Business of Music
The billion-dollar global music industry has undergone a number of changes as a result of the advent of streaming. Up until 2013, revenues from recorded music declined as patrons began to transition to streaming methods. In fact, many artists and music professionals were concerned about the potential negative impacts of streaming on their revenue. However, that discussion has waned, as companies have found ways to monetize streaming.
The 2015 study conducted on behalf of Caribbean Export by Visual & Performing Arts Jamaica (VPAJ) and KEA European Affairs (KEA), highlighted the work of McCandless, whose research revealed that artistes signed with labels earned $0.00128 every time their music was streamed. In fact, the study concluded that streaming methods undervalued the work of artistes. However, festival and music driven events experienced strong growth. The report cited an EY study which identified that concerts and music festivals accounted for just over 1/3 of global performing arts revenue. The study also identified that for Caribbean artists, streaming provided an opportunity to become better known and recognised.
It also revealed several challenges that artistes faced when seeking to export. The main challenge identified was access to finance. Lack of support also featured strongly as a issue faced by creatives.
In response the BUSINESS OF MUSIC (BOM) programme has been developed regional music industry with a focus on building capacity of music managers and artistes.
The BOM is an online programme that addresses use of digital platforms, IP, distribution and promotion. Below is an outline of the programme.
LESSON 1 – Understanding The Business Of Music
- Introduction to the Business of Music
- What Constitutes the Music Industry
- Defining Industry Roles and Occupations
- Getting Started & Formalizing Your Operations
- Global Trends & the Caribbean Perspective
- Types of Business Entities
- Skills and Competences for a Successful Music Enterprise
LESSON 2 – Identifying & Assessing Development Partners
- The Music Project Team and Partners
- The Artist Manager
- The Music Producer
- The Publicity Agent
- The Booking Agent
- The Music Publisher
- Music Distributor
- Event Promoter
- Your Legal Advisor
- Music Copyright Collection Societies
LESSON 3 – The Artist/Project Development Plan
- The Benefits of a Music Business Plan
- Why do you Need a Business Plan for Music
- Elements of a Music Project Business Plan
- Funding your Project
LESSON 4 – Music Industry Goods & Services
- The Recorded Music Industry
- The Live Music Industry
- Merchandise and Branding
- What is meant by Brand Income
LESSON 5 – Gathering Market Intelligence
- How to Conduct Market Research
- Target Markets
- Competitor Analysis
- Current and Future Trends
LESSON 6 – Identifying and Establishing Your Niche
- Know Your Niche Inside Out
- Solve Your Customers Problems
- Spreading the Word About Your Business
- Keep Tabs on Your Niche Market Competitors
- Be Open to New Opportunities
- Listen to Your Customers
LESSON 7 – Your Music Marketing Plan
- Five Essential Music Marketing Steps
- Releasing Your Music to the Public
- Videos
- Merchandise as a Marketing Tool
- Touring
- Media Campaign & Launching Your Music
LESSON 8 – Finding & Negotiating With Purchasers and Distributors
- The Traditional Music Distribution Set Up
- Radical Changes in Music Distribution
- Finding Music Distribution
- What You Need to Know Before Doing a Distribution Deal
- Self Distributing Your Music
- Digital Distribution
- Important Distribution Contract Issues
LESSON 9 – The Role of Digital Technology and the Internet
- Digital Technology and the Music Industry
- Digital Music Trends
- The IFPI Digital Music Report
- Social Media Marketing in Music
- Social Media and Your Fans
- Posting in Social Media
- Your Official Website
LESSON 10 – How To Enter The Music Market and Succeed
- Reality Check
- Preparing for Music Business Success
- Creating a Good Team
- Know Your Rights
- Take Care of Registrations
- Put in Place Effective Distribution and Promotion
- Follow the Money
- Stay the Course & Maintain Good Relationships
LESSON 11 – Working With International Institutions and Organizations
- Domestic and Regional organizations
- International Organizations
- International Institutions and Networking
LESSON 12 – Contracts and Protection of IP Rights
- Intellectual Property Law (Copyrights, Trademarks & Domain Names)
- Music Business Contracts
- Artist Management Contract
- Performance/Tour Contract
- Recording Contract
- Licensing/Distribution Contracts
- Music Publishing Contracts
- Each module includes written presentations, links to resource materials and a questionnaire.
For more information or to participate in the BOM programme register here and also visit the programme website: BOM Website
Business of Music
At Caribbean Export we're committed to supporting the development and export of the region's music industry. To assist you, we need to know who everyone is. Complete the form below so we can inform you of upcoming initiatives and events that can support you.