What Exactly Does “The Music Business” Mean?
OK, take a minute to think of a world without music, a place with no chords no singing and no instruments . . . exactly . . . you can’t! Music is a fundamental part of our lives and is something that is an essential part of our cultural make up. With such a dependence on music it’s not surprising that most of the 4 majors (Sony Music Entertainment, EMI, Universal and Warner) turning over such vast amounts of money year on year.
The good thing for all British artists is that the UK is still one of Europe’s music power houses and sits proudly at the top of all European music sales. More over the UK accounts for roughly 10% of all worldwide revenues generated from music, so there is still a huge market for new UK music.
With the explosion of record labels in the 80’s/90’s, the relatively recent introduction of MySpace and the increased availability of digital services only a few mouse clicks away - it’s reasonable to ask “what exactly the music business is” these days.
Unbeatably the majors are still that, major players in the worldwide music industry and can make “millionaires” over night by signing new acts. However, at the moment the music industry is going through a change - not a bad one either. The music business is now much more granular than what it has ever been and the power of the internet has change the industry forever.
Just as cassette tapes had an effect on reel-to-reel sales, the introduction of the internet, or “digital sales” has forced everyone to re-think how people can engage with music. Ultimately this will shape how we purchase music i.e. how we buy it, where we buy it and what we buy it with. As of yet no-one has the exact answer to how this will pan out, and to be honest, we probably won’t know for a few years yet. One thing is for sure, no-matter how strapped for cash the world gets music will still get purchased and the die-hard fans will still pay staggering prices to experience high end products.
So does all of the money lie within digital sales? The quick answer is, no. The money is made from a full mix of activities including digital sales, merchandise, air time and more notably tours. The overall “touring industry” grossed a little under $4B worldwide in 2008. Strangely (or maybe not) the top grossing tour of 2008 was Bon Jovi’s Lost Highway Tour which generated $210.6M – proving that you don’t have to be in the UK top 10 to earn big bucks.
The music industry is a complex beast and is made up of a number of stakeholders including; music artists, record labels, managers, tour companies, rights collection agencies, not-for-profit organisations, social networks and other bodies.
So what does “the music business” mean? It simply means anything or anyone that has got any connection to the above. No longer does it mean that you have to work for a record label, studio or sound engineer i.e. you can be a part of “the music industry” from the comfort of your arm chair.
What does this mean for new music or music artists? Well on the whole its good news – There has never been a better time to launch a music career as artists have more tools at their finger tips than ever before. If you can make music then you can promote your music, sell your music and now with the introduction of services from www.ooizit.com you can chart in the UK top 40 without the need for a recording contract!
For more information on how you can make it in the music business click here