, or just help DIY producers do their thing.
This also means that music schools and educational institutions need to change up their game. They have to teach musicians about the business side of things and how to do it themselves. Many talented musicians, composers, and writers have fallen into the trap of thinking that being great is enough to make a good living.
Hey there, let me tell you something – this place is like a paradise for fools. It’s all about being a musician, but guess what? It’s also about being an entrepreneur. Yep, you heard me right.
You know what’s cool though? You can actually learn and train yourself to be a successful entrepreneur. There are music schools out there, like the one I went to, Berklee College of Music in Boston. They’re even offering this kind of training online now. Check out their website at www.berkleemusic.com if you don’t believe me.
Now here’s the thing, being an entrepreneur is a super important skill for musicians nowadays, and it’s only going to become even more important in the future.
Oh, did I mention that Gerd Leonhard, the guy who’s talking about the future, is not only a futurist but also a musician and entrepreneur? Check out his book, The Future of Music that he co-authored. It’s really interesting!
Oh, and before I forget, make sure you don’t miss out on Part One of this series. Just scroll down or click here to check it out.
Oh, and before I go, just a friendly reminder – don’t miss out on Part One of this series. Just scroll down or click here to check it out.
