Reading an article about the band Mötley Crüe I came across an interesting comment on what the music business is becoming. Allen Kovac, the band's manager said "Records don’t sell--people just cherry-pick their favorite songs. If you put a whole record out and people only go for one song, you never get a return on your investment." The whole business model has changed in the music business. In the past you would put an album together and then tour to not only make some money, but promote the album. Today, that model does not work. So what works today? Here is what Kovac said: "Record less music and put it into bigger-picture things, using one new song as a driver for a tour or an advertising partner." The music today is all about the single. It is about crafting great songs, not albums. It is also about making public performances special because that's where the money is. But, there is also an opportunity to get sponsors for the live performances. This takes a page out from Google in that advertising (sponsorship) is the way to keep your overhead low and your profits higher.
What do you think?
For more:
http://www.fastcompany.com/3031014/5-brilliant-business-lessons-from-moetley-cruee-seriously?partner=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+fastcompany%2Fheadlines+%28Fast+Company%29
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