The Music Industry - Spinning a New Business Model

The Internet has impacted all of the arts, but noit's a far cry from where things stood in the '60s,
sector has been hit quite as hard as the music'70s, or '80s. As the industry shifts, artists have
industry. With CD sales fading and radio playto rethink their approach and their career paths.
shrinking, recording artists are finding lessThe downside is that labels are no longer there
opportunities to get their music heard. To survive,with the famed A&R reps grabbing bands off the
many musicians are becoming brands in thestreets and turning them into stars (not that it
service of brands. The industry is in such a freewas ever that common an occurrence to begin
fall that advertising avenues are filling the shoeswith). The upside is that there is now more of a
that music labels once did. During most of rock'slevel playing field. Via the same Internet that
history melding music in the service of a productbroke the old music model, singers, bands and
was anathema. But this is a very different world;musicians are discovering new models and
in the past musicians and record labels could makeapproaches. The traditional opportunities of the
a good living off of selling records and CDs. Anrecord label's star building machine aren't as great
artist didn't have to sell his or her music to anas they were when Cream, the Stones, Madonna
advertiser or TV show to turn a profit. But withor the Chile Peppers initially made their marks. The
the advent of Napster and subsequent sites, themusic world is shifting, but as one door closes
days of platinum and double platinum record salesothers open. To those artists who are willing to
are quickly fading.embrace change, new and exciting avenues and
Now most bands make their money off ofbusiness models are appearing. Via the net, more
touring, merchandising and yes, melding theirartists have an opportunity to get known and
music with products. Lady GaGa's Bad Romance isdevelop a career. But, it has become more of a
a product placement wet dream come true. Thedo- it-yourself world. Musicians who learn social
video is filled with brands galore. But she's not themedia, blogging, and traditional PR will continue to
only one going down that road; everyone frombuild a buzz, establish a presence and create a fan
Iggy Pop to Velvet Revolver to Depeche Modebase. Those artists who embrace change will still
has cut deals with products and brands. Althoughfind ways to succeed, make an impact and build
Steve Jobs helped to put some life back intolasting careers.
music with iTunes as a way to generate revenue,