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Balance of Power
The music industry is going through a very hard and difficult growing period. Gone are the days of the lavish parties, six-figure monthly expense accounts. Welcome to now; the days of streamlined fiscally responsible companies that are as diverse as Johnson and Johnson. Major record labels are losing their stranglehold on the industry as old label presidents are coming back and forming new "old" entertainment companies with young digital entrepreneurs.
These teams offer the balance of old and new to build successful companies, break artists, and stay in the black. Digital leveled the playing field to the point where anyone with enough relationships can go out and cut all their distribution deals on their own. There is no need to go through WEA or Universal. Why should they take a cut of your profit?
Artists are now realizing this and adapting with the times. Alicia Brown, a music manager based in Los Angeles, notes that "artists and their managers are becoming more of an entrepreneurial team". According to Brown, "artists can't just be artists anymore," as they are getting more involved with the business and exploring ways to market and sell their brands through an ever constant changing media landscape.
This is part of a growing trend that we are going to see over the coming years. Major labels are loosing their grasp on the industry as the playing field continues to level every day. With large amounts of private equity and the need for artist’s ability to sell products, they will realize this, seize the opportunity and control their own destiny. First it was Prince and now Madonna. Who's next? Only time will tell.
GB
- Posted by graysonbrulte posted at 2007-08-01 13:17
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